TK Maxx defies retail gloom as sales top £3bn October 25, 2019 Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. US group TJX US, which is the parent owner of the fashion group, has reported a 6.4 per cent rise in sales to £3.1bn in the 12 months to February 2019. Read more: [...]
Supercuts owner Regis UK calls in administrators October 24, 2019 Supercuts owner Regis UK has appointed administrators as the hair salon chain becomes the latest victim of a challenging retail environment. Regis UK, which trades under the Regis and Supercuts brands, entered insolvency yesterday and appointed Deloitte as administrator, Sky News reported. Read more: Supercuts owner Regis UK asks landlords to slash rents The move [...]
Magners owner C&C toasts premium drinks sales October 24, 2019 C&C Group, the owner of Magners and Bulmers cider, toasted a surge in sales in the first half, boosted by customer demand for premium drinks. Revenue increased 13.5 per cent to €874.8m in the six months to the end of August, and operating profit was up 9.2 per cent to €63.8m. Read more: Magners owner [...]
‘Bake Off’ winner and publican calls on Downing Street to cut beer tax October 24, 2019 Former Great British Bake Off Winner Candice Brown today delivered a petition signed by more than 200,000 Brits to 10 Downing Street calling for a cut in beer duty in the next Budget. Brown, who now runs The Green Man pub in Eversholt, Bedfordshire, was joined by publicans from across the country to deliver the [...]
Shoe Zone shares jump after revenue rise October 24, 2019 Shoe Zone, the UK’s largest value footwear retailer, hit the ground running this morning as a rise revenue boosted its share price. The group, which suffered a sharp drop in its share price this summer after issuing a profit warning, said today that revenue for the full-year had risen despite “challenging” trading conditions. Read more: [...]
Aberdeen Standard Investment calls for Just Eat to consider Prosus and Takeaway.com offers October 23, 2019 Takeaway delivery platform Just Eat could be the focus of a bidding war after an investor urged the board to engage with multiple interested parties. Aberdeen Standard Investment called for the Just Eat board to “explore all available options” and engage with Takeaway.com and Prosus, which have both tabled bids for the firm. Read more: [...]
Sports Direct ends two-month wait for new auditor, appointing RSM October 23, 2019 Sports Direct has appointed an auditor two months after Grant Thornton quit as billionaire Mike Ashley’s company’s accountant. Read more: Sports Direct launches ‘skulduggery’ screed against Goals Soccer Centres RSM will now take up the post. The auditor had most recently stepped in to look after Patisserie Valerie’s accounts after the bakery chain became embroiled [...]
Twitter goes bonkers over Innocent’s fake conkers drink October 23, 2019 Smoothie maker Innocent, famous for its playful advertising, has been forced to warn people not to eat conkers after putting out an advert for a fake autumnal drink. The company’s promotion of a new range of Innocent nut milks backfired when it included a seasonal addition of conker-based milk, telling customers: “Your taste buds are [...]
Goals Soccer Centres: Sports Direct says ‘skulduggery’ wiped out shareholders October 23, 2019 Retailer Sports Direct has today blasted the management of Goals Soccer Centres after the five-a-side football firm delisted from Aim after an accounting scandal. Goals suspended shares in March after saying its financial results contained a misdeclaration of VAT, leaving a black hole in its accounts of more than £12m. Read more: Goals Soccer Centres [...]
Major UK retailers suffer plunging in-store profit margins October 23, 2019 Major UK retailers have suffered plunging store-based profit margins as operating costs soar in an increasingly challenging market. Store-based profit margins for the top 150 UK retailers have more than halved in less than a decade, dropping from 8.8 per cent in 2009/10 to 4.1 per cent in 2017/18. Read more: UK retail sales flat [...]