Opinion divided on Next shares March 27, 2019 | City Talk After a drop below £50 for the first time this month, buyers are back. Our head of markets explains why. As expected, full-year profits at Next (LSE:NXT) have dipped slightly although in line with previous guidance, whilst revenues are ahead of expectations. The difference between the fortunes of stores and online is becoming increasingly marked. [...]
London-listed Goals Soccer Centre suspends trading due to historical accounting errors March 27, 2019 London-listed football pitch operator Goals Soccer Centres has suspended trading in its shares following a “substantial misdeclaration of VAT” totalling approximately £12m. In a statement released this morning, the company – which counts Sports Direct as its biggest shareholders – said that “historical accounting errors” meant it could not be clear on its exact financial position, [...]
Debenhams shares skyrocket as Sports Direct mulls £61.4m bid March 27, 2019 The future of Debenhams is up in the air this afternoon as Mike Ashley battles with creditors to take control of the embattled department store chain. The Sports Direct boss and retail tycoon, who owns a near 30 per cent stake in Debenhams, revealed yesterday that he was mulling a £61.4m bid to take full [...]
The war of words at Superdry should focus investors’ minds March 26, 2019 All eyes are on Theresa May as she mulls the prospect of a third vote on her withdrawal deal, but for City watchers there's another ballot next week that promises fireworks of its own. Julian Dunkerton, founder and former CEO of Superdry is determined to win back a seat on the board. Despite leaving the [...]
Ex-Uber boss Travis Kalanick’s new venture snaps up UK ‘dark kitchens’ business March 26, 2019 The food delivery company run by Travis Kalanick snapped up London ‘dark kitchens’ firm Foodstars last year, as the former Uber boss looks to expand his new venture in the UK. City Storage Systems, which trades as Cloud Kitchens in the US, quietly bought the startup up last year, according to documents filed to Companies House. [...]
Superdry founder ramps up pressure on board after saying he has City backing March 26, 2019 Superdry co-founder Julian Dunkerton insists he has the backing of key City investors for his audacious bid to reinstall himself on the board of the troubled fashion chain he left last year, striking a defiant tone in the face of recent opposition from a leading shareholder advisory group. "We’ve had a very positive response from [...]
US consumer confidence falls as worries about the economy mount March 26, 2019 US consumer confidence declined in March following an increase in February, the latest data has shown, as Americans raise concerns about the economy The widely-watched consumer confidence index, released today by US business research group The Conference Board, now stands at 124.1, down from 131.4 in February. Read more: Fed slows balance sheet reduction and holds [...]
Domino’s to shake-up top team amid ongoing row with franchisees March 26, 2019 Domino’s Pizza is preparing to replace three of its most senior executives amid a damaging row with franchise holders, it emerged today. The chain said it is succession planning for chief executive David Wild, chairman Stephen Hemsley and senior independent non-executive Helen Keays. Read more: Domino's Pizza hits back at reports it misled the City [...]
Fevertree profits fizz despite UK sugar tax hit to margins March 26, 2019 The glass was half full at Fevertree today as it reported a surge in profits and revenue for 2018. Read more: Fevertree sales fizz as tonic maker cheers bumper summer The figures Profit after tax rose 26 per cent year on year to £61.8m in 2018, even as the profit margin was squeezed almost two [...]
Ocado strikes factory deal with Australian grocer Coles a month after £1.5bn Marks & Spencer tie-up March 26, 2019 Ocado has agreed a deal to provide two robot-operated fulfillment centres for Australian grocer Coles Online, as it doubles down on its growing role as a retail technology supplier. Read more: Ocado shares burn after 48-hour blaze at robotics centre The online supermarket will build and operate the customer fulfillment centres in Sydney and Melbourne, [...]