Pret A Manger: Back to profit for first time since 2018 July 18, 2023 Pret A Manger has announced an annual profit for the first time since 2018 thanks to a successful international push and its revamped coffee subscription service. The high-street favourite recorded revenues of £429.9m, growing by 20.2 per cent compared to the same period in 2022 when it reported a loss of £226m. Its last profitable year [...]
Revolution Beauty chief exec and chair quit in Boohoo settlement as share price soars July 18, 2023 The row between Revolution Beauty and Boohoo may finally be nearing an end, with a settlement reached including the departure of the former’s chief exec and chair. Revolution’s boss Bob Holt and chair Derek Zissman will leave, but Holt will remain as interim boss until the end of August 2023. Following the news, Revolution Beauty’s [...]
Grocery inflation remains ‘incredibly high’ but falls for fourth straight month thanks to supermarket promotions July 18, 2023 Grocery price inflation has seen the biggest drop since its peak in March but remains “incredibly high”, figures show. Supermarket promotions helped the figure fall to 14.9 per cent in the four weeks to July 9, down from 16.5 per cent over the previous month, according to analysts Kantar. It is the fourth month in [...]
Ocado losses widen: Share price rises as retail arm shows signs of improvement July 18, 2023 Pre-tax losses at Ocado have widened to £289m in the first half of the year, as the grocery firm’s share price was up over 14 per cent this morning. The supermarket technology business said its retail arm – which is a joint venture with M&S – grew five per cent to £1.17bn as it returned [...]
Oliver Bonas: Boss says Brexit ‘teething problems’ holding back Irish expansion July 17, 2023 The founder of homeware store Oliver Bonas has complained of the “teething problems” related to Brexit, which is making it difficult to grow his brand in Ireland. Olly Tress told The Times that the firm’s expansion plans in the country are “oven ready,” but the fallout from Brexit has made it “hard and expensive to [...]
Tortilla Mexican Grill: Revenues surge by over a fifth after expansion July 17, 2023 Tortilla Mexican Grill raked in revenues of £32.7m during the first leg of the year, up 22 per cent compared to the same period last year, off the back of a string of new site openings. The fast-casual restaurant chain was bolstered by new openings and growing demand, saying like for like revenue also grew [...]
Sofa so good! DFS reaches record market share as it navigates cost of living crisis July 17, 2023 DFS recorded a four per cent decline in gross sales compared to last year as the sofa giant warns of “significantly worse” market activity during the cost of living crisis. The news comes as earlier this year DFS downgraded its profit expectations to between £30m and £35m, slashing it by nearly half on the £60.3m [...]
Entain: Ladbrokes owner snaps up US analytics firm for £81m as it continues on deal spree July 17, 2023 Ladbrokes owner Entain has snapped up a US sports pricing and analytics firm for £81m, as it continues on its recent acquisition spree. The betting giant said that on top of the millions it’s splashed on Angstrom Sports, it will also pay contingent payments over the next three years – meaning future payments of £122m are promised to the seller upon [...]
New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
Nokia slashes guidance as sales hit by customers cutting back July 14, 2023 Nokia has slashed its guidance for the rest of the year with net sales now expected to be between £19.84bn -£21bn (€23.2bn- €24.6bn) as the mobile phone maker feels the impact of a slowdown in consumer spending. The telecommunications giant said that it was also lowering its operating margin range outlook – the percentage of [...]