What the other papers say this morning – 13 September 2013 September 12, 2013 FINANCIAL TIMES Cameron crackdown on music piracy David Cameron has appointed a former music industry executive as his adviser on intellectual property, setting the stage for a government crackdown on copyright infringement. Mike Weatherley, MP for Hove and Portslade and former finance director for Pete Waterman’s entertainment businesses, will take on the newly created role [...]
John Lewis first half profits take £50m hit after holiday pay error September 12, 2013 JOHN LEWIS said yesterday it was looking forward to positive trading in the second half after a review of its holiday pay policy dragged first half profits down 38.5 per cent. The department store group booked an exceptional £47.3m charge after discovering an error in the way it had calculated pay for Sundays and bank [...]
Summer sun boosts sales at Home Retail September 12, 2013 HOME Retail Group said yesterday that summer sunshine had delivered a big boost to sales at its DIY chain Homebase in the second quarter, and helped shift seasonal products at its biggest business, Argos. The company said like-for-like sales at Homebase rose by 11 per cent in the 13 weeks to 31 August, comfortably beating [...]
Bottom Line: Hart’s turnaround plan sweetens shares September 11, 2013 AFTER a tortuous few years, things finally seem to be on the up for Thorntons. Shares may have dipped slightly yesterday but that was pure profit taking – to be expected after a 14 per cent rally earlier in the week after activist investor Crystal Amber upped its stake. Two years into his [...]
Thorntons gets taste of success as profit returns September 11, 2013 THORNTONS customers have rediscovered their sweet tooth as the chocolatier reported a return to profit yesterday, thanks to strong appetite from grocers and the launch of new products. Profit before tax and exceptional items jumped to £5.6m in the year to 29 June from £0.9m the previous year, the retailer said yesterday, beating City forecasts. [...]
Chocolatier Thorntons returns to black two years into group turnaround September 11, 2013 Thorntons has swung back into profit, making £3.753m before tax in the 52 weeks ended 29 June (release). In the 53 weeks ended 30 June 2012 Thorntons saw pre-tax losses of £2.214m. Our retail reporter Kasmira Jefford on the group's efforts to overhaul itself: The Derbyshire-based group is two years into a three-year plan that [...]
What the other papers say this morning – 10 September 2013 September 9, 2013 FINANCIAL TIMES Dougan vows not to make losses Credit Suisse’s chief executive has laid out a vision for a banking industry with lower but more sustainable returns and has vowed to never again make losses. Brady Dougan, one of the very few to survive at the helm of a global bank during the tumultuous past [...]
TSB opens doors as bank prepares Lloyds spin off September 8, 2013 THE NEW TSB Bank will open its doors to customers this morning, as the spin-off from Lloyds Banking Group unveils its rebranded high-street sites. When it is fully sold off from Lloyds, the 632 branches will represent a new competitor on the high street and has pledged to focus on local, traditional retail banking. Its [...]
Innovation Diary: British entrepreneurs aren’t lazy – but life could be getting easier for part-time small businesses September 8, 2013 NEW RESEARCH from Hiscox, the insurer, has turned some heads. Its fifth annual study into the entrepreneurial DNA has found that UK small business owners work an average of only 37.6 hours a week – down from 38.5 in 2012. Based on a relatively small sample of 3,000 business owners across six countries, the UK [...]
Lego outbuilds Hasbro as bricks click in Asia September 5, 2013 THE popularity of a toy tribe of animal warriors has helped make Lego the world’s second-biggest toy maker. The Danish maker of colourful mini-bricks, loved by children and hated by barefoot parents, yesterday credited its Legends of Chima range, with a 13 per cent rise in sales in the first six months of the year. [...]