Banks suffer hundreds of high street closures during 2018 January 31, 2019 Walk-in banks suffered more net closures than any other type of retailer last year, as fast-growing digital rivals lured shoppers away from traditional high street heavyweights. While beleaguered department stores have been stealing the doom-and-gloom headlines for the retail sector in recent months, Britain’s bricks-and-mortar banks saw the greatest retrenchment last year, with some 716 [...]
Switch sales help Nintendo beat profit expectations January 31, 2019 Nintendo has recorded a 26 per cent jump in operating profit in its third quarter today, driven by strong sales of its Switch console. The figures The video game giant reported an operating profit of ¥158.6bn (£1.11bn) in the three months to the end of December, up 26 per cent on the same period a year ago and [...]
Billionaire Mike Ashley’s retail empire balloons by a third in one year January 31, 2019 Mike Ashley’s retail footprint has swollen by more than a third in the last year, following a spending spree in 2018 that saw the billionaire tycoon snap up some of Britain’s largest high street chains. The Sports Direct owner, who is reportedly now in talks to add beleaguered music retailer HMV to his growing estate, bought House [...]
Stock Spirits buys Italian grappa producer Distillerie Franciacorta for €26.5m January 31, 2019 Vodka manufacturer Stock Spirits has snapped up Italian grappa giant Distillerie Franciacorta in a deal worth €26.5m (£23.2m), the company said today. The London-listed drinks firm will take over Distillerie Franciacorta’s spirits and liqueurs business for €23.5m and pay a further €3m for land, with plans to build a new production facility. Read more: Activist investor [...]
Drinks giant Diageo boosts sales and profits January 31, 2019 Drinks conglomerate Diageo boosted both profit and sales in the first-half of its financial year and announced a £660m share buyback. The maker of drink brands such as Smirnoff vodka and Johnnie Walker whisky, said net sales increased 5.8 per cent to £6.9bn with organic growth partially offset by unfavourable exchange. Reported operating profit was [...]
Unilever warns of ‘challenging’ 2019 after missing sales expectations January 31, 2019 Consumer goods giant Unilever has warned of a “challenging” year ahead after falling below sales expectations in the fourth quarter of 2018. The Anglo-Dutch group reported sales growth of 2.9 per cent, which was below a consensus forecast of 3.5 per cent. Read more: Unilever scraps proposals to quit London HQ Full year sales growth [...]
Let’s go: AO World’s chief executive departs with founder returning to the role January 31, 2019 Electrical retailer AO World said today that its chief executive Steve Caunce is stepping down as chief executive and from the board with immediate effect. He is being replaced by the company’s founder John Roberts who was chief executive until February 2017 when he was replaced by Caunce. The company said that Caunce had “decided to [...]
Alibaba revenue growth slows to weakest pace in three years January 30, 2019 Chinese e-commerce giant Alibaba's revenue grew at its slowest pace in three years last quarter, as the ongoing US-China trade spat and a general slowdown in the region weighed heavily on its busiest period. Asia's second most valuable public company published revenue of 117.28bn yuan (£13.4bn) for the three months to 31 December, compared to 83bn yuan a [...]
Amazon’s UK boss Doug Gurr appointed a trustee at the National Gallery January 30, 2019 Prime Minister Theresa May has made the UK country manager of Amazon a trustee of the National Gallery. Doug Gurr, who was also formerly president of Amazon in China, first joined the e-commerce site in 2011. A statement from the Department for Digital, Culture, Media and Sport said Gurr had previously worked for the UK government, and [...]
Men’s wellness startup Hims lands in the City for its UK launch January 30, 2019 Men’s health startup Hims is making its first international leap across the pond, settling on London’s Liverpool Street for its UK launch. The startup, which specialises in subscription services for wellness products targeted towards men, has partnered with a unnamed national high street pharmacy chain to also support the dispatch of prescription medication. Read more: [...]