B&M maintains strong growth as sales pass £1bn during lockdown July 1, 2020 B&M European Value Retail hailed a “strong” first quarter as sales passed £1bn amid the coronavirus lockdown. The figures In the period between 29 March and 27 June, B&M reported 27.7 per cent growth in group revenue from £904.6m to £1.15bn. B&M UK revenue for the period jumped 33.7 per cent to £987.8m, with like-for-like [...]
Sainsbury’s sales up 8.5 per cent as grocer ‘feeds the nation’ during lockdown July 1, 2020 Grocer Sainsbury’s today said that total first quarter sales increased by 8.5 per cent as the supermarket beat expectations despite the coronavirus pandemic. It said that although it was forecasting a £500m profit hit due to the crisis, stronger grocery sales and business rates relief would offset the shortfall. Shares in the grocer jumped initially [...]
Upper Crust owner SSP to slash 5,000 jobs as coronavirus knocks travel sector July 1, 2020 Upper Crust owner SSP has announced up to 5,000 job cuts as it attempts to survive a sector-wide coronavirus downturn in the travel industry. The job cuts will largely affect SSP’s UK head office and UK operations, the company said today, at a cost of between £8m and £10m. SSP said coronavirus has forced it [...]
Next and M&S show that consumer behaviour isn’t set in stone July 1, 2020 Non-essential shops reopened on 15 June and most leisure attractions are due to reopen on 4 July, indicating a return to some resemblance of normality. There were long queues when high street favourites like Primark reopened, but have 12 weeks of lockdown changed the shopping habits of the British people? New YouGov data suggests that [...]
Shirt and tie retailer TM Lewin ‘falls into administration’ with 600 jobs lost June 30, 2020 About 600 workers will lose their jobs at the century-old shirtmaker TM Lewin, after the high street stalwart went into administration this afternoon. The company is to close all 66 of its physical stores, and will only continue trading online, after a company hired to restructure the menswear company decided its high street offering was [...]
Coronavirus takes the sparkle off Louis Vuitton’s finances as luxury brands brace for bumpy ride June 30, 2020 Louis Vuitton owner LVMH has forecast that the coronavirus crisis will take the shine off its finances for some time yet. Despite some signs of improvement this month, the world’s biggest luxury goods group admitted this morning that the best it can hope for is a “gradual recovery”, after sales were pummelled by lockdowns across [...]
Late screening: Cineworld pushes back reopening until 31 July after film delays June 30, 2020 Cineworld has pushed back the reopening of its cinemas in the UK and US by three weeks to 31 July. The world’s largest cinema chain has originally planned to reopen its doors on 10 July in the UK, after the government gave venues the green light to start operating again from 4 July. It said [...]
Flexible thinking has got small businesses through this crisis — now we can shop local to support them June 30, 2020 Over the past few months we have seen and heard countless stories of small, local businesses hit hard by the economic lockdown. Covid-19 has triggered businesses to reassess how they can engage with customers in new and innovative ways, and many have had to adapt quickly to survive. Art workshops and yoga classes are being [...]
Burger chain Byron heads for administration with 1,200 jobs on the line June 29, 2020 Burger chain Byron is scrambling to find a buyer who can stave off impending financial collapse, save 1,200 jobs, and reopen its 52 restaurants in the UK by mid-next month. The company has filed a notice of intention to appoint administrators, in an attempt to protect it from creditors during talks with potential buyers. Sources [...]
Coty picks up $200m stake in Kim Kardashian West’s beauty brand KKW June 29, 2020 Coty is to buy a 20 per cent stake in Kim Kardashian West’s make-up brand KKW, valuing the reality TV star’s business at $1bn (£810m). The deal, which will see cosmetics giant put $200m into the celebrity’s beauty line, sent Coty’s shares skyrocketing 17 per cent in pre-market US trading. It means that West’s beauty [...]