Boohoo shares slide after PrettyLittleThing owner admits consumer squeeze has hit profits January 19, 2023 Online fashion retailer Boohoo expects full year revenue to be below market expectations as it continues to suffer from the squeeze on consumer spending. The company anticipates revenue will fall by 12 per cent over the financial year ending 28 February, after it reported a fall in revenue in a trading update released this morning. [...]
WH Smith revenues boosted by return of rail and air travellers January 18, 2023 WH Smith said revenues had surged in the first few months of its financial year today as its airport and train station-based shops reaped the rewards of a rebound in travel. In a trading update today on the 20 weeks to the 14th January, the book and stationery stalwart said that revenues ramped up 40 [...]
Gambling: TonyBet fined nearly £443,000 for failing to implement anti-money laundering rules January 18, 2023 TonyBet has been slapped with a £442,750 fine and warned about its failure to have fair and transparent terms, and for failing to follow social responsibility and anti-money laundering rules, the Gambling Commission said. The operator – which operates tonybet.co.uk – will also have to undergo a third-party audit to assess whether it is effectively [...]
Fresh multi-million pound grant stumped-up by Arts Council for the National Opera January 17, 2023 The English National Opera (ENO) is set to receive more than £11 million from the National Lottery for the next financial year after Arts Council England (ACE) announced funding cuts. In plans announced in November, ACE said it was removing the opera company as a national portfolio organisation, resulting in a funding cut of £12.6 [...]
LVMH: Shares in luxury giant hit record high amid warning it’s ‘firing last cartridge’ on back of China’s reopening January 17, 2023 Shares of luxury goods giant LVMH soared to a new record high of £703.35 (€795.7bn) this morning, bringing the company’s market capitalisation to £350bn. LVMH (Moët Hennessy Louis Vuitton) continues to thrive after China’s reopening at the start of the year proving to be a major boost for the company, which relies heavily on luxury [...]
Paperchase puts administrators on standby – but ‘interested parties’ in talks January 17, 2023 Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers. Sky News’ Mark Kleinman has reported that Begbies Traynor has been lined up to handle any potential insolvency. The firm has been bruised and battered by the pandemic and changes to the high street, though City sources told Kleinman [...]
Tesco launches clubcard data app – and reveals the nation’s favourite meal deal January 17, 2023 Retail giant Tesco has confirmed the nation’s most popular meal deal as it expands its Clubcard service with its own year-in-review tool, following a wealth of outlets and online platforms in presenting users with their personal data for viral appeal. Named Clubcard Unpacked, it will show users a raft of data gathered by the retailer [...]
Ocado: Annual revenue dives to £2.2bn but up on pre-pandemic level as retailer sees strong festive trade January 17, 2023 Online grocery retailer Ocado saw its revenue dive to £2.2bn in 2022, down 3.8 per cent from the previous year, but up by 40 per cent on pre-pandemic levels in 2019. The online grocery delivery giant managed to claw back some growth with postive Christmas and New Year trading updates. It’s rivals Tesco and Sainsbury’s [...]
How Gaucho’s boss has turned the once-troubled steakhouse into a success story January 17, 2023 Martin Williams – the man behind M Restaurants – and his partners pulled Gaucho out of administration in 2018. Since then he’s turned the brand into one of the hospitality industry’s shining lights, with profits up and expansion continuing. We ask him how he’s done it. ASK regular restaurant-goers what their biggest bug bear is [...]
Biscuit lovers help lift Fortnum & Mason’s back from the brink January 16, 2023 Fortnum & Mason has returned to profitability following two successive years of losses. The historic British department store and grocer reported an operating profit of £6.1m on sales of £187m when its year ended on 10 July 2022. This marks a dramatic turnaround from the £2.7m loss the luxury food store posted in its previous [...]