Consumer spending falls in October as shoppers continue to abandon the high street November 13, 2018 UK consumer spending dipped in October after having risen for two months, with an e-commerce rebound propping up a two per cent fall in face-to-face sales. Expenditure has fallen in six of 10 months so far this year, adding to a cocktail of concerns for bricks-and-mortar retailers, according to Visa UK Consumer Spending Index data [...]
Thousands of stores fall off high street as retail woes worsen November 9, 2018 Fresh evidence of the retail woes facing Britain’s shopkeepers emerged this morning, with more than 2,500 stores vanishing from the high street over the first six months of this year. Some 14 stores have closed every day in the first half of 2018, as stiffer competition and higher costs make the retail struggle for survival [...]
Shareholders need to hear more than just contrition if they are to believe in the future of M&S November 8, 2018 Another day, another bleak set of results from a struggling high street retailer. This time it was the turn of M&S to take centre stage, reporting falling food and fashion sales and pledging to leave “no stone unturned” in its bid to restructure the business. Blighted by rising costs, more competition, and major changes in [...]
Arcadia concessions to be hit by Debenhams store cuts in latest blow to Sir Philip Green October 28, 2018 Hundreds of Arcadia concession stores are under threat after Debenhams revealed proposals to close 50 branches as part of a cost-cutting bid, in another blow for retail tycoon Sir Philip Green. It comes after Topshop boss Green was named in parliament by Lord Peter Hain as the businessman that blocked The Telegraph reporting on allegations of sexual harassment and [...]
Debenhams shares rise despite £500m loss: Industry reaction October 25, 2018 Debenhams’ share price rose 15 per cent this morning despite the high street department store posting a £500m loss, its worst in 240 years of trading. A £491.5m loss for its 2018 financial year was down from a £59m profit it recorded in 2017, while revenue fell 1.8 per cent to £2.9bn and like-for-like sales [...]
High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
Debenhams to reveal huge losses and job cuts in latest sign of retail bloodbath October 24, 2018 The scale of troubles facing beleaguered high street giant Debenhams unfolded this evening, with reports that the department store chain is set to reveal its biggest loss in its 240-year history tomorrow morning. Sky News reported today that Debenhams is set to post statutory annual losses nearing the £500m mark in its statement tomorrow, with plans to [...]
Profit warnings trigger sharpest drop in share prices since financial crisis October 22, 2018 Profit warnings have sparked dramatic share price drops not seen since the height of the financial crisis a decade ago, according to a report out today from accountancy firm EY. FTSE companies that have issued a profit warning in the third quarter of 2018 have suffered an average 21 per cent fall in the value [...]
London Stock Exchange dividends jump amid banking and mining growth October 22, 2018 Shareholders were graced with a bumper third quarter of dividends this year, as a weakened pound and a strong showing from financial and mining firms bolstered payouts. UK dividends climbed 4.1 per cent in the last three months, hitting an all-time third-quarter high of £32.3bn. Underlying payouts, which exclude special dividends, reached £31.6bn, a rise [...]
Debenhams could close dozens of stores as it looks to cut costs October 21, 2018 Debenhams is expected to announce further store closures on top of the 10 it already has planned, as it presents its full-year results on Thursday. The beleaguered retail giant, which has issued three profit warnings and has lost two-thirds of its share price since the start of 2018, is looking to save £30m by axing [...]