JD Sports: Revenue hits record as US expansion pays off October 2, 2024 JD Sports has reported record revenue in the first half of the year after a pick-up in sales and the acquisition of American retailer Hibbett. Revenue at the retailer reached just over £5bn in the 26 weeks to 3 August 2024, up by 5.2 per cent year on year. Profit before tax rose by two [...]
In The Style: What’s next for fast-fashion label as founder quits and takeover drags on? October 1, 2024 The founder of fast-fashion label In The Style has quit as a drawn-out takeover deal continues to rumble on. Adam Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive January 2022 but returned as CEO in December that year before again leaving the role 12 months later. [...]
Booths: ‘Waitrose of the North’ slashed loss thanks to record sales October 1, 2024 High-end supermarket chain Booths slashed its loss as sales passed £300m for the first time in its history. The Lancashire-headquartered company, which can trace its roots back to 1847, has reported a turnover of £318.6m for the year to 30 March, 2024, up from the £298.7m it achieved in the prior 12 months. Newly-filed accounts [...]
Smeg: Sales cool at kitchenware brand as high interest rates ‘stifle’ demand September 30, 2024 The UK arm of kitchenware brand Smeg suffered lower than expected sales during its latest financial year after increasing interest rates ‘stifled demand’ for its products. The Abingdon-based division has reported a turnover of £65.2m for 2023, down from the £67.2m it posted for 2022. The new total is a step back from Smeg’s previously [...]
Mike Ashley’s Frasers Group tables £83m Mulberry takeover bid after capital raise snub September 30, 2024 Mike Ashley’s Frasers Group has tabled a £83m takeover of Mulberry and launched a tirade against its board after allegedly being shut out of discussions over a £10m fund raise. The retail giant, which owns a 37 per cent stake in Mulberry, offered £83m for the rest of the luxury fashion brand, valuing each share [...]
Profit slashed at King Charles’ bed maker Sleepeeze ahead of takeover September 30, 2024 Profit at Sleepeeze, King Charles’ favoured bed maker, was slashed by more than 50 per cent in the year before it was acquired, it has been revealed. The Kent-headquartered business has reported a pre-tax profit of £159,261 for 2023, down from the £360,565 it reported for 2022. Newly-filed accounts with Companies House also show its [...]
Can Asos fight back against Shein and Temu in the market it once dominated? September 30, 2024 To say that investors have lost confidence in Asos may be something of an understatement: its share price has plummeted since April 2021, to the tune of about 90 per cent. The stock resembles a playground slide, dotted with small cliffs that correspond to profit warnings, news of a slump in sales, or lowered guidance. [...]
Next boss Lord Wolfson sells £29m of stock in the high street bellwether September 29, 2024 Next’s chief executive has sold £29m worth of shares in the FTSE 100 fashion and homeware store. Lord Wolfson of Aspley Guise sold around 290,000 shares, leaving him with 950,000 shares worth £100m, Next told markets on Friday. News of the sale sent Next’s share price down 3.5 per cent, although it’s risen by 21.24 [...]
Nestlé: UK profit almost doubles as sales pass £2bn September 27, 2024 The UK arm of Nestlé almost doubled its profit in its latest financial year as sales passed £2bn, the company has revealed. The York-headquartered division reported a pre-tax profit of £162.4m for 2023, up from the £82m it achieved in 2022. According to newly-filed accounts with Companies House, the UK arm’s turnover also increased from [...]
Bravissimo: Founder sells up ahead of 30th anniversary September 27, 2024 Lingerie retailer Bravissimo, which was set up by entrepreneur Sarah Tremellen almost 30 years ago, has been sold to a Japanese giant. The Warwickshire-headquartered company has been snapped up by Wacoal’s European division, which is based in Northamptonshire, for an undisclosed sum. Tremellen has owned Bravissimo with her husband Mike since she founded the firm [...]