Tesco: ‘Encouraging signs inflation is starting to ease’ as quarterly revenue tops £14.8bn June 16, 2023 Britain’s biggest supermarket Tesco has reported a nine per cent increase in UK sales, with its new chief executive saying there are “encouraging early signs that inflation is starting to ease”. Tesco said it reported £13bn in sales across the UK and Republic of Ireland, up almost nine per cent on the previous quarter. In [...]
Cold weather weighs down ‘flattish’ sales for H&M – but Swedish chain has reasons to be cheerful June 15, 2023 Fashion chain H&M has revealed weaker-than-expected sales over the latest quarter after demand was weighed down by chilly weather. The Swedish retail giant, however, added that June trading has started well amid improving conditions, driving an increase in shares in early trading. It told investors on Thursday morning that net sales were “flattish compared with [...]
Asos drive to turn “stock into cash” by buying less and flogging discounted old items June 15, 2023 Asos is buying less stock and ramping up sales of its current items in the latest efforts to boost profit, as the struggling online retailer steams ahead with its turnaround plan – posting a £20m rise in earnings. The fashion brand said it is on-track to deliver adjusted earnings before interest and taxes (EBIT) guidance [...]
HSBC agrees new terms for delayed sale of French retail business as exit from global markets picks up pace June 15, 2023 HSBC has agreed new terms for the sale of its French retail division to Cerberus-backed My Money Group, paving the way for the delayed sale to be completed early next year. Under the new terms of the deal, Cerberus will invest €225m (£192.5m) into the business while HSBC will retain a €7.0bn portfolio of loans [...]
Edinburgh Woollen Mill Group still owes £167m to unsecured creditors following collapse June 14, 2023 Philip Day’s Edinburgh Woollen Mill Group empire is understood to still owe money to unsecured creditors following its collapse almost three years ago. The cluster of retail assets, which included Jaeger, Peacocks, Bonmarché, and Edinburgh Woollen Mill, fell into administration in 2020 after sales declined during the pandemic. However, administrator reports for the brands now [...]
Pyrex maker files for US bankruptcy after inflation and high rates batter sales June 14, 2023 The maker of Pyrex and Instant Pot has filed for Chapter 11 bankruptcy as dwindling sales and high inflation have battered the business. Instant Brands, which is US owned, is said to have much as $1bn (£790m) in liabilities. Instant Brand, which trades in John Lewis and Argos for upwards of £180, was impacted by [...]
Shaftsbury integration ‘progressing well’ in vote of confidence for booming London west end June 14, 2023 Shaftesbury delivered a confident update to the markets, as a return to international tourism and its £4.9bn merger with Capco helped boost activity London’s West-end. In March last year, the two West-end landlords merged, meaning that Shaftesbury who owns land around Soho and Capco who owns land around Covent Garden now operate under one ownership. [...]
Knight Frank revenues soar as it shrugs off ‘considerable market disruption’ June 12, 2023 Estate agency Knight Frank has posted a surge in revenues for the year despite having tackled “considerable market disruption” over the last 12 months due to the impact of the Truss-Kwarteng mini-budget. Revenues for the year ending 31 March 2023 reached £670m up from £665m in the same period last year as the opening of the [...]
Travelodge owners eye £1.2bn price tag for budget hotel chain June 11, 2023 Budget hotel chain Travelodge will be put up for sale with a price tag of over £1bn as its owners look to cash in the recovery of the travel sector post-pandemic. Its owner of nearly a decade, American asset management firm Goldentree is said to be in talks with investment banks to explore a potential [...]
Shoe Zone: Shares up almost eight per cent after better-than-expected sales June 9, 2023 High street retailer Shoe Zone has revealed that spring sales surpassed expectations after strong trade in recent weeks. Shares in the company took a step in the right direction as a result, rising by more than 7% on Friday morning. The discount shoe brand said sales since its previous update on May 16 have “exceeded [...]