The real John Lewis bonus today was Waitrose March 7, 2019 Caution was in no short supply at this morning's breakfast with the bosses of John Lewis Partnership. Over coffee and croissants at its Victoria HQ, the retail giant’s directors echoed worries that the industry as a whole has been voicing for months: namely, the major structural changes on the high street and fears over a [...]
Mike Ashley moves to oust Debenhams board and appoint himself as director March 7, 2019 Retail tycoon Mike Ashley has ramped up the pressure on embattled department store chain Debenhams this evening, after making an audacious bid to axe most of the firm’s directors and appoint himself to the board. In a surprise announcement made on the London Stock Exchange tonight, the billionaire magnate pledged to step down from his current role [...]
Horrible bosses: How retailers can clean up their image March 7, 2019 It seems like a case of “another day, another scandal” in the retail industry at the moment. This time it’s Ted Baker founder and CEO, Ray Kelvin, who has been accused of “forced hugging”. While I can’t comment on the innocence (or otherwise) of the shamed chief, he joins a growing list of alleged wrong [...]
LK Bennett collapses into administration March 7, 2019 Upmarket women’s footwear retailer LK Bennett has collapsed into administration, in the latest sign of industry trouble on the high street. Some 500 jobs across 39 stores are now at risk at the high end firm, which has appointed accountancy firm EY as administrators. In a statement this afternoon, EY said: "A sale process for the [...]
John Lewis slashes bonus as profits plummet 45 per cent in ‘challenging’ market March 7, 2019 John Lewis has cut its staff bonus after posting a 45 per cent fall in profits as the retailer battles against high street woes. Profit before tax dropped to £160m last year as the department store chain slashed prices in a bid to combat declining footfall and excess retail space. Read more: John Lewis considers cutting staff [...]
Quiz shares in freefall as retailer issues second profit warning of the year March 7, 2019 Fashion retailer Quiz saw its share price nosedive this morning after issuing its second profit warning of the year. Shares in the clothes brand plummeted more than 40 per cent in early trading after it revised its full-year revenue forecast to £129m, down from the £133m estimate posted in January. Read more: Quiz shares tumble [...]
Sweetening the deal: Greggs’ profits rise as bakery chain hails record breaking year March 7, 2019 Greggs’ baked goods weren’t the only thing rising in 2018, as revenues broke the £1bn mark for the first time ever in a record-breaking year for the pastry-making giant. The firm, which recently drew headlines for the launch a vegan version of its flagship sausage roll, said it had recovered from a “very challenging first [...]
Short sellers tailing off at Pets at Home March 6, 2019 In a rare sign of City confidence in the struggling high street, short sellers have been backing off the recently targeted retail giant Pets at Home. Last year hedge funds were vigorously targeting the leading pet care business, which spooked investors when it posted an 80 per cent crash in profits and vet practice closure [...]
Activist investor strikes upbeat tone as Just Eat interim boss rules himself out of the race March 6, 2019 A major Just Eat shareholder who has pressed the company to merge with a rival today welcomed the takeaway giant’s interim boss decision to rule himself out of the race for a permanent chief executive. Activist investor Cat Rock Capital Management, which owns a 1.7 per cent stake in Just Eat, said today that it appreciated Peter [...]
Floored: Headlam blames UK market for a drop in like-for-like sales March 6, 2019 British flooring firm Headlam posted mixed results this morning that saw like-for-like revenue decline in both the UK and Europe, reflecting weak sales in the UK residential sector. The company also confirmed that it expects lower profits in 2019 due in part to “economic and political uncertainty”, after first warning of the hit in January. [...]