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 [...]
Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
Steinhoff to sell off assets in bid to cut debt pile August 13, 2019 Embattled global retailer Steinhoff said today that it will sell off assets in the wake of a $7bn (£5.8bn) accountancy scandal. In a bid to slash its debt pile, the troubled South African giant revealed plans to slim down into a retail-focused investment holding company. Read more: Restaurants eat into retailers’ high street share Chief [...]
Back of the net: Watches of Switzerland hails demand for sport products as sales tick up August 13, 2019 The return of the Premier League season has put a smile on many faces, but none more so than Watches of Switzerland, the UK’s biggest seller of Rolex watches. The newly-listed luxury retailer, which reported a double-digit rise in revenue this morning, has hailed an increased appetite for sport watches for its recent sales growth. [...]
Card Factory delivers sales rise despite challenging consumer market August 13, 2019 Greetings card retailer Card Factory said sales grew 5.5 per cent in the six months to 31 July, despite a “challenging consumer environment”. The company said like-for-like sales were up 1.5 per cent and total group sales up 5.5 per cent. It opened 26 net new UK stores in the period and said it is [...]