Tesco doubles dividend as profits surge 30 per cent after turnaround success April 10, 2019 Tesco boosted profits by almost 30 per cent in 2018 as it beat expectations, leading the supermarket to almost double its dividend as its chief executive revealed the supermarket has met the “vast majority” of its turnaround goals since its 2014 accounting scandal. The figures Pre-tax profits rose 28.8 per cent year on year to [...]
Topshop billionaire Sir Philip Green slammed over potential pensions row as US investor backs out April 10, 2019 Sir Philip Green’s troubles escalated this morning as an influential parliamentary chair hit out at the billionaire tycoon and news emerged of a top US backer pulling out of his retail empire. The Topshop owner has been accused of being up to “old tricks again” by Frank Field, chair of the Work and Pensions Select [...]
Dunelm set to beat full-year expectations after sales boost April 10, 2019 Homeware retailer Dunelm expects to beat analyst’s full-year profit expectations after the firm reported a higher-than-expected sales boost. Dunelm reported that total like-for-like revenue was up 12.5 per cent to £264.6m in the first three months of 2019. Read more: Profits jump at Dunelm but outlook remains cautious ahead of Brexit Sales in bricks-and-mortar stores [...]
Hollywood Bowl boosts revenue in strong first half April 10, 2019 Ten-pin bowling operator Hollywood Bowl said revenue for the first half of the year was up more than five per cent. It said total revenue growth was 5.3 per cent with like-for-like growth of 4.4 per cent. The company said its growth was driven by investment in technology and rolling out new initiatives while “maintaining [...]
Fashion retailer Asos sees profits tumble in first half of 2019 April 10, 2019 British online fashion retailer Asos saw its profits slump in the six months to 28 February in its first interim results since it issued a warning over tough trading conditions in December. Read more: Asos bosses snap up cheap shares after day of horror The figures Asos’s profit before tax collapsed to just £4m for [...]
Mike Ashley’s Sports Direct considers legal action against Debenhams after lenders take control April 10, 2019 Sports Direct is considering legal action against Debenhams after the retailer collapsed into administration, wiping out shareholders. Retail tycoon Mike Ashley branded the pre-pack administration a “national scandal” yesterday after he failed to gain control of the department store chain. Read more: Ashley lashes out as Debenhams enters administration Sports Direct’s deputy chief financial officer [...]
Ted Baker creates joint venture to boost expansion in China, Hong Kong and Macau April 10, 2019 Fashion retail brand Ted Baker has announced plans to create a joint venture to further expand in China. Under the agreement Ted Baker’s joint venture (JV) partner Shanghai LongShang will operate its stores and online presence in China, Hong Kong and Macau. Read more: Profits plunge 26 per cent at Ted Baker after 'difficult' year [...]
A record number of stores vanished from UK high streets in 2018 April 10, 2019 Fears for the future of Britain’s retail industry have been underlined this morning as new data shows a historic low number of store openings on the high street last year. A record net 2,481 stores vanished from Britain’s busiest high streets in 2018, as rising costs and weaker spending took its toll on bricks-and-mortar groups [...]
Mike Ashley could use a lesson in subtlety after Debenhams April 10, 2019 Britain's leading retail maverick Mike Ashley is known for using intemperate language – but in his reaction to the collapse of long-term target Debenhams yesterday, he excelled himself. Ashley issued a statement in which he savaged politicians and regulators for being “as effective as a chocolate teapot”, and called for advisers on the deal to [...]
Lush ditches social media amid switch to influencer marketing April 9, 2019 Cosmetics retailer Lush is cutting down its social media presence in a bid to encourage one-to-one contact with its customers. The soap specialist has revealed its plan to “switch up social”, saying from next week it will interact with punters over live chat on or its website, or by email or phone. Read more: Social [...]