M&S, Tesco and Primark bosses to face MPs over fast fashion ‘waste’ October 5, 2018 Parliament's environmental audit committee has asked the bosses of 10 UK clothing retailers to reveal their environmental records, amid concerns about serial clothes dumping. High street staples Marks & Spencer, Primark, Next, Tesco, Asda and Sports Direct – among others – will also be summoned to parliament to face questions from the committee in November. Fast fashion is shorthand [...]
Smiles all round as Boohoo’s rising revenue trumps City forecasts September 26, 2018 Online fashion retailer Boohoo bumped up its forecast for full-year sales growth this morning in the wake of better-than-expected revenues during the first half of 2018. The PrettyLittleThing.com owner’s revenue hit £395m in the first six months of the year, marking a sharp 50 per cent rise compared with the same period in 2017. [...]
Next nudges up profit guidance after blistering summer despite ‘volatile’ market September 25, 2018 British fashion retailer Next nudged up its full-year outlook this morning, after the firm’s strong summer performance unexpectedly carried on into August and September. Next posted half-year pre-tax profits of £311.1m compared with £309m in the same period last year, raising its full year guidance by £10m to £727m. The better-than-expected forecasts have largely been [...]
Boohoo snaps up Primark exec John Lyttle as new chief executive September 17, 2018 Online retailer Boohoo has announced it has snapped up Primark's chief operating officer John Lyttle to be its new chief executive. Lyttle will take on the role from 15 March 2019. Over his eight years at Primark, Lyttle oversaw a turnover growth of 158 per cent to £7bn, and has boosted operating profit by 116 per [...]
Even Primark can’t save Associated British Foods from a drop in profits this year, as sugar and currency woes hit the business hard September 7, 2015 Associated British Foods (ABF) has confirmed its adjusted operating profit will decline for the full year as its has failed to offset challenges in its sugar division and currency headwinds. Operating profit at constant currency will be ahead of last year for grocery, agriculture, ingredients and retail, ABF said this morning. The firm's share [...]
Paris Primark: Gunmen hold up store in suspected armed robbery in suburb of Villeneuve-la-Garenne July 13, 2015 Gunmen have held up a Primark store in the suburbs of Paris in a suspected armed robbery, with several people reportedly held hostage. The Primark store is located in the Qwartz shopping centre in Villeneuve-la-Garenne, an area to the north of the centre of Paris. Further reports say around 18 people have been evacuated from [...]
After US launch Primark heads for Italy; opening first stores in Milan next year July 10, 2015 Primark is so inspired by its "Primarni" nickname, it's entering the Italian market ahead of schedule, it said today. The fashion brand will open the first of up to three Italian stores in Milan next summer, according to owner Associated British Foods. Shares in the group rose, following a trading update reporting a “modest decline” [...]
Associated British Foods’ share price falls as Primark sales fail to sweeten sugar business April 21, 2015 The figures Primark owner Associated British Foods (ABF) felt the pinch from falling sugar prices in its first half, with pre-tax profit across the group halving to £213m for the six months to the end of February, compared with £434m during the same period last year. The news caused shares in ABF to open three per cent down. [...]
Associated British Foods feasts on Primark but diets on sugar February 23, 2015 SHOPPERS snapping up more bargains at Primark over the last eight weeks helped to offset a weak performance at Associated British Foods’ (ABF) sugar business, the consumer giant said yesterday. Sales at clothing retailer Primark in the half-year to 28 February are expected to rise by 16 per cent on a constant currency basis, due [...]
Primark sales climb – but sugar division remains bitter for Associated British Foods February 23, 2015 Associated British Foods is expecting good things from Primark when it reports its full year figures in April – but its sugar division continues to dampen the group's overall performance. The fast fashion chain is ABF's jewel in the crown. Sales are expected to be up 16 per cent on last year, with “very [...]