Coronavirus: Guinness owner Diageo warns on £200m profit hit February 26, 2020 Drinks manufacturing giant Diageo has warned it expects to take a profit hit of up to £200m due to the impact of coronavirus, which has seen bars and restaurants close and events cancelled across Asia. Diageo – the owner of Guinness, Johnnie Walker whisky and Smirnoff vodka – this morning said group organic sales could [...]
Upper Crust owner SSP warns over coronavirus profit hit February 26, 2020 Upper Crust owner SSP Group has warned it expects to take a £5m profit hit in February as sales in the Asia Pacific region halved this month due to the impact of coronavirus. SSP, which operates across travel hubs, said falling passenger numbers across the region – which counts for eight per cent of total [...]
The Restaurant Group scraps dividend and eyes 90 site closures February 26, 2020 The Restaurant Group has suspended its dividend as it announced plans to ramp up Frankie & Benny’s and Chiquito site closures to focus on its Asian-fusion chain Wagamama. The figures Restaurant Group’s shares dipped 3.1 per cent in early trading as it announced it will scrap its dividend to focus on a new strategic plan. [...]
McColl’s suspends dividend as it swings to £100m loss February 26, 2020 Convenience store McColl’s sank to a huge £100m loss in 2019 as it warned investors it will cancel their dividend today. McColl’s swung deep into the red last year, falling to a loss of £98.6m before tax, down from a 2018 profit of £7.9m. The retailer warned in December that it would miss profit expectations [...]
William Hill beats profit expectations but warns of £10m hit from credit card ban February 26, 2020 William Hill managed to beat its own expectations on full year profit today after the government rolled out a £2m betting limit, but warned of a possible £10m hit from an impending credit card ban. The figures William Hill’s adjusted operating profit fell 37 per cent year on year to £147m, ahead of management guidance [...]
Embattled building supplies firm turns to ex-Patisserie Valerie boss as sales crumble February 25, 2020 Building supplies firm SIG today parachuted in the former boss of Patisserie Valerie in a major overhaul of its management team. Meinie Oldersma will be replaced by former head of cafe chain Patisserie Valerie Steve Francis. SIG, which supplies insulation and roofing products, saw shares slip 17 per cent on the news. Francis will be [...]
More than 1,800 jobs at risk as Tesco restructures in-store bakeries February 25, 2020 More than 1,800 jobs are at risk after Tesco announced it will restructure its in-store bakery operations. The supermarket giant this afternoon said it will reduce the amount of baking “from scratch” across its stores, meaning some employees will be made redundant. From May, 58 branches will stop baking products on-site and will instead sell [...]
February retail sales dampen hopes of post-election bounce February 25, 2020 Retail sales were broadly flat in February, according to the latest research, dampening hopes that the decisive General Election result has sparked a surge in consumer spending. The CBI’s monthly distributive trades survey showed that a net balance of one per cent of retailers reported a jump in sales volume in the year to February, [...]
Tesco exits China with £275m stake sale February 25, 2020 Tesco has sold its 20 per cent share in its China joint venture for £275m as it nears a potential deal for its Thailand and Malaysia businesses. The supermarket giant announced this morning that it has offloaded its stake in Gain Land – which was established in 2014 – to a subsidiary of its joint [...]
Hammerson’s losses widen as retail CVAs dent rents February 25, 2020 Retail landlord Hammerson today warned it will cut its 2020 dividend almost in half as losses mounted in 2019 after another tough year for retailers in which many renegotiated their rents. The figures The real estate giant sank to a £573.8m loss for its latest financial year, up from a £173.3m loss in 2018. While [...]