In the bag: Radley London enjoys soaring profit after Christmas sales surge January 31, 2022 Handbag maker Radley London has reported buoyanct results after its sales in the US. The accessories brand reported retail sales were up 60 per cent in the first nine months of the current financial year, compared to the previous year. Retail sales were up 55 per cent in the five weeks to 2 January, with [...]
Poke House looks for stock market boost as it eyes London listing January 31, 2022 Holly Williams, PA Restaurant chain Poke House has revealed plans for a stock market flotation in London and New York after sealing the latest deal to expand its global footprint. The Californian-inspired poke bowl chain, which last year bought Ahi Poke in London to launch its assault on the UK market, is eyeing an initial [...]
Don’t forget the black pound, retailers warned January 31, 2022 High street brands could be missing out on £4.5 billion spent by multi-ethnic shoppers due to lack of diversity in brands, according to new research. The Black Pound report, a survey of 3,500 people, found that black, Asian and multi-ethnic consumers are often forced to spend their money in specialist shops due to limited product [...]
Brexit border: UK and EU have ‘months to stop tourist traffic grinding to a halt’ if no deal is reached January 29, 2022 British tourists headed for city breaks in Paris or sunny getaways in Spain in September could be hit by new biometric checks set to be required at the border. In fact, the UK has just months to avoid huge disruption to holidaymakers when new EU rules come into force – despite knowing about the problem [...]
H&M’s autumn profit beats expectations January 28, 2022 Fashion retailer H&M has surpassed expectations with a bigger profit increase than expected for its autumn trading period. In an update on Friday, the Swedish firm said pretax profit hit levels equivalent to £478.6m for the September to November period. Profit reached 6bn crowns in its financial fourth quarter, up from 3.67bn the previous year. [...]
200 Post Offices vanished within last wo years as two branches close for good every week January 28, 2022 New research shared with City A.M. this morning shows that more than 200 Post Offices have closed in the last two years, the equivalent of two a week. The study also found that 1,291 Post Offices are currently deemed “temporarily closed”, but more than half of these have been shut for more than two years, [...]
McDonald’s revenue surges as it navigates spikes in food and labour costs January 27, 2022 McDondald’s revenue has surged to its highest level since 2016, it confirmed in its fourth quarter results yesterday, as it successfully offset a spike in food and labour costs. Price increases on Big Macs, Chicken McNuggets and other food items helped the fast-food chain secure $23.2bn in global revenue, a jump of more than 20 [...]
Competition watchdog launches first phase of Morrisons takeover probe January 27, 2022 The Competition and Markets Authority (CMA) launched the first phase of its probe into the takeover of Morrisons by a US private equity giant today. The £7bn deal, which was completed in October, saw Clayton, Dubilier & Rice Holdings (CD&R) remove Morrisons from the London Stock Exchange. The move prompted the CMA to order the [...]
LVMH reports record fashion and leather goods revenue January 27, 2022 Big spenders helped boost LVMH revenue to €64.2bn last year as economies recovered from the Covid pandemic. The luxury goods firm posted revenue of €64.2bn on Thursday evening, up 44 per cent compared to 2020 and up 20 per cent compared to 2019. Fashion and leather goods hit record levels, with organic revenue growth of [...]
Corbin & King ‘under siege’ from investor Minor International January 27, 2022 The founder of the restaurant chain behind the Wolseley has reassured customers the business is in “rude financial health” after it was plunged into administration this week. Administrators from FRP were appointed for Corbin & King earlier this week, although the chain’s restaurants have continued to trade. Founder Jeremy King has now hit back once [...]