Moonpig momentum dips following lockdown-induced spending boom December 9, 2021 Moonpig’s revenue and profits have slipped as the lockdown-induced spending momentum dials down. After shops reopened in the six months to October 31, Moonpig’s revenue has sunk 8.5 per cent to £142.6m, with it struggling to compete with the lure of brick and mortar card stores. Investors were not deterred, however, with Moonpig’s share price [...]
Amazon’s ruthless move to block Visa credit cards forces anxious businesses to make stark choices December 9, 2021 Amazon’s recent decision to block Visa credit cards in the UK caught millions of businesses and consumers in between. As a result, many firms have some serious and fairly urgent choices to make, as industry insiders explained to City A.M. today. Amazon announced in November that it will no longer accept payments made with UK-issued [...]
Victorian Plumbing shares plunge more than a third following earnings caution December 9, 2021 Online bathroom retailer Victorian Plumbing had its share price plunge more than a third today, after cautioning investors of flatter earnings in the year ahead. Revenue lifted nearly 30 per cent to £268.8m in the year to September 30, while its adjusted earnings jumped over 50 per cent to £40.1m. However, the company had warned [...]
Mike Ashley’s Frasers Group profits surging despite rising supply chain costs December 9, 2021 Mike Ashley’s Frasers Group has reporting surging half-year profits and forecast a jump in annual earnings despite revealing a hit for supply chain costs and pandemic uncertainty. The parent company of chains including Sports Direct, House of Fraser and Flannels reported pre-tax profits of £186 million for the six months to October 24, up from [...]
Omicron hit to economy: New Covid restrictions may cost businesses £4bn in December December 9, 2021 The UK economy should brace itself for a £4 bn a month hit and see taxpayers foot the bill for more emergency support as new Covid restrictions to clamp down on the spread of the Omicron variant come into force, a think tank has warned. The right-wing Institute of Economic Affairs (IEA) said Plan B [...]
Plan B ‘huge blow’ for city centre pubs as night clubs question timing of Covid passports December 8, 2021 Pubs and bars have called the introduction of Plan B Covid restrictions a “huge blow” for the sector, which was hoping to recoup its losses this Christmas. “Make no mistake, this is a huge blow for our sector as it further undermines consumer confidence and is devastating for pubs based near offices and in town [...]
Fashion firm Quiz reports rebounding sales as shoppers buy party clothes again December 8, 2021 Fast fashion retailer Quiz posted a first half sales rebound after it was battered by pandemic store closures last year. Sales more than doubled year-on-year in the two months to November, following the lifting of restrictions on social gatherings. Shoppers flocked back to stores to buy occasion and dressy products. A higher level of full [...]
Dyson hits back at EU Court for ‘bad regulation’ after losing £150m legal bid for damages over bagless vacuum cleaners December 8, 2021 Dyson says it will appeal a decision by an EU court after losing a legal battle for €176m (£150m) in damages over vacuum cleaner energy labelling regulations. Although Dyson managed to overturn a Brussels regulation which allowed older vacuum models to appear energy efficient as more modern, bagless vacuum cleaners, the company’s claim for damages [...]
Square Mile braces for Plan B as businesses say work from home guidance will ‘destroy’ trade December 8, 2021 Businesses in the City of London have said they are preparing for the worst ahead of a reported announcement on a work-from-home message. Multiple media outlets have reported that the Prime Minister is to usher in vaccine passports for large venues and instruct office employees to work from home once more. There will be a press [...]
1 in 15 customer service staff have faced death threats as businesses call for better treatment December 8, 2021 Retail staff have said customer abuse has become more aggressive after the shops were hit by stock and labour shortages this year. The Institute of Customer Service, alongside bosses from household names including Marks and Spencers, Sainsbury’s and Wickes, has signed an open letter calling for better treatment of customer service staff. Workers fear abuse [...]