Joules: Margins continue to be under pressure as shoppers seek out sale items July 19, 2022 Prestige retailer Joules has said discount-hungry consumers have intensified pressures on margins while expecting yearly profit to surpass expectations. The clothing and lifestyle brand admitted gross margins had “remained under significant pressure” after “consumer appetite” was focused on marked down products. Shoppers have been hunting for reductions amid monster hikes in energy and fuel bills, [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]
Steep losses looming: Made.com warns job cuts are coming to slash costs after dive in consumer spending July 19, 2022 Made.com said this morning it has launched a review its workforce amid efforts to slash costs as a slump in consumer spending is set to send it tumbling to steep losses. The group said it is looking at its operational structure and headcount, as well as improvements to stock buying and warehousing to try to [...]
Supermarket shoppers face £454 extra to yearly grocery bill as inflation bites July 19, 2022 Shoppers are now facing a £454 increase to their annual supermarket bills, with grocery price inflation edging towards the highest level since 2008. According to the latest numbers from Kantar, grocery price inflation now sits at 9.9 per cent for the past four weeks. This marks the second highest level of inflation seen since 2008, [...]
Shaftesbury boss assures that London’s slipping footfall will be over soon July 18, 2022 The boss of West End landlord Shaftesbury Capital has assured that despite falling footfall levels in London’s heat, it will not be for long. “People are going to avoid city centres because they’re the hottest places,” Brian Bickell told City A.M. today, adding that “By the weekend people will be back to doing the things [...]
Heatwave: Brits shun high street as businesses close to protect staff from scorching temperatures July 18, 2022 Brits have shunned the high street today as temperatures are expected to hit 40 degrees on Monday, while some businesses in London have closed. Office workers have shunned their workplace air-con and opted to avoid sweltering public transport, Springboard’s footfall figures reveal. Springboard’s ‘back to the office’ benchmark for central London office hubs shows that [...]
H&M to wind down business in Russia after reopening stores to get rid of clothes July 18, 2022 The world’s second-largest fashion retailer H&M has said it will start winding down business in Russia, citing “the unpredictability of the future.” The Swedish clothing chain also blamed “current operational problems,” after it suspended sales in the country on 2 March. It is the latest firm to confirm a more permanent withdrawal of business in [...]
Rising star Dufrain gets City vote of confidence as private equity investor PEP checks in with fresh cash July 18, 2022 Data management and analytics firm Dufrain confirmed this morning it has agreed fresh funding from Phoenix Equity Partners, a private equity investor in medium-sized UK companies. The cash will be used to fuel the next stage of its growth as part of a management buyout, the firm said. Dufrain has so far delivered year-on-year revenue [...]
Marks & Spencer pushes further into tech as high street giant extends 15-year old pact with Flooid July 18, 2022 UK high street retailer Marks & Spencer confirmed this morning it has extended its agreement with Flooid for the provision of store point-of-sale and unified commerce platform basket services for up to another five years. Flooid, formerly PCMS Group, agreed with Marks & Spencer in 2007 to supply software to run point-of-sale and self-checkouts across [...]
Deliveroo slashes sales forecast as cost of living bites July 18, 2022 Deliveroo slashed its sales forecasts today as it predicted the rising cost of living would lead to a slowdown in consumer spending this year.