Retailers ramp up challenges to business rates as high street woes deepen August 18, 2019 The number of businesses challenging their rates bill has soared over the last quarter as retailers continue to feel the squeeze from tough conditions on the high street. Roughly 4,000 challenges were made in the first quarter this year, a 65 per cent increase on the previous three months, according to figures from City law [...]
Ted Baker to ditch Debenhams for Next on children’s clothing range August 16, 2019 Ted Barker is set to end its deal to sell its children’s clothing range at Debenhams’ stores in the latest blow to the department store chain. Instead, Ted Baker will team up with Next, who are going to “create and sell” Ted Baker-branded clothes, shoes and accessories for babies and children. Read more: Ted Baker [...]
Shares in Kate Spade owner Tapestry plunge on disappointing results August 15, 2019 Shares in the fashion house behind Kate Spade dropped more than 20 per cent today after it posted a surprise fall in revenue and profit for the quarter. Tapestry reported net profit of $148.9m (£122.8m) in the three months to the end of June. Net sales rose two per cent to $1.51bn, but fell short [...]
Premier Foods eyes former Reckitt finance boss as new chair August 15, 2019 The former finance boss of Reckitt Benckiser is said to be in the running to take over as chair of Mr Kipling and Angel Delight owner Premier Foods. Colin Day, who until last year was chief executive of cigarette filter manufacturer Essentra, is one of a small number of candidates for the role, Sky News [...]
Weak Asda sales drive down Walmart’s international income August 15, 2019 Slow sales at Asda and other non-US retailers owned by Walmart have driven down the corporation’s international operating income by almost 30 per cent in the second quarter. In second quarter results released today, Walmart said that overall operating income was also down 2.9 per cent, as it lowered international sales growth guidance. Revenue was [...]
Alibaba beats expectations as revenues surge August 15, 2019 Chinese online shopping giant Alibaba trumped market expectations this afternoon, providing some relief for Asian investors in a week that has seen markets rocked by the US-China trade war and fears of a global recession. The retail group posted better-than-expected quarterly results after revenues from its cloud and e-commerce operations surged, sending shares up more [...]
GVC lifts earnings forecast as it escapes impact of betting cap August 15, 2019 Ladbrokes Coral owner GVC has upgraded its full-year earnings forecast as it weathered the impact of a new regulatory cap on fixed-odds betting terminals. The figures GVC reported pre-tax profit of £212m for the first half of the year, up 31 per cent from 162.1m in the first half of 2018. Revenue at the gambling [...]
City grandee Michael Spencer tables bid for Naked wine dealer Lay & Wheeler August 14, 2019 City bigwig Michael Spencer is said to have tabled a bid for Lay & Wheeler (L&W), a fine wine merchant set to be sold by Naked Wines. BI Wine & Spirits, which is chaired and part-owned by Spencer, is among interested buyers circling the luxury merchant, Sky News reported. Read more: Naked Wines hopes US [...]
Sports Direct left looking like giant mugs as auditor Grant Thornton quits August 14, 2019 Sports Direct shares have tumbled to their lowest level since 2011 after it emerged that Mike Ashley’s retail empire could be left without an auditor, breaching stock market rules. The company is understood to have sought government advice over what would happen if it is unable to find an auditor after its current auditor Grant [...]
Canada Goose shares drop as lightweight clothes hurt margins August 14, 2019 Canada Goose has reported a slip in its gross margin for the first quarter as it increased sales of its less profitable lightweight clothes. Read more: July 2019 worst on record for retail sales growth The Toronto based firm, best known for its luxury parka jackets, increased its revenue by 59 per cent to CA$71.1m [...]