B&M quarterly sales dip after retailer warns shoppers could cut back amid high inflation June 29, 2022 Discount retailer B&M has seen sales plummet in its first quarter, against strong lockdown comparatives, as cash-strapped Brits cut back on discretionary spending. In a trading update for the 13 weeks from 27 March to 25 June, the London-listed business said group revenue had dropped 2.2 per cent on a constant currency basis. Across the [...]
Covid restrictions in China take dent to Mulberry shop and online sales June 29, 2022 Mulberry has said Covid restrictions in China have resulted in a one per cent dip in sales across its retail and digital channels so far this financial year. Stringent pandemic measures in mainland China meant the designer handbag maker was forced to temporarily shutter the majority of its stores, as well as its Shanghai distribution [...]
Moonpig sales fall after lockdowns but card biz remains confident in gift market June 29, 2022 Moonpig has posted plummeting sales as shoppers started buying gifts and greetings cards elsewhere once bricks-and-mortar shops reopened once more over the past year. In full year results to 30 April 2022, the firm admitted its group revenue had tumbled 17.3 per cent year-on-year, standing at £304.3m versus £368.2m in 2021. The online retailer pointed [...]
Cocktail of costs: Two thirds of hospitality businesses not turning a profit June 28, 2022 Just over one third of hospitality businesses in the UK are currently turning a profit amid a cocktail of hefty cost increases. Only 37 per cent of restaurant and bar firms are profitable, according to figures from industry bodies the British Beer and Pub Association, British Institute of Innkeeping and UKHospitality. Bosses pointed to sky-high [...]
Boots’ owner ditches plans for £5bn sale of chemist as market conditions ‘beyond our control’ June 28, 2022 Boots’ US owner has confirmed it has given up on its ambitions to sell the UK chemist after a beleaguered sales process. Walgreens Boots Alliance (WBA) has opted to retain ownership of Boots, with the firm citing “unexpected and dramatic change” felt by the global financial markets in the past few months. A statement from [...]
Incoming CMA chair warns job cuts could make it harder to take on cases that protect consumers from high prices June 28, 2022 The competition watchdog’s ability to get the best deal for British consumers could be endangered by job cuts, the government’s chosen candidate for chair of the body has warned. The government intends to slash 91,000 civil service jobs over the next three years, in an endeavour to bring headcount back to 2016 levels. Ministers’ preferred [...]
Supermarket shoppers turn to frozen and canned meats in a bid to slim cost of weekly shop June 28, 2022 Supermarket shoppers are swapping out traditional meat products for cheaper frozen and canned alternatives, in a bid to cut down on costs. According to freshly published data from NielsenIQ, volume sales across all categories at UK supermarkets dropped 5.5 per cent over the past four weeks. With household bills sky-rocketing in recent months, shoppers have [...]
Prime Minister and Chancellor to dismiss Tory calls for early tax cut June 28, 2022 The Prime Minister is set to bat away demands from Tory backbenchers to slash cuts in a major speech with the Chancellor next month. According to a report in The Times, Boris Johnson and Rishi Sunak are set to outline the government’s economic strategy in the speech. However, they will delay announcing a timeline for [...]
Marlowe revenue surges after acquisition frenzy surpasses £300m June 28, 2022 Services and software group Marlowe has seen group revenue shoot up 65 per cent after a slew of acquisitions. In results for the year ended 31 March 2022, the AIM-listed company said group revenue surged to £315.9m while adjusted EBITA soared 90 per cent to £54.4m. Adjusted profit before tax increased 123 per cent to [...]
Wise profit leaps as news of fintech chief’s FCA tax probe settles June 28, 2022 Fintech giant Wise today revealed profits hit £371.9m last year on the back of a surge in revenues and customer growth. The London-listed fintech said gross profit rose 43 per cent on 2021 levels while revenues topped £559.9m, up a third on last year. Customer numbers meanwhile hit 4.6m in the last quarter of 2022 [...]
