High street sales plunge week before Black Friday December 6, 2019 High street sales plunged the week before Black Friday as shoppers held out for bargains, according to the latest data. Like-for-like sales fell 17.14 per cent before Black Friday, in one of the worst weekly drops seen since the Beast from the East decimated sales in March 2018. Read more: Inside Amazon’s Black Friday operations [...]
Packaging giant DS Smith cites ‘difficult’ conditions as e-commerce boom loses momentum December 5, 2019 Packaging giant DS Smith has suffered from weak paper prices and worse-than-expected volumes over the last six months, amid “difficult” market conditions. It comes as analysts projected that the industry’s momentous growth on the back of online shopping in recent years appears to be losing steam. Shares in DS Smith fell 7.1 per cent today. [...]
Moncler shares jump on reports of Kering takeover bid December 5, 2019 Shares in high-end coat retailer Moncler jumped this afternoon following reports that Gucci-owner Kering is mulling a takeover bid, despite Moncler boss Remo Ruffini’s instance that there is no “concrete” deal in the works. The luxury group, which also owns Yves Saint Laurent, has reportedly held early-stage talks with Moncler about a potential deal, which [...]
Tiffany & Co earnings dive as Hong Kong protests hurt sales December 5, 2019 Luxury jewellery maker Tiffany & Co reported a sharp drop in earnings in the third quarter after disruption caused by protests in Hong Kong hit sales, ahead of the company’s acquisition by Louis Vuitton owner LVMH. The company posted net earnings of $78m in the three months to 31 October, down 17 per cent on [...]
Dunelm share price surges on strong sales and new website December 5, 2019 Dunelm shares rocketed in early trading today after it predicted higher full year profits thanks in part to a good customer response to a crucial new website. The furnishings retailer said it maintained strong sales growth online and in stores during a “critical” transition to a new website platform that it hopes will improve its [...]
Boohoo co-founders sell off £143m of shares December 5, 2019 Boohoo’s Boohoo’s co-founders have sold a whopping £142.5m of shares in their company, it emerged today, sending the online retailer’s stock down in early trading. Co-founder and executive director Carol Kane sold a third of her stake in the fashion brand – 15m shares – for 285p each to slash her stake to 2.7 per [...]
Competition watchdog urged to review parcel delivery sector December 5, 2019 The UK competition watchdog has been urged to review the delivery sector after research found consumers have lost £85m due to parcel problems over the last year. According to new research, more than half – 59 per cent – of online shoppers faced issues with parcel deliveries including packages being left in insecure locations, delivery [...]
Expedia bosses quit after clashes over strategy December 4, 2019 Expedia chief executive Mark Okerstrom and finance boss Alan Pickerill have quit following disagreements with the board over the travel group’s strategy. Chairman Barry Diller said he will oversee the company’s executive leadership team with vice chairman Peter Kern. Chief strategy officer Eric Hart will serve as acting chief finance officer. The pair’s exit, which [...]
Clintons secures rescue deal saving 2,500 jobs December 4, 2019 High street card retailer Clintons has secured a pre-pack administration deal to allow it to continue trading through the crucial Christmas trading period. Clintons has been bought out of administration by Esquire retail, a new vehicle that has been established by the Weiss family, which has owned the card retailer since 2012. Read more: Clintons [...]
Edinburgh Woollen Mill posts strong profits ahead of potential Bonmarche deal December 4, 2019 Philip Day’s Edinburgh Woollen Mill Group reported strong profits in its latest financial update as the billionaire businessman eyes potential acquisitions for his high street empire. The group, which includes brands such as Peacocks, Jaeger and Austin Reed, reported profit after tax of £23.4m in the 27 weeks to 2 March, on revenue of £327.14m. [...]