Lululemon ups fourth quarter forecasts on strong online and China demand January 14, 2019 Clothing retailer Lululemon Athletica boosted its profit and revenue forecasts for the last quarter of its financial year today, driven by online growth and demand from China. The Canadian retailer, which is known for its upscale yoga and athletic wear, said its upgrade was based on a strong holiday season and success “around the globe”. [...]
Pret A Manger and Krispy Creme owner Jab Holdings’ chairman Bart Becht announced retirement January 14, 2019 Bart Becht has resigned as chairman of Jab Holdings, which owns businesses including Keurig Dr Pepper and Pret A Manger. The company, which also owns the Douwe Egberts coffee brand and Krispy Kreme Doughnuts, will continue to be run by chief executive Olivier Goudet and senior partner Peter Harf, who will be joined by three new [...]
Shares in Debenhams dive as woes show no sign of abating January 14, 2019 The falling share price of embattled department store chain Debenhams showed no sign of a let up this afternoon as its stock value plunged a further 12 per cent. The retailer’s share price plummeted amid reports that as many as 90 of its high street stores could be up for closure, putting 10,000 jobs at [...]
Patisserie Valerie non-exec director James Horler resigns with immediate effect January 14, 2019 Patisserie Valerie’s non-executive director James Horler has become the latest senior figure to resign from his position at the beleaguered cake chain. According to a statement from the firm on the London Stock Exchange this afternoon, Horler has resigned “with immediate effect in order to focus on his role as chief executive officer at another [...]
Littlewoods and Very owner Shop Direct enjoys Christmas sales bounce January 14, 2019 Very and Littlewoods operator Shop Direct saw a rise in revenues over the festive period, as Black Friday discounts and Christmas shopping boosted sales. Revenue climbed 3.7 per cent year-on-year for the seven weeks to 28 December, with clothing and footwear seeing a particular bounce, rising eight per cent at group level. Very, the company’s [...]
New Look aims to cut debt by £1bn in restructuring plan January 14, 2019 New Look will cut debt by £1bn as part of a restructuring deal agreed with investors, the fashion retailer announced this morning. The company has agreed a debt-for-equity swap proposal to reduce debt from £1.35bn to £350m. The firm also announced a new capital raise of £150m through the issuing of new bonds. The firm [...]
Debenhams may shut 90 stores and slash 10,000 jobs in rescue plan January 14, 2019 Debenhams could cut 10,000 jobs as part of a desperate attempt to keep the company afloat amid plunging profits and a dramatic boardroom coup. The struggling department store has earmarked as many as 90 high street stores for closure, the Daily Telegraph reported yesterday. Debenhams had already announced plans to close 50 of its 165 [...]
Revolution Bars suffers share price drop in wake of profit warning January 14, 2019 Cocktail group Revolution Bars saw its share price dive this morning as it became the latest UK retailer to issue a stark profit warning, in spite of a Christmas boost for the business. Shares in early morning trading plummeted 17 per cent as the Manchester-based group warned of an expected 20 per cent drop in its [...]
Goals Soccer Centres miskicks on profits as US sales slow January 14, 2019 Goals Soccer Centres today warned that it is set to miss the target on its full-year profits. The five-a-side football firm blamed the mis-hit on slower US growth and tight margins in “ancillary activities” such as food and drink, sending shares down 2.8 per cent in early morning trading. As a result, Goals expects profits [...]
JD Sports eyes strong profits thanks to international expansion January 14, 2019 JD Sports today said it expects full-year profits to hit the higher end of its targets as international growth helped defy tough retail conditions. The sports retailer reported total sales growth of 15 per cent in the 48 weeks to 5 January, with like-for-like sales up five per cent in the same period. Read more: Retail [...]