PZ Cussons profit hit by ‘challenging market conditions’ January 28, 2020 Consumer products giant PZ Cussons, which owns brands including Imperial Leather and Original Source, reported a dip in revenue and profit in its half-year results due to “challenging market conditions”. The company said adjusted revenue from continuing operations fell 4.3 per cent to £293.3m in the six months to 30 November. Adjusted operating profit from [...]
Consumer optimism rises to five-year high January 28, 2020 Consumer optimism for the coming year has jumped to a five-year high due to increased political certainty, according to the latest research. More UK consumers believe they will be financially better off over the next 12 months than worse off, as net sentiment has jumped from minus seven to three for the first time in [...]
Intu sells Spanish shopping centre for £245m to pay off debt January 28, 2020 Retail landlord Intu has sold a shopping centre in Spain for €290m (£245.3m), as the company seeks to fix its balance sheet and repay debt. Intu, and its joint venture partner Canada Pension Plan Investment Board, has sold the Asturias shopping centre to ECE European Prime Shopping Centre Fund II, with Intu’s share of the [...]
How the coronavirus knocked seven per cent off Burberry’s share price January 28, 2020 Shares in British luxury brand Burberry continued to fall this morning on the designer’s exposure to the Chinese market, which has been hit by the outbreak of coronavirus. The retailer’s share price is down a further three per cent to 1,939.5p this morning after closing down 4.6 per cent last night as the spread of [...]
UK retail sales flatline again after bruising Christmas January 28, 2020 UK retail sales flatlined for the third month in a row in January, survey data showed today, as Britain’s high street braces itself for “another tough year for the sector”. The CBI’s distributive trends survey said sales were also expected to be flat next month, marking a disappointing start to the year for the UK’s [...]
Sainsbury’s to invest £1bn to reduce emissions to net zero by 2040 January 28, 2020 Sainsbury’s has pledged to invest £1bn over the next 20 years to reduce greenhouse gas emissions to net zero by 2040. The supermarket giant, which currently has a carbon footprint of 1m tonnes, will focus on reducing emissions, food waste, plastic packaging and water usage. Sainsbury’s will also boost its recycling, biodiversity and healthy and [...]
Anger over Presidents Club clothing range at House of Fraser January 27, 2020 A clothing range that appears to recall the Presidents Club, a charity that closed down following a scandal over the behaviour of guests at its male-only dinners, has come under widespread criticism from female entrepreneurs. The Presidents Club’s annual dinner hit the headlines in 2018 after it emerged that waitresses at the event were told [...]
Mattress startup Casper slashes valuation ahead of IPO January 27, 2020 Casper Sleep has said it expects its initial public offering (IPO) valuation to be well below the $1.1bn (£842m) the online mattress retailer had commanded in a recent funding round. In a regulatory filing in New York today, Casper said it expects its offering of 9.6 million shares to be priced between $17 and $19 [...]
Number of UK firms in ‘significant financial distress’ hits record high January 27, 2020 The number of UK businesses in significant financial distress has risen to almost 500,000, hitting the highest level since records began 16 years ago. The latest research showed that the number of firms facing significant difficulties has soared 81 per cent since 2016, reaching 494,000 in the fourth quarter of last year. Recently formed companies [...]
Almost 10,000 retail jobs lost in first three weeks of 2020 January 27, 2020 Almost 10,000 retail jobs have already been lost in the first three weeks of 2020, following a string of store closures and restructurings. New research published today showed that 9,940 jobs have been cut following store closures at high street chains. Supermarkets including Sainsbury’s and Morrisons have also announced plans to axe back office and [...]