M&S bolsters menswear team after skinny jeans fiasco February 12, 2020 Marks & Spencer (M&S) has appointed a new menswear buying director, after the retailer’s Christmas sales were dented when it ordered too many skinny jeans in the wrong sizes. M&S chief executive Steve Rowe has been battling to turn the clothing and home division around, but total revenue slumped 3.7 per cent in the third [...]
Heineken predicts 2020 profits will fizz February 12, 2020 Dutch lager giant Heineken expects lower barley and aluminium prices to boost 2020 profits, it said today. The second largest brewer in the world, whose product is Europe’s top selling lager, also expects higher volumes and prices to boost revenues this year. This is in addition to a customer shift towards more expensive drinks. Heineken’s [...]
Angry Birds maker Rovio sees profit collapse in final quarter February 12, 2020 Rovio, the games firm behind Angry Birds saw quarterly profit plummet 96 per cent after its new 5G platform Hatch failed to take flight. Rovio, which saw its shares fall 15 per cent this morning, said that the roll out of 5G networks had been slower than expected and had had a knock-on effect on [...]
Sainsbury’s Bank chairman Roger Davis steps down February 12, 2020 Sainsbury’s Bank has started a search for a new chair after Roger Davis told the board he intends to step down from the role. Davis has chaired the bank’s board for almost seven years. Sainsbury’s said the search to find Davis’s replacement had begun and that further announcements regarding the timings of his retirement and [...]
Plus500’s 2019 profits sink after regulatory crackdown February 12, 2020 Plus500 revealed plummeting profits for its 2019 financial year today, but said market volatility boosted trading volumes in the second half. The figures Earnings before interest, tax, depreciation and amortisation (Ebitda) sank 62 per cent year on year from $506m (£390.2m) to just $192.3m. Two-thirds of that was booked in the second half of the [...]
Dunelm posts higher profits as like-for-like sales rise February 12, 2020 Profit jumped at furnishings firm Dunelm in the first half of its latest financial year, it said today, as like-for-like sales also improved. The figures Profit before tax leapt 19.4 per cent year on year to £83.6m as revenue rose six per cent to £585m. Like-for-like sales climbed 5.6 per cent. However, free cash flow [...]
Intu deep? Shares plunge after Link pulls out of landlord’s £1bn emergency cash call February 11, 2020 Intu shares lost almost a third of their value on Tuesday after Link Real Estate Investment Trust said it would no longer participate in the troubled retail landlord’s £1bn emergency cash call. It emerged yesterday that Link was in talks with Intu, which owns the Trafford Centre, over potentially becoming a “cornerstone” investor in the [...]
New Look narrows losses as turnaround plan pays off February 11, 2020 High street retailer New Look narrowed its losses in the third quarter, as a new leadership team pushed ahead with its transformation plan. New Look said it narrowed its losses from £63.2m to a statutory loss before tax of £1.2m, despite falling sales. Like-for-like sales in the UK and Ireland fell 7.1 per cent over [...]
William Hill boosts US reach as it strikes media deal with CBS Sports February 11, 2020 Betting firm William Hill today confirmed it has struck a deal with CBS Sports as it ploughs ahead with its US expansion plan. The deal means the British bookmaker will be the exclusive provider of betting odds across CBS Sports’ digital platforms. The tie-up will kick off in March, with a full rollout planned for [...]
JD Sports may have to sell off Footasylum, says CMA February 11, 2020 Shoppers could be worse off online and in store if JD Sports’ acquisition of Footasylum goes ahead, the UK’s competition watchdog found today. The Competition and Markets Authority (CMA) warned the merger could lead to fewer discounts and worse customer service, as well as less choice in its preliminary ruling. “We’re currently concerned that shoppers [...]