Game management to sell shares to Ashley’s Sports Direct July 4, 2019 Directors at retailer Game have urged shareholders to accept a £52m takeover offer from Sports Direct, saying they intended to sell their own shares to Mike Ashley’s company. Read more: Game recommends Sports Direct takeover offer Game previously recommended the offer of 30p per share, which it said was “fair and reasonable”. The bid came [...]
Superdry taps two top finance bosses after boardroom exodus July 4, 2019 Superdry has appointed two retail finance heavyweights to its board as it looks to restore order after an exodus of board members. The fashion chain has appointed Helen Weir and Alastair Miller as directors, with the appointments set to take effect from 11 July. Read more: Superdry delays results after issuing profit warning Weir was [...]
Primark owner blames sales drop on ‘unseasonable’ weather July 4, 2019 Primark sales rose four per cent above last year’s level for the year to date, owner Associated British Foods (ABF) said today. Read more: Primark sales soar but sugar sales drop at owner ABF However, like-for-like sales actually fell in the 40 weeks to 22 June, with the sales boost coming largely from new stores. [...]
Asda and Just Eat launch express grocery delivery service July 3, 2019 Asda is partnering with Just Eat to launch a grocery delivery service that will enable customers to order products to their door in just half an hour. The grocers is also planning to roll out a pizza delivery service to 50 stores by the end of the year following a successful trial in 2018. Read [...]
Mike Coupe is yet to convince the City that he has a Plan B for Sainsbury’s July 3, 2019 It has been several months since the Mike Coupe dream of a merger with Asda was dealt a lethal blow from Britain’s competition watchdog. But how much has the embattled chief executive changed his tune? Not enough, it would seem, to quell anxiety among investors. Shares in the supermarket giant failed to pick up today [...]
Creditors approve Monsoon Accessorize rescue plan July 3, 2019 Creditors have approved Monsoon Accessorize’s restructuring plan today which will see rents slashed at more than half of the fashion retailer’s leased stores. The store said its company voluntary arrangement (CVA) proposals had passed “with a majority significantly above the required threshold”. Read more: Creditors prepare to vote on Monsoon Accessorize rescue plan In total, [...]
What’s gone wrong at Sainsbury’s? Three problems the supermarket must address July 3, 2019 It has been several months now since the Mike Coupe’s dreams of a merger with Asda were dealt a lethal blow from Britain’s competition watchdog, but how much has changed? Directors at the supermarket chain have been setting out a plan to cut costs, slash debt and refurbish 400 stores. Yet investors will likely have [...]
Brokers urge investors to buy Topps Tiles shares as sales grow July 3, 2019 Topps Tiles posted like-for-like sales growth of 3.8 per cent for its third quarter today, as softer trading a year ago helped the retailer boost revenue. Read more: Profits slip nearly 20 per cent at Topps Tiles A 2.3 per cent drop in sales for the four weeks to the end of June last year [...]
JD Sports ‘on track’ to meet profit expectations as it gears up for AGM July 3, 2019 Sporstwear retailer JD Sports struck a confident tone in the City this morning as it claimed it was on track to meet profit forecasts. Shares in the high street brand edged up three per cent in morning trading after the group said it expected to deliver headline pre-tax profit ahead of its full-year results next [...]
The Works shares rise as value arts retailer boosts revenues July 3, 2019 Discount UK retailer The Works saw its shares rise 10 per cent this morning after its full-year results showed increased underlying profit in the year to April 2019. Read more: Arts and crafts store The Works plummets after profits take a hit Investors were not put off by the heavy costs The Works incurred related [...]