LVMH continues to ride cash-splurging wave for luxury goods as revenue jumps a third April 12, 2022 LVMH has continued to ride the pandemic-era wave of consumers splurging extra cash on luxury goods, as opposed to jetting away overseas. Revenue jumped nearly a third to €18bn (£15bn) in the first quarter of this year, in comparison with €13.9bn in 2021 – with fashion and leather products leading the way. Such goods hit [...]
Punch Taverns founder: Hospitality will be ‘almost completely uninvestable’ should Covid restrictions return April 12, 2022 Pizza Express guru Hugh Osmond has said the hospitality industry will be “almost completely uninvestable” if it is put in a position where the government can completely shut it down in future virus outbreaks. The Punch Taverns founder is part of a coalition, with Night Time Industry Association boss Michael Kill and Greater Manchester night [...]
Morrisons slapped with ‘speculative’ rating after takeover leaves chain saddled with debt April 12, 2022 Morrisons has been slapped with a ‘speculative’ rating by a top credit agency after the private equity takeover of the chain last year left it saddled with debt.
Waitrose left with £4m hole in pocket after brief deal with online partner April 12, 2022 Supermarket Waitrose is owed some £4m after a four-month partnership with an insolvent venture launched by an Ocado founder. According to a report in The Times newspaper, Waitrose is the second-largest trade creditor of online grocery business Today Development Partners, which collapsed last month. This was laid out in a progress report by administrators at [...]
Deliveroo orders continue to rise but diners spend less on food deliveries April 12, 2022 Deliveroo has seen its order numbers continue to swell, despite shoppers adding fewer dishes to baskets on the other side of Covid lockdowns. In a trading update published on Tuesday, the food delivery titan said growth in orders stood at 18 per cent year-on-year. Orders hit 82.4m in the first quarter of the year, up [...]
Asos swings to loss as fashion giant warns shoppers may cut back on purchases April 12, 2022 Online fashion giant Asos has said it was hammered by reduced stock availability as it posted a £15.8m pre-tax loss for the six months to the end of February. The company cited “industry-wide supply chain constraints impacting stock availability and ongoing Covid-19 restrictions.” In half year results on Tuesday, the retailer posted four per cent [...]
Retail sales slow as consumer confidence now lower than horsemeat scandal April 12, 2022 Retail sales slowed last month as consumer confidence has taken a hit as shoppers feel the bite of rising cost inflation. According to data from the British Retail Consortium (BRC) and KPMG, sales increased by 3.1 per cent in March. This was worse than a three-month average growth of 6.9 per cent. What’s more, retail [...]
Tortilla boss: ‘No intention’ of further price rises for customers as burrito chain eyes more dark kitchens April 11, 2022 Burrito chain Tortilla is eyeing dark kitchens in suburbia as a means to test locations before opening physical restaurants. Richard Morris, chief executive of the on-the-go operator, told CityA.M. that Tortilla viewed delivery as a “key part of our future.” “We realised that in London there are opportunities to further saturate the city with Tortilla [...]
M&S cut prices on a range of items as shoppers face cost of living crunch April 11, 2022 Marks & Spencer has slashed prices on some core grocery items as it hopes to woo shoppers amid rising costs. Supermarkets are endeavouring to maintain their market shares while shoppers have flocked to discount retailers to mitigate the cost of living crunch in recent weeks. M&S revealed on Monday that it had lowered prices on [...]
Mothercare delays pension deficit payments after disruption of Russian operations April 11, 2022 Mothercare said it would be posting a higher than expected profit on Monday. In a pre-close trading update, the baby-clothes seller said it expected that EBITDA before adjusting items would be in the range of £11.5m to £12m for the year to 26 March. The retailer’s share price fell by a dramatic seven per cent [...]