Joules shines amid retail gloom as it prepares for Brexit December 5, 2018 Fashion retailer Joules has bucked the gloomy trend in retail with a strong first half as it prepares for Brexit. Joules, which sells colourful styles inspired by English country life, grew revenue 17.6 per cent to £113.1m in the 26 weeks to 25 November, compared to the same period last year. In a pre-close trading [...]
Patisserie Valerie appoints interim CFO as it seeks to steady the ship after accounting scandal December 5, 2018 Embattled cake shop Patisserie Valerie has appointed an interim CFO after its last one was suspended before quitting amid an accounting scandal surrounding a £40m black hole. Nick Perrin will serve in the role until the bakers can find a permanent successor to Chris Marsh, who resigned following investigations into possible fraud at the company. [...]
Thomas Cook drops up to 60 per cent in nightmare week December 4, 2018 The Thomas Cook roller coaster continued its bumpy ride today as stocks plummeted in an early morning sell-off, dropping as much as 60 per cent below last Monday’s price. The stock fluctuated from highs of 22.64p to lows of 19.89p, falling 16 per cent before rallying to close 4 per cent down. Meanwhile, the cost of insuring debt [...]
Ted Baker’s share price slides further in wake of ‘forced hugging’ complaints December 4, 2018 Ted Baker's share price slumped more than 10 per cent in trading this morning as the City continued to digest the news of harassment allegations surrounding the luxury retail firm’s boss. Shares dipped almost 11 per cent to 1,387p today, having dived 15 per cent yesterday. Yesterday the FTSE 250 firm’s board said it had launched [...]
Morrisons and Tesco flag concerns over Sainsbury’s-Asda merger December 4, 2018 Morrisons and Tesco have added their voice to the growing chorus of retailers which have spoken out against the proposed £12bn merger between Asda and Sainsbury’s. Both grocers have this week brought into question Sainsbury’s planned takeover of rival Asda, which would see Britain’s second and third largest supermarkets overtake Tesco to the top spot. [...]
French Prime Minister to halt fuel tax rise amid violent protests December 4, 2018 France’s embroiled government is set to back down today over a planned fuel tax rise which has prompted widespread protests and violent demonstrations across the country. According to local media Prime Minister Edouard Phillipe is set to pull the plug on proposed diesel tax hikes in an attempt to de-escalate current tensions between President Emmanuel [...]
Sandwich maker gives shareholders a taste of the profits after sale of US arm December 4, 2018 Irish food company Greencore put a smile on the face of its shareholders this morning, posting a rise in profits and pledging to return cash to investors following the sale of its US arm. Pre-tax profits at the sandwich, salad and sushi maker rose 13 per cent to £17.8m in the financial year to the [...]
Consumer spending growth falls as festive shopping fails to boost high street December 4, 2018 Consumer spending growth fell year-on-year in November to its lowest level since March as falling confidence continues to impact struggling retailers. Growth in consumer spending was just 3.3 per cent, dragged down by poor sales in the retail sector, according to new figures from Barclaycard. The figure is the lowest since March this year, when [...]
Mike Ashley calls for online sales tax to revive high street December 3, 2018 Sports Direct billionaire Mike Ashley has urged the government to tax online retailers as he put up a spirited defence of his own retail operation in front of MPs today. In a fiery appearance in front of a parliamentary committee the retail tycoon said “web boys” that make over 20 per cent of their retail [...]
Shares in furniture retailer Dunhelm soar after broker upgrade December 3, 2018 Shares in home furnishings retailer Dunelm rocketed over 14 per cent after analysts at Peel Hunt upgraded their recommendation to buy. Peel Hunt said there are “clear catalysts for recovery” for the company next year, citing better brand awareness and improving online performance. The broker said Dunelm’s performance last financial year had been negatively affected [...]