Societe Generale tops forecast, but retail woes put focus on CEO plan August 3, 2023 Societe Generale beat quarterly earnings forecasts on Thursday as the French bank kept costs and provisions down, but a slump at its retail business will turn up pressure on its new CEO as he prepares to unveil his plan. An investor day on Sept. 18 will be a key test for Slawomir Krupa, tasked with [...]
Wilko on brink of collapse with 12,000 jobs at risk August 3, 2023 Troubled homeware and garden retailer Wilko reportedly intends to call in administrators, placing 12,000 jobs at risk. The high street chain has filed its notice to appoint administrators at the High Court, Bloomeberg first reported, after it spent the summer hunting for a rescue deal. Wilko, which has 400 sites across the UK, has struggled [...]
Budweiser maker continues to feel pain of Bud Light boycott August 3, 2023 Budweiser maker AB InBev said its US sales and profits plunged during the second quarter, as Bud Light fell out of favour with customers. Earlier this year, the beer giant chose transgender influencer Dylan Mulvaney to promote the alcoholic drink, sparking outrage from American conservative commentators, celebrities and anti-trans hate groups. The hashtag #BoycottBudLight went [...]
Next: Retail giant does it again with further profit guidance upgrade August 3, 2023 Next is upgrading its full year guidance for group profit before tax by £10m to £845m, following a strong performance in the second quarter helped by summer sales.
Cazoo shares spiral despite narrowed losses August 1, 2023 Shares in the struggling used-car retailer Cazoo tumbled on Tuesday, as investors failed to gain confidence in the firm’s restructuring and drive to rebound after last year’s crises. Losses improved by nearly 37 per cent year-on-year in the six months to June, narrowing from £241m to £151m – but this was not enough to stop [...]
Travis Perkins profits slip 31 per cent amid slow down in house building August 1, 2023 Travis Perkins blamed a weak market for its falling revenues as the home improvement retailer struggles to cope with dwindling sales and a tough economic climate. In its half year results, the tools supplier said revenue slipped 2.5 per cent to £2.5bn and adjusted operating profits fell 31 per cent to £112m. A slowdown in [...]
Ovo exits parent firm in founder Stephen Fitzpatrick’s latest reshuffle July 31, 2023 Big Six energy supplier Ovo has cut ties with its long-standing parent company Imagination Industries, according to its latest results.
Argos ‘well positioned’ to face Amazon challenge amid transformation, says boss July 31, 2023 Argos is “well positioned” to face up to the challenge of Amazon and other online retail giants, according to bosses at parent firm Sainsbury’s. Paula Nickolds, the boss of the grocery giant’s general merchandise business including Argos, said the retail brand has maintained its “strong emotional bond with customers” despite changes to its operations amid shifting consumer habits. It comes as the high street stalwart marks 50 years since it was founded by Richard Thompson [...]
UK private economy wilts amid high inflation and interest rates, CBI survey shows July 31, 2023 Britain’s private sector economy is being trapped by high inflation and elevated interest rates and companies fear growth will continue to contract, a new survey out today shows. Research by the lobby group the Confederation of British Industry (CBI) has found that activity across the private sector – which generates most output in the UK [...]
Westfield owner reports solid earnings as shopping centres show signs of recovery July 27, 2023 The owner of London’s Westfield shopping centres today reported a 1.6 per cent bump in earnings in the first half year, with net rental income across its property portfolio reaching €1.15bn (£989bn). Unibail-Rodamco-Westfield, which is headquartered in Paris, said EBITDA rose slightly by 1.6 per cent to €1.157bn (£993m). In its shopping centre division, which [...]