Next predicts £1bn profit after cold weather boosts sales October 30, 2024 Next has upgraded its profit forecast for the year to over £1bn after better-than-expected sales in its third quarter. The FTSE 100 retail giant, which is headquartered in Leicester, has upgraded its guidance from £995m to £1.005bn. In an update to the London Stock Exchange, Next said full price sales in the three months to 30 October [...]
Womenswear firm Sosandar cuts sales outlook after pivot away from discounts October 22, 2024 Sosandar, the women’s fashion retailer, has slashed its sales predictions for the year by £5m today but said a pivot away from clothing discounts would help keep its profits on track. The AIM-listed brand reported pre-tax loss of £0.6m in the six months to 30 September, up from a pre-tax loss of £1.3m in the [...]
Shoe Zone shares slide: Profit nearly halves as costs put the boot in October 22, 2024 Affordable footwear company Shoe Zone has reported a drop in revenue and profit as weak demand and high costs weigh on the high street retailer amid a revamp of its physical estate. Revenue fell by 2.7 per cent to reach £161.3m in the year to 28 September, down from £165.7m in 2023. Profit before tax [...]
Mulberry rejects ‘untenable’ second offer from Mike Ashley’s Frasers October 22, 2024 The board of Mulberry has unanimously rejected the second bid from retail giant Frasers as “untenable”. Frasers launched its first bid on 1 October for £83m, which was subsequently rejected as too low by Mulberry, and its second of £111m on 11 October. Mulberry reiterated its statement from the first time it rejected Frasers’ bid: [...]
Mothercare continues to struggle but announces fresh financing October 18, 2024 Baby products brand Mothercare has reported a drop in sales as it continues to struggle with post-pandemic demand, but has said its new deal with Indian giant reliance will help to shape a turnaround. The retailer said the decline was mainly due to “continuing challenges” in Middle East markets. It told markets this morning that [...]
Retailers pin hopes on bumper golden quarter with Black Friday, Cyber Monday and Christmas October 14, 2024 The final three months of the year, also known as the golden quarter, are make-or-break for retailers. Retail spending has consistently languished this year, or been propped up by margin-carving discounts, but pent-up demand is expected to give the sector a much-needed boost during the holidays, according to a panel of industry experts. Despite consumer [...]
River Island ‘positive’ about future despite £30m losses October 10, 2024 High street retailer River Island has slipped into the red with a £30m loss before tax as it struggles to hold up against online competition and rising costs. The company reported a loss before tax of £32.3m in 2023, down from profit of £7.5m in 2022, according to newly-filed accounts with Companies House. Turnover fell [...]
1,500 City of London retailers set for surprise tax cut after ruling October 9, 2024 More than 1,500 retail shops in the City of London could see their tax bill slashed after a tribunal ruled a Cheapside store was paying too much in business rates. The Valuation Tribunal for England ruled that the rateable value applied to the main space of a City of London shop by the Valuation Office [...]
The ‘battle for value is on’ at UK grocers as supermarkets push discounts October 8, 2024 Higher spending at supermarkets over the last month has been driven by sales of discounted goods as grocers compete to bring financially-stretched customers through their doors, according to fresh data. Grocery price inflation increased slightly to two per cent during the four weeks to 29 September, up from 1.7 per cent last month, according to [...]
John Lewis boss to step back from role after two years October 7, 2024 John Lewis Partnership chief executive Nish Kankiwala will step back from his role in spring next year, with freshly-inaugurated chair Jason Terry to take a larger role in the day-to-day running of the firm. The retailer, which runs both the John Lewis retail chain and the Waitrose grocery arm, said that Kankiwala will revert to [...]