Next leads FTSE 100 as it ups profit forecast after sales boost July 31, 2019 High street retailer Next announced this morning it expects to make more profit this year than previously forecast after a boost in full price sales. Shares in the company rose more than seven per cent this morning as it increased its full year profit guidance by £10m to £725m, a boost of 0.3 per cent [...]
Travis Perkins confirms Wickes demerger plans July 31, 2019 Travis Perkins has confirmed that it is planning to spin-off DIY retailer Wickes as the builders merchant revealed it made a profit in its half-year results. Read more: Travis Perkins accelerates plans to sell Wickes The figures Like-for-like revenue grew eight per cent to £2.7bn. Operating profit was £64m in the six months to 30 [...]
Ladbrokes Coral-owner GVC hit with £5.9m fine over safeguarding failures July 31, 2019 Ladbrokes Coral’s owner GVC has been fined £5.9m by the Gambling Commission after it found the bookmaker failed to put in measures to prevent money laundering and customers coming to harm between 2014 and 2017. GVC, which acquired the bookmaker in 2018, has been ordered to make a series of changes to its business and [...]
Men-u’s mission to fix the cosmetic industry’s plastic problem July 31, 2019 There are no two ways about it: the cosmetic industry has a problem with plastic. Most households are plugged with rows of cosmetics, largely contained in single-use plastic pots. Globally, the beauty industry produces more than 120bn units of packaging every year, the majority of which is not recyclable, according to Zero Waste Week. This [...]
Co-op follows in footsteps of Amazon Go with ‘pay-in-aisle’ service July 31, 2019 The Co-op is trialling a new ‘pay-in-aisle’ plan that will allow customers to scan and buy for their products as they shop. The supermarket chain has teamed up with payment software firm ACI Worldwide to bring in the new system across 30 Co-op food stores in England, Scotland and Wales by early next month. Customers [...]
Shop prices fall as retailers tempt customers with discounts July 31, 2019 Shop prices fell this month as retailers attempted to attract reluctant customers with heavy discounting. Prices deflated by 0.1 per cent in July, driven by a 1.2 per cent drop in the price of non-food items such as electricals and clothing and footwear. Read more: Shop price inflation gathers pace in May The fall in [...]
Ralph Lauren revenue rises after social media marketing boost July 30, 2019 Ralph Lauren today posted a modest rise in revenue in the first quarter, after bumper marketing campaigns helped drive trading among younger shoppers. The luxury retailer reported a three per cent rise in revenue to $1.4bn (£1.2bn) in the three months to the end of June, while net profit rose to $117m from $109m in [...]
Number of UK firms in ‘significant distress’ rises July 30, 2019 The number of UK businesses facing “significant distress” has increased as consumer spending slumps due to ongoing uncertainty. In total, 14 per cent of all UK businesses – 484,000 – said they were experiencing significant distress at the end of June, with the leisure and retail industries hit the hardest. Read more: Consumer spending to [...]
Cafe Coffee Day founder VG Siddhartha goes missing July 30, 2019 The founder of Indian Starbucks rival Cafe Coffee Day has gone missing after reportedly facing pressure from activist shareholders. Local media outlets reported that VG Siddhartha was on his way to the port city of Mangaluru when he asked his driver to wait for him on a bridge and never returned. Shares in coffee day [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]