London pubs and restaurants suffer sharp sales drop in July August 13, 2020 UK pubs, bars and restaurants suffered a 50 per cent drop in sales in July as the sector reopened after lockdown, with London the worst affected area in the country, according to the latest research. London venues were the worst hit, falling 58.3 per cent last month, compared to July 2019, while hospitality firms outside [...]
Customers question value of clothes bundles in Edinburgh fashion firm’s Lost Stock charity venture August 12, 2020 Frustrated customers have hit out at Lost Stock, a coronavirus charity venture led by an Edinburgh-based fashion company, claiming it misled shoppers over the value and quality of items sold. Mallzee launched its Lost Stock initiative in June following reports that some high street stores had cancelled stock orders with clothing factories in Bangladesh, which [...]
Dr Martens returns government furlough money after ‘resilient’ trading August 12, 2020 British shoe brand Dr Martens has returned money from the government’s coronavirus job retention scheme due to resilient trading during the pandemic. Dr Martens, which closed all of its stores in Europe, the Middle East, Africa and America from 16 March, said it had repaid the funds from the UK government furlough scheme. UK-based retail [...]
Asos shares jump as profit forecast raised due to online shopping boom August 12, 2020 Shares in fast fashion retailer Asos jumped this morning after it announced that full-year sales and profit are expected to beat forecasts due to an online shopping boom during the UK coronavirus lockdown. Asos said revenue growth is expected to be between 17 per cent and 19 per cent, with profit before tax of around [...]
Just Eat Takeaway sales soar during coronavirus lockdown August 12, 2020 Food delivery giant Just Eat Takeaway saw revenue soar 44 per cent in the first half of the year as consumers ordered food at home while restaurants closed during lockdown. The figures Revenue was up 44 per cent to €1bn as lockdown restrictions forced restaurants to close and consumers were told to stay at home. [...]
Airbnb to confidentially file to go public this month August 11, 2020 Airbnb is said to be preparing to confidentially filing paperwork for a listing with the US Securities and Exchange Commission later this month. The move would pave the way for the short-term rentals company to go public on Wall Street later this year, the Wall Street Journal reported. Airbnb was reported last year to be [...]
Debenhams axes 2,500 jobs in bid to cut costs after coronavirus lockdown August 11, 2020 Debenhams has axed 2,500 jobs as it seeks to reduce costs following the coronavirus lockdown, in the latest blow for the struggling UK high street. The department store chain, which permanently closed 20 stores during lockdown, said the trading environment is “clearly a long way from returning to normal” after lockdown restrictions were lifted. The [...]
Holiday Inn owner IHG sees signs of recovery in July as consumers book staycations August 11, 2020 Holiday Inn owner Intercontinental Hotels Group (IHG) said it had seen an uptick in bookings in July as holiday makers opt for staycations during the coronavirus pandemic. The figures IHG, which also owns the Crowne Plaza, Regent and Hualuxe hotel brands, saw revenue more than halve to $488m in the first six months of 2020. [...]
Domino’s reinstates dividend as pizza chain hails ‘resilient’ lockdown sales August 11, 2020 Pizza chain Domino’s reinstated its dividend payment as it hailed “resilient” trading during the UK coronavirus lockdown. The figures UK like-for-like sales were up 4.8 per cent and Ireland like-for-like sales increased 3.6 per cent during the first half of the year. However underlying earnings before interest and taxes fell to £51.4m pounds for the [...]
UK retail sales grow following lockdown easing August 11, 2020 UK retail sales grew in July as the easing of lockdown restrictions released pent-up demand, but high street stores continued to struggle. On a total basis, sales increased 3.2 per cent last month, compared to a jump of 0.5 per cent in July 2019, which was the second consecutive month of growth since the coronavirus [...]