Superdry blames warm weather on crashing profits December 12, 2018 Superdry's shares have crashed more than 34 per cent in trading today, after the retailer blamed “unseasonably warm weather” for a lull in sales that resulted in a 49 per cent fall in half-year profits. The group warned that profits for the full-year are now projected to come in at £55-70m, falling below analyst expectations of roughly £84m. The [...]
888 targets US expansion as it buys All American Poker Network from joint venture partner Avenue OLG Entertainment for $28m December 11, 2018 Online gambling company 888 has bought out the remaining half of All American Poker Network (AAPN) for $28m (£22.26m), it announced today. 888 acquired 53 per cent of the US gaming site from its joint venture partner Avenue OLG Entertainment and other minority shareholders. The deal will allow London-listed 888 to strengthen its position in the US [...]
Value of retail property falls to slowest rate in nine years as vacancies and losses take their toll on landlords December 11, 2018 Fresh evidence of the woes facing high street landlords and shopping centre owners emerged today, as new data showed that the value of retail property has fallen by its largest monthly amount in nearly a decade. The value of retail property tumbled 1.9 per cent in November, marking the sector’s sharpest month-on-month drop since May [...]
Superdry shares plunge ahead of results as analysts and co-founder Julian Dunkerton issue warnings December 11, 2018 Superdry shares plunged seven per cent this morning following damaging brokers' notes and criticism from co-founder Julian Dunkerton. Analysts Berenberg downgraded its stance on the retailer to 'hold' and cut its earnings forecast for 2019-21 ahead of the company's half yearly results tomorrow. It comes just a day after Dunkerton, who quit the business earlier this [...]
In comes the king: M&S hires Sainsbury’s veteran Justin King as non-exec director December 11, 2018 Retail chief Justin King has re-joined the Marks and Spencer board as a non-executive director. The former Sainsbury's boss, who is the fourth new hire for the M&S boardroom in the last year, will continue to serve as vice chairman of Terra Firma as he takes on the new role in January. King has built [...]
Competition watchdog launches probe into Ebay’s acquisition of Motors.co.uk December 11, 2018 Ebay's proposed acquisition of car search business Motors.co.uk is to undergo an investigation by the Competition and Markets Authority (CMA), it was announced this morning. The CMA said it is considering whether the move, which would see Ebay merge Motors.co.uk with its other consumer-facing business Gumtree Motors, may result in a "substantial lessening" of competition [...]
Coca-Cola’s advertisement history is like The Good, The Bad, and The Ugly December 11, 2018 Coca-Cola's advertising resonates with millions across the world. It is renowned for being effective, entertaining and instantly recognisable, but the “Because I Can” campaign released in January proved to be a disappointment. This raised the question: what’s happened to its ad strategy? It’s time to delve into the good, the bad, and the ugly of [...]
Mixed bag for Britain’s grocers as market cools despite record Christmas spending forecasts December 11, 2018 Shoppers have been taking fewer trips to the supermarket in recent weeks after a bumper summer of demand, according to new data that suggests Britain's grocery sector has slowed to its lowest rate of growth in more than a year. Despite projections that spending this Christmas will break UK records, the supermarket sector grew at two [...]
Carpetright losses widen amid major restructuring December 11, 2018 Embattled retailer Carpetright reported widening half-year losses this morning, as it slashes costs and closes tens of stores in an effort to rescue the business. The figures Statutory losses before tax dropped to £11.7m in the six months to the end of October, plunging from losses of £0.6m when compared with the same period [...]
Amazon eyes West End location for flagship checkout-free supermarket December 10, 2018 Amazon is reportedly planning to open a checkout-free store in the West End as the tech giant looks to expand its supermarket concept to the UK. The online retailer is eyeing up sites near Oxford Circus for a flagship Amazon Go store, according to reports in the Sunday Telegraph. Amazon is looking for sites between [...]