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 [...]
Ostrich shops need to stop blaming the high street and step up January 16, 2020 Stories of failing retailers seem to be as regularly in the news as Brexit or Harry and Meghan. And when we read about them, it’s usually accompanied by lamentation that the state of the high street is to blame. Just this week, City A.M. reported that department store Beales is facing collapse. Its chief executive [...]
New cinemas and indie hits like Knives Out help Everyman book record sales January 15, 2020 A rapid expansion and the success of breakout indie movies like Rian Johnson’s Knives Out pushed Everyman to a record £65m revenue in 2019, the cinema chain revealed today. The record sales, a 25 per cent jump on the previous year, were underpinned by the opening of seven new venues to take Everyman to a [...]
UK box office revenue tops £1.25bn as cinemas fend off streaming giants January 15, 2020 UK cinemas pulled in more than £1.25bn last year as film fans continue to flock to the big screen despite the growing popularity of streaming services. Cinema admissions exceeded 176m in 2019 as punters were drawn in by blockbuster hits such as Avengers: Endgame, The Lion King and Joker. It marks the third consecutive year [...]
Karren Brady says feminist principles ‘didn’t square’ with Sir Philip Green allegations January 15, 2020 Baroness Karren Brady said quit the board of Arcadia’s holding company as her feminist principles did not “square” with allegations about retail tycoon Philip Green. Brady stepped down as non-executive chairman of Taveta Investments last February as Green faced allegations of harassment and bullying, which he denies. Read more: Karren Brady and a lesson on [...]
Greggs picks Just Eat over Deliveroo for nationwide delivery roll out January 15, 2020 Greggs has chosen to partner with Just Eat as it expands its food delivery option nationwide, in a boost for the takeaway app over rival Deliveroo. The high street bakery chain was weighing up both food delivery companies following successful trials in several cities last year. This morning Greggs said it had opted to work [...]
Quiz Christmas sales drop after bumper Black Friday January 15, 2020 Fast fashion brand Quiz reported a “disappointing” drop in sales over the crucial Christmas trading period, as both online and in-store revenue declined despite a strong Black Friday performance. The retailer’s share price plunged 13.61 per cent this morning after it revealed that group revenue plunged 9.3 per cent, dragged down by a 14.8 per [...]
Ten Entertainment sales jump after bowling alley investment January 15, 2020 Tenpin owner Ten Entertainment reported a jump in sales last year following investment in bowling alley refurbishments and new technology. Total sales growth for the year was 10.2 per cent for the year, with like for like sales jumping eight per cent to £84.1m in 2019 in the company’s eighth consecutive year of growth. Read [...]
Mike Ashley’s Frasers Group urges PM to reform business rates system January 14, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has written to the Prime Minister to ask him to urgently review the business rates scheme. In a letter to Boris Johnson, Frasers Group finance chief Chris Wootton urged the government to reform the transitional relief system, which he said results in some stores “paying the [...]