Pernod Ricard’s Russia exit leads to sales fall for Scotch whisky maker Chivas Brothers August 29, 2024 Pernod Ricard stopping all exports of its international brands to Russia led to a fall in sales for Scotch whisky maker Chivas Brothers during its latest financial year. The Scotland-headquartered company has revealed its net sales fell by 1.6 per cent in the 12 months to the end of June 2024 off the back of [...]
Gopuff to increase fees as it hopes to deliver first UK profit after cutting almost 1,000 jobs August 29, 2024 Delivery company Gopuff is to up its fees as it targets turning its first-ever UK profit in the coming years after shedding almost 1,000 jobs in 2023. The US-headquartered company reduced its UK headcount from 1,707 to 842 last year, according to newly-filed accounts with Companies House. The consumer goods and food delivery company, which [...]
Vision Express makes first profit since 2016 as sales near £400m August 29, 2024 Vision Express returned to the black for the first time since 2016 as its sales jumped towards the £400m during its latest financial year, it has been revealed. The Nottinghamshire-headquartered company has reported a pre-tax profit of £7.9m for 2023, having posted a pre-tax loss of £173,000 in 2022, according to newly-filed accounts with Companies [...]
Quiz plots turnaround strategy after fashion chain swings to loss August 29, 2024 High street retailer Quiz has announced a turnaround strategy after swinging to a loss in its final year earnings, blaming cost-of-living pressures and cool consumer demand. The Glasgow-headquartered company booked a loss before tax of £6.7m, including a £1.5m non-recurring impairment charge, falling from a profit of £2.3m in 2023. Earnings before interest, tax, depreciation [...]
Next ruling heralds employment law headache August 28, 2024 The Employment Tribunal accepted that the difference in pay rates between Next’s shop floor staff and their warehouse-based colleagues was not down to “direct discrimination” or the “conscious or subconscious influence of gender” on pay decisions. Why, then, did the retailer lose the claim brought by store staff? The answer concerns the much thornier issue [...]
Oasis: UK economy set for ‘supersonic’ boost with reunion tour including Wembley gigs August 27, 2024 Statisticians can look forward to endless queries about Oasis' impact on the economy after the mercurial Mancunians announced a long-awaited reunion tour.
Temu owner PDD shares plunge after profit warning August 27, 2024 Shares in Pinduoduo (PDD Holdings), the Chinese owner of discount retailer Temu, have plunged by nearly 29 per cent in New York in a move that has wiped $55bn (£41.6bn) off the company’s market value. The steep decline followed a warning from management about an impending nosedive in profits, causing investors to reassess the company’s [...]
Ocado cements Coles partnership as Australian fulfilment centres open August 27, 2024 Online grocer Ocado has announced that its two fulfilment centres in Australia commenced operations in July after a year of delays. The centres, which will serve communities in Melbourne and Sydney via Ocado’s Smart Platform, were opened in partnership with Australian online grocer Coles. The partnership was signed in 2019 and has been subject to [...]
Hamleys: World’s oldest toy store closes 40 loss-making shops as sales fall August 27, 2024 Toy retailer Hamleys is hoping a new digital strategy will help turn around its falling sales after closing 40 loss-making stores last year. The brand’s holding company has reported a revenue of £51.4m for 2023, according to newly-filed accounts with Companies House, down from the £56.6m it posted for 2022. Over the same period, its [...]
Shein uncovers child labour in its supply chain August 23, 2024 Fast fashion giant Shein has admitted it found two cases of child labour in its supply chain last year in a revelation that will likely fuel concerns in the City ahead of potential blockbuster float on the London Stock Exchange.