Burberry: Designer raincoats remain must-have despite inflation as revenues up 17 per cent July 14, 2023 Designer Burberry reported revenues of £589m during the first quarter of the year, a 17 per cent lift compared to the same period last year, as the luxury brand was boosted by demand for its rainproof trench coats. The British designer, best known for its tartan bags and scarfs, said outerwear comparable store sales were [...]
Uniqlo owner reports record quarterly profit bolstered by Chinese demand July 13, 2023 Fast Retailing, the owner of Japanese clothing brand Uniqlo, reported a 35 per cent increase in quarterly profit today, and raised its annual profit outlook as it continues to be boosted by demand in China. Fast Retailing’s operating profit in the three months to May surged to 110.3 billion yen. Revenue for the quarter came [...]
Poundland sales continue to surge as bargain hunters seek out best deals July 13, 2023 Poundland has once again been bolstered by a surge in shoppers seeking out value goods, with its parent company Pepco reporting a 12.5 per cent surge in revenues in the third quarter. Pepco Group said it reached revenues of €1.37bn (£1.17bn) as the group opened 141 new store openings during the third quarter across its [...]
Inflation? Have a Rolex instead. Watches of Switzerland revenue up a quarter as mega-rich keep spending July 13, 2023 Watches of Switzerland reported a 25 per cent hike in revenues for the year, as the demand from the mega rich for luxury goods shows no signs of stalling despite the cost of living crisis. The luxury watch seller reached revenues of £1.54bn up from £1.23bn compared to the same period last year, as it [...]
MusicMagpie hit by postal strikes and inflation – but there are reasons to be cheerful July 13, 2023 Online retailer MusicMagpie was hit hard by postal strikes and low consumer confidence, although an “improved trading performance” after February saw a strong rebound. MusicMagpie – who specialise in consumer tech and disc media – said revenues were at £61.9m, down from £71.3m last year. Total gross profit for the group was also slightly lower, [...]
Co-Op announces new chair as ‘ideal person’ to take UK’s fifth biggest grocer forward July 13, 2023 The Co-op announced has announced a new chair, with Debbie White set to succeed Allan Leighton when he steps down in February 2024. White has held a number of important executive roles, having served as chief executive of Interserve and a senior director at Spire Healthcare. White will replace Leighton, who is approaching the end [...]
Superdrug profits soar 71 per cent as budget beauty buys boost sales July 12, 2023 Superdrug has reported a surge in profits in its full year results thanks to a jump in sales of its own-brand products on top of strong Christmas trading. The medicine-to-beauty seller recorded pre-tax profits of £77.8m, up 71.1 per cent compared to the same period the previous year, as the retailer welcomed its first full [...]
Loungers: Cafe and Bar operator looks for further expansion as cooling inflation for hospitality boosts revenue July 12, 2023 Cafe and bar operator Loungers revenues jumped 19 per cent during the year, as the owner of the Lounger and Cosy Club was bolstered by 29 new site openings. The London-listed hospitality chain recorded earnings of £47.3m which represents growth of 66 per cent since it first listed on the stock exchange in April 2019. [...]
J D Wetherspoon: ‘Misrepresentation’ to claim boozers sell-off was for ‘money-raising’ alone July 12, 2023 JD Wetherspoon hit back at critics over its decision to sell off a flurry of pubs, telling investors it is a “misinterpretation” to claim it was a purely “money-raising” move. The budget boozer sold, closed or surrendered to the landlord 28 pubs, however said that while the move raised a small bit of capital, it [...]
‘I started this as a hobby’: Cricket star Stuart Broad reflects on his naive start to the world of hospitality July 12, 2023 England cricketer turned pub landlord Stuart Broad has admitted he had a “naive” understanding about what it took to run a hospitality business, as he reopens his pub amid a period of soaring bills and red hot inflation. The 37-year old sports star has recently relaunched his pub and restaurant The Tap and Run in [...]