Primark owner warns of challenging trading and tough retail market December 7, 2018 The chairman of the company behind Primark is today warning of a tough market for retail saying that during November Primark trading was challenging. Associated British Foods chairman Michael McLintock will say at the firm’s annual general meeting today that “during November Primark trading was challenging, in a tough retail market, but with careful inventory management [...]
Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
Online sales are set to hit record levels on Black Friday as high street footfall declines November 21, 2018 The proportion of sales made online is likely to hit its highest level ever in November, boosted by a Black Friday internet shopping rush and fewer high street shoppers. Internet sales are expected to exceed 20 per cent of total retail sales for the first time ever this month, according to research by real estate firm [...]
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 [...]
Sugar business misses the sweet spot as eyes turn to Primark November 6, 2018 Primark has today been pinned as next year's source of growth for its owner Associated British Foods (ABF), which is looking to fill a gap left by falling profits from its sugar arm. ABF is hoping that expansion of Primark’s selling space will help deliver expected earnings per share next year, in a bid to [...]
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 [...]