Dunelm shares slide despite strong profit growth September 4, 2019 Shares in Dunelm slumped this morning despite strong profit growth as the homeware retailer warned of a challenging year ahead. Dunelm shares were down as much as nine per cent after it reported cautious outlook for the year ahead as Brexit uncertainty weakens consumer confidence. The figures Profit before tax was up 23.4 per cent [...]
Arcadia loses another director as interim chairman steps down September 4, 2019 Sir Philip Green’s retail empire has lost another director as interim chairman Jamie Drummond Smith stepped down. Drummond Smith quit on 30 August, the same day that chief operating officer David Shepherd retired, according to company filings. Read more: Arcadia COO steps down A former partner at Deloitte and chairman of Cattles, Drummond Smith joined [...]
UK economy close to recession after stagnant service sector data September 4, 2019 Growth in the services industry lost momentum in August, indicating an overall contraction in the economy across all sectors and a drop in GDP, leaving the UK one step away from a recession. The service sector’s purchasing managers’ index (PMI) dropped to 50.6 in August, down from 51.4 in July. Any figure under 50 indicates [...]
Halfords’ sales pedal down amid political uncertainty hitting consumers September 4, 2019 Halfords has warned that its summer sales were weaker than hoped after the bicycle and car maintenance retailer suffered from poor weather and a lack of consumer confidence. The company said it expects “political and economic uncertainty” to hit customers’ spending habits for the rest of the year. Shares fell 2.6 per cent in morning [...]
Marks and Spencer set to be ejected from FTSE 100 for first time in 35 years September 3, 2019 Marks & Spencer is set to lose its place in the FTSE 100 list of the UK’s biggest companies tomorrow after 35 years, ending its long-held membership as one of 28 original firms. Read more: Marks and Spencer to shut seven stores for final time in restructuring The troubled retailer will drop down to the [...]
Hundreds of Diageo workers to strike over pay September 3, 2019 Hundreds of workers at Diageo plants in Scotland will strike this month after pay talks between the drinks giant and unions broke down. Unite members across the firm’s distilleries in Cameron Bridge, Shieldhall and Leven will walk out on 18, 19, 20, 26 and 27 September. Read more: Diageo invests £180m in greener African breweries [...]
Zara distances itself from Hong Kong protest controversy September 3, 2019 Spanish fashion retailer Zara came out in support of China’s sovereignty over Hong Kong as it sought to distance itself from controversy over pro-democracy protests. In a statement published on China’s social media platform Weibo the high street brand, which is owned by the world’s biggest retailer Inditex said, it had not supported strikes. Zara [...]
Everything is awesome as Lego looks to open more than 100 new stores September 3, 2019 Lego will open 105 new stores across the world this year as the company was buoyed by its association with the Marvel franchise in the first half of the year. The brick-maker is expanding rapidly across China where it expected to have 140 stores in 35 cities by the end of the year. Read more: [...]
Wagamama owner Restaurant Group swings to a loss on £115m writedown September 3, 2019 Restaurant Group plunged into the red as it recorded a loss for the first six months of 2019 following its controversial £559m takeover of pan-Asian chain Wagamama. The figures Revenue rocketed 58.2 per cent from £326.1m in the first half of 2018 to £515.9m in the first half of 2019. Restaurant Group fell to a [...]
Top 10 Just Eat shareholder to vote against £9bn merger deal with Takeaway.com September 3, 2019 Just Eat’s proposed merger with Takeaway.com was dealt a setback this morning after a top 10 shareholder revealed it plans to vote against the tie-up. US asset manager Eminence Capital, which holds a 4.4 per cent stake in Just Eat, is set to oppose the British food delivery firm’s £9bn deal with Amsterdam-based rival Takeaway.com. [...]