Ted Baker shares spike as retailer reports Covid resilience July 21, 2020 Ted Baker shares swelled more than 10 per cent this morning, as the British fashion retailer reported a resilient balance sheet in the 11 weeks to 18 July, with strong online sales as shoppers were forced to turn to their screens during lockdown. The lifestyle brand saw a 35 per cent increase in e-commerce sales [...]
Klarna restricts lending rules during lockdown July 20, 2020 Fintech lender Klarna said it has tightened its lending criteria during the coronavirus pandemic. Its vice president Luke Griffiths said Klarna is only accepting new customers that it believes will repay on time, and is increasing the frequency with which it reviews its acceptance criteria. “[Klarna’s] default rate is less than one per cent and [...]
Fast fashion firms Asos and Missguided call for action on UK worker exploitation July 20, 2020 Fast fashion retailers Asos and Missguided have called for urgent government action over the exploitation at UK clothing factories, after rival e-commerce firm Boohoo was embroiled in a scandal over the treatment of workers in Leicester. In a letter to home secretary Priti Patel, a group of retailers, MPs and investors, including Allianz Global Investors, [...]
Markets live: FTSE 100 and US stocks soar as vaccine optimism builds July 15, 2020 The FTSE 100 doubled its gains on Wednesday as investor optimism about a coronavirus vaccine grew stronger, also fuelling US and European stocks. London’s blue-chip index climbed as high as 6,241 as it opened trading this morning, following positive trial results of a Moderna vaccine. By 1.30pm the FTSE 100 was up 2.07 per cent [...]
Coronavirus eats into Finsbury Food revenue as sales sink during lockdown July 15, 2020 Cake manufacturer Finsbury Food Group said it expects annual sales to dip slightly in 2020 as a plunge in sales during the second half of the year during the coronavirus crisis diluted progress made last year. The bakery group said second half sales slumped as a result of the national lockdown, with sales sinking 24 [...]
Burberry shares sink as it warns of ‘continued coronavirus impact’ July 15, 2020 Burberry shares sank more than seven per cent this morning as sales slumped 45 per cent during lockdown and the group warned that it will “take time” to recover from the severe impact of coronavirus. The British fashion staple said it sees no immediate end in sight to dented sales, as the pandemic continues to [...]
Asos sales soar during lockdown as fashion firm looks set to smash forecasts July 15, 2020 Asos has said it expects to smash growth forecasts for the year after group sales hiked 10 per cent during lockdown as customers around the world were forced to shop online. The British retailer said costs cuts and “rigorous” business management helped offset the slump in demand for outerwear and party gear, as customers stayed [...]
Boohoo shares continue downward spiral amid sales slump warnings July 14, 2020 Boohoo shares continued to slump this morning after more than three days of losses, following allegations of poor working conditions in the fast fashion firm’s garment factories that have weighed on analysts’ sales forecasts. Shares slumped 17.7 per cent to 230p yesterday, after hovering around the 410p mark for the majority of June. Investors continued [...]
Boohoo shares plunge as major shareholder dumps stock July 13, 2020 Boohoo shares continued last week’s downturn this morning, slumping as much as 15.4 per cent as the decision by one of the fast fashion retailer’s biggest shareholders to dump the majority of its stock continued to spook investors. Standard Life Aberdeen (SLA), the UK’s largest listed asset manager, on Friday sold off shares in the [...]
AIM high: At 25, the junior index is coming of age July 7, 2020 In June, AIM turned 25 years old. The index has passed its somewhat risky youth and maturity is treating it well. With stripped-down regulatory and governance requirements, the junior exchange has, over the past 25 years, offered companies an easier platform to raise capital. As the London Stock Exchange puts it, “AIM helps founders and [...]