Lower costs help Co-op return to profit September 25, 2024 The Co-op said this morning that lower costs had helped the company return to profit in the first half of its financial year. Profit before tax grew to £58m in the first half of 2024 from a loss of £33m in the same period last year. The company, which also operates a funeral service, legal services, [...]
Deliveroo partners with Not On The High Street in boost for small retailers September 24, 2024 Deliveroo has partnered with e-commerce distributor Not On The High Street to provide personalised gifts on demand in the latest expansion of the on-demand service’s shopping offering. The partnership, which Deliveroo has said could see gifts on customers’ doorsteps in as little as 25 minutes, will allow users to order from 15 independent small brands [...]
Luxury stocks ‘bask in the glow’ of a Chinese equity stimulus September 24, 2024 Luxury investors breathed a sigh of relief this morning after the People’s Bank of China announced an array of economy-boosting policies, including £84bn of liquidity support for equities. High-end European stocks were a sea of green, with French luxury fashion house LVMH up 4.2 per cent, Hermes up 4.3 per cent and Kering up 4.3 [...]
Two of Mike Ashley’s brands face audit problems after payroll data goes missing September 22, 2024 Two fast-fashion brands at Mike Ashley’s Fraser Group, I Saw it First and Choice, have been affected by audit issues after their payment data could not be verified. Auditors Cooper Parry were unable to verify £7m of wages and salary payments at I Saw It First, according to This Is Money. The fast-fashion brand said [...]
Retail sales smash expectations despite a drop in consumer confidence September 20, 2024 Retail sales in the UK blew past expectations in August, climbing to their highest level since July 2022, according to the Office for National Statistics (ONS). Sales were up one per cent compared to the previous month, beating analysts’ predictions of a 0.4 per cent rise. The increase builds on July’s return to growth, which [...]
Next upgrades guidance again as the company welcomes ‘new phase’ September 19, 2024 Retail industry bellweather Next has upgraded its guidance by £15m after sales and growth “exceed expectations”, while it vies for £1bn in profit. The retailer upgraded the profit guidance it issued on 1 August by £15m, to £995m, “as a result of the strength of our full price sales over the last six weeks”. This [...]
Fashion brands told to ‘stay on the right side of the law’ amid greenwashing claims September 18, 2024 Some of the most high-profile fashion brands in the UK have been warned to be clearer on their green credentials by the UK competition watchdog as it clamps down on misleading marketing. The Competition and Markets Authority (CMA) has issued a new sustainability compliance guide for retailers and told 17 brands to review their practices. [...]
Tupperware: How the food storage giant collapsed into bankruptcy September 18, 2024 The plastic food container giant Tupperware has filed for bankruptcy after struggling with declining sales and intensifying competition for several years. The US-based plastic food container giant, which has its UK headquarters in Milton Keynes, has entered Chapter 11 bankruptcy proceedings following a prolonged drop in demand, a trend that has persisted for more than [...]
Oxford Street: Sadiq Khan plans to pedestrianise iconic retail centre September 17, 2024 Sadiq Khan has announced plans to pedestrianise Oxford Street in a bid to reinvigorate the nation’s “most famous high street” and attract more shoppers. The mayor of London has announced the proposals to turn the road into a traffic-free avenue, alongside a wider regeneration of the shopping destination. Pedestrianisation plans would be delivered via the [...]
Next: Analysts look for potential sales forecast upgrade in upcoming results September 15, 2024 Next could upgrade its forecast for full-year sales next week as the retailer looks to capitalise on new business overseas. The clothing retailer reports its interim results on Thursday amid a backdrop of 28 per cent growth in its share price so far this year. Next reported a 4.4 per cent rise in sales in [...]