Soft drink giant Fever Tree highlights short term cost ‘uncertainty’ amid war in Ukraine March 16, 2022 Beverage maker Fever Tree has said Russia’s invasion of Ukraine has caused “significant uncertainty” for short term costs. Tim Warrillow, co-founder and CEO of Fever-Tree, said the war in Ukraine had “resulted in significant uncertainty in relation to our input costs in the short term.” UK revenue leaped 15 per cent in full year results [...]
Wagamama sales surge ahead of pre-Covid levels as the Restaurant Group ‘mindful’ of Ukraine inflationary impact March 16, 2022 Wagamama owner the Restaurant Group has reported sales surging ahead of pre-pandemic levels as the hospitality sector recovers from lockdowns. In full-year results, the operator said like-for-like sales at Wagamama, plus its pubs and leisure divisions, were well ahead of the 2019 comparable. Pub sales were up nine per cent while its leisure division saw [...]
Camelot loses National Lottery licence after 28 years as Czech contender Allwyn gets the jackpot March 15, 2022 National Lottery operator Camelot is set to lose its licence to run the lottery after 28 years as the Gambling Commission names rival Allwyn Entertainment as its preferred applicant to take on the venture.
Retail and construction insolvencies soar against backdrop of supply chain pressures and war in Ukraine March 15, 2022 Soaring material costs have led to a steep rise in insolvencies in the retail and construction industries of almost 50 per cent. The war in Ukraine and its impact on rising fuel prices, brought concerns over supply chains pressures into sharp focus this week, new research from tax and audit specialists Mazars has shown. During [...]
Clarks appoints ex-New Balance boss as new CEO March 15, 2022 Shoe seller Clarks has appointed an ex-New Balance boss as its new chief executive officer. Jonathan Ram will join the retailer in April 2022. Ram’s last gig was group president of global activewear at Hanes Brands and previously spent 16 years at New Balance. Clarks chairman Colin Li, said: “I am pleased to welcome Jon [...]
Wilko apologises after telling staff: Come to work if you have Covid and feel ok March 15, 2022 Household goods retailer Wilko has apologised after it told staff they should come into work if they test positive for Covid but feel well. The government scrapped its legal requirement for Covid patients to isolate at home, leaving it up to bosses to decide their own policies. The high street retailetr has now backtracked on [...]
UK bans export of luxury goods to Russia and introduces hiked import tariffs March 15, 2022 The UK has banned the export of luxury goods to Russia, including designer handbags and works of art. The Chancellor also outlined new import tariffs that will represent a 35 percentage point increase on current rates. The fresh tariffs will hit products like Russian vodka, fertiliser and steel. Products no longer allowed to be exported [...]
Plumbing giant Ferguson posts rising sales after ‘navigating supply chain pressures’ March 15, 2022 Plumbing and heating products distributor Ferguson has posted soaring sales with price inflation driven by finished goods. Adjusted net sales rose 31.8 per cent, results for the three months ended 31 January 2022 revealed on Tuesday. Adjusted EBITDA also shot up 65.7 per cent in the period, with the firm anticipating “solid revenue growth” in [...]
Virgin Wines battles shifting consumer habits as share earnings slip March 15, 2022 Virgin Wines earnings per share and pre-tax profit have stunted in the past six months, as the online wine retailer battles shifting consumer habits. With spiralling inflation and soaring energy prices, UK consumers are increasingly holding back splurging on non-necessities such as wine. The company, a subsidiary of the Virgin Group, earned an average of [...]
Sofa chain DFS takes hit to profit after Covid hammers supply chain March 15, 2022 Profit at DFS has dipped as the sofa maker pointed to Covid-related supply chain challenges. Profit before tax stood at £21.6m, in comparison to £72.1m the prior year, a 70 per cent loss. However, profit was up 35.8 per cent compared to the furniture maker’s pre-pandemic comparator of £15.9m. The pandemic had squeezed DFS’ supply [...]