Number of small pubs rises for first time in 15 years January 16, 2020 The number of small pubs and bars increased for the first time in 15 years last year, as consumers splashed the cash on meals out, according to the latest statistics. Small pubs and bars, which have fewer than 10 employees, increased by 85 – a 0.4 per cent rise – following more than a decade [...]
Mike Ashley’s Frasers Group to close six Jack Wills stores January 16, 2020 High street fashion brand Jack Wills has announced it will shut six stores, blaming “unhelpful” landlords for the closures. Mike Ashley’s Frasers Group, which bought the fashion retailer out of administration for £12.8m last year, today said shops in Bournemouth, Camberley, Cheltenham, Soho, Turo and Witney will close within the next month. Ashley’s retail empire, [...]
Moss Bros’ transformation plan progresses despite sales slump January 16, 2020 Suit retailer Moss Bros said this morning that it is making headway with its transformation plan, despite reporting a dip in sales. The menswear store said it has made “good progress overall” in its bid to elevate the brand and improve long-term performance. Moss Bros said it has improved its retail gross margin rates in [...]
Pearson shares sink as print woes hurt 2020 profit target January 16, 2020 Investors sent Pearson’s share price down to its lowest level since 2008 in early trading today after the education publisher warned its painful shift to digital would drag into 2020. Pearson’s legacy print textbook business sank another 12 per cent over 2019, the firm said today as it predicted annual profit of £590m, at the [...]
Finsbury Food shares dip on international sales slump January 16, 2020 Shares in Finsbury Food dipped this morning as the baked goods producer reported that international sales dropped in the last six months of 2019. The food manufacturer, which produces Mary Berry products, Mars cakes and Vogel bread, reported that sales in its overseas division fell 3.5 per cent in the six months to 28 December [...]
Halfords hails Christmas bike sales as it sticks to profit target January 16, 2020 Strong Christmas bike sales helped Halfords stick to full-year profit guidance of between £50m and £55m today as it unveiled figures for the festive period. Group revenue rose 4.6 per cent in the 14 weeks to 3 January while like-for-like sales climbed 1.3 per cent as the repair shop reconfirmed its operating profit target. Cycling [...]
Premier Inn owner Whitbread sales drop in uncertain market January 16, 2020 Premier Inn owner Whitbread reported this morning that like-for-like sales fell in the third quarter as business uncertainty impacted travel plans. Shares dropped more than five per cent after the company said like-for-like sales dipped 1.3 per cent in the third quarter, dragged down by a 2.1 per cent drop in accommodation sales. Like-for-like food [...]
Primark UK store sales dip as retailer outlines expansion plans January 16, 2020 Primark’s like-for-like UK in-store sales dipped over the Christmas trading period, the budget retailer announced this morning. The high street chain’s owner Associated British Foods (ABF) said today that there was a “marginal decline” in like-for-like UK sales in the 16 weeks to 4 January. However, the impact of extra store space boosted total UK [...]
The Works CEO steps down following string of profit warnings January 16, 2020 The Works chief executive Kevin Keaney has stepped down after nine years, two months after the discount art retailer issued its second profit warning of 2019. The company’s share price jumped 11 per cent this morning after it announced that finance chief Gavin Peck will replace Keaney, as it issued an update on the Christamas [...]
N Brown warns on profit in ‘highly promotional market’ January 16, 2020 Simply Be owner N Brown has slashed its profit expectations, blaming lower revenue from its credit lending service and a “highly promotional market”. Shares in the plus-size fashion retailer plummeted more than 24 per cent today after it said full-year adjusted profit before tax will be in the range of £70m to £72m, down from [...]