Losses deepen as Ocado reveals cost of Andover fire July 9, 2019 Ocado suffered a sharp downturn in losses during the last six months as a devastating fire at one of the firm’s flagship warehouses scolded the firm’s performance. The delivery giant’s pre-tax losses slid to £142.8m in the first half of 2019, plunging from £13.6m during the same period in the previous year, as a major [...]
Sports Direct set for Game Digital takeover after securing shareholder backing July 9, 2019 Sports Direct said today that it has wrapped up enough support for its takeover offer of Game Digital, paving the way for Mike Ashley’s latest high street acquisition. The retailer has said its offer for Game Digital is now unconditional, as its own 38.5 per cent stake and backing from other shareholders takes its support [...]
Online sales to overtake high street in next decade July 9, 2019 Internet shopping will overtake physical stores in the next 10 years as deliveries become cheaper, faster and more convenient, a new report has found. Online sales are estimated to account for 53 per cent of all retail sales by 2028. Read more: Mike Ashley calls for online sales tax to revive high street The popularity [...]
June retail sales drop drags average to 20-year low July 9, 2019 Declining retail sales in June dragged the yearly average down to the lowest level in more than 20 years as this summer’s weather failed to match the 2018 heatwave. Total sales decreased by 1.3 per cent in June, compared to a rise of 2.3 per cent in the same month last year, according to research [...]
Debenhams urges Sports Direct to drop legal action over restructuring plan July 8, 2019 Debenhams has urged Mike Ashley’s Sports Direct to drop its lawsuit over the department store chain’s controversial insolvency plan after a key landlord withdrew its legal action. Sports Direct has filed a complaint against the company voluntary arrangement (CVA), which will allow Debenhams to close some 50 stores in a bid to stay afloat. Read [...]
Primark founder Arthur Ryan dies following short illness July 8, 2019 Primark founder Arthur Ryan has died, the high street retailer announced today. Ryan, who was the chairman and former chief executive of the budget fashion chain, passed away aged 83 following a short illness. Read more: Primark owner blames sales drop on unseasonable weather The businessman founded the first Primark store under the name Penney’s [...]
British Airways owner set for record £183m fine after 2018 data breach July 8, 2019 British Airways is gearing up to face a record £183m fine by authorities after a data breach caused it to lose more than 400,000 customers’ information. The airline’s owner, International Consolidated Airlines Group (IAG), announced this morning it would make “any necessary appeals” in response to the penalty. Read more: British Airways data breach: How [...]
Up in smoke: Imperial Brands to put breaks on dividend July 8, 2019 British tobacco giant Imperial Brands is set to abandon its ten per cent dividend growth target as it focuses on catching the vaping market. The news came alongside a £200m share buyback, sending the company soaring on the London exchange. Read more: Puffed – Imperial Brands shares drop on vaping slowdown Shares rose 2.74 per [...]
Matalan warns on margins after ‘tough’ May July 8, 2019 Matalan warned today that poor spring weather would dampen its second quarter results after the retailer was forced to slash prices. The budget fashion brand said May was one of the toughest months “in a number of years”, after unseasonable weather lead to earlier discounting. Read more: Matalan boosts revenue despite tough retail climate Total revenue [...]
ii view: Sales retreat at Sainsbury’s July 8, 2019 | City Talk By Keith Bowman from interactive investor. Tough comparatives have impacted results for this supermarket, but that is no surprise. First quarter trading for 16 weeks to 29 June 2019 Total sales down 1.2 per cent (excluding fuel) Like-for-like sales declined 1.6 per cent (excluding fuel) Grocery sales fell 0.5 per cent General merchandise sales down 3.1 per cent [...]