Asos approached in £1bn takeover bid by Turkish fast fashion peer June 4, 2023 A Turkish retailer backed by Chinese e-commerce giant Alibaba has reportedly offered a £1bn bid to take over Asos, in a fresh knock of confidence for the future of the digital fashion brand. Trendyol, an up-and-coming fast fashion retailer, was understood to have approached Asos in late December, when the brand was facing dwindling sales [...]
Revolution Beauty: Beleaguered firm’s delayed results after accounts probe shows dip in digital sales June 2, 2023 Problem-hit Revolution Beauty, whose shares have been suspended since September, said it has seen a drop in digital sales but has been helped by customers returning to normal shops. In a set of heavily delayed interim results, the business said digital wholesale revenue fell 22% in the six months to the end of August 2022, [...]
Toys ‘R’ Us returns to high street with new WH Smith partnership June 1, 2023 Toys ‘R’ Us will make its return to the high street after five years, revealing plans to open nine concession stands in WH Smith. In 2017, the children’s retailers declared bankruptcy after years of rising debt and dwindling sales and the following year it shut all 100 of its UK stores. Its collapse was linked [...]
Dr Martens share price tumbles 11 per cent as pre-tax profits miss forecasts June 1, 2023 Dr Martens will launch a share buy back programme of up to £50m as the boot maker looks to up investment following a 26 per cent slide in pre-tax profits following bottleneck issues in its US warehouse. The London-listed retailer hit record revenues during the year of £1bn, as sales recovered post-pandemic and it opened [...]
Auto Trader still motoring despite ‘fly in the ointment’ Autorama losses June 1, 2023 Auto Trader saw group operating profits dip 9 per cent this morning, down from £303.6m to £277.6m in its full year results, but saw a spike in sales of 16 per cent on the back of strong demand. The car trader saw revenues up 9 per cent, and said it had resisted a tough economic [...]
It has to be Heinz? Not in this economy, till reports suggest May 31, 2023 Shoppers are continuing to switch to supermarket ketchup, milk and cereal own-brands to cut down on spending amidst the cost of living crisis. Volume sales in store branded products surged 63.3 per cent in the fast moving consumer goods (FMCG) category during May, figures by consumer intelligence company NIQ show. Food prices have surged since [...]
FTSE 100: Ocado set to be chucked from the trolley in London index reshuffle May 30, 2023 Ocado is set to be rubbed off many investors’ shopping lists this week as it faces a relegation from the FTSE 100 following a troubled period of slowing sales and a tumbling share price.
Sunak to crack down on ‘unacceptable’ targeting of young people by vape market May 30, 2023 A new Government crackdown on vape marketing will prevent the “unacceptable” targeting of children and young people, Rishi Sunak has said. Ministers have pledged to close a loophole allowing retailers to give free samples of vapes to children in England, amid concerns over the proportion of children trying e-cigarettes. The move comes days after the [...]
Can Dr Martens get off on the right foot with investors this week? May 29, 2023 All eyes remain on Dr Martens ahead of its full year results on Thursday as investors hope the boot maker can offer signs of a turnaround following disruptions in its US warehouse and its struggling share price. The London-based bootmaker has downgraded its profit forecast twice in three months, telling the markets in April that [...]
FTSE 100 close: A stable end to a miserable week May 26, 2023 London’s FTSE 100 showed tentative signs of recovery on Friday, after a turbulent week that saw numbers from the Office for National Statistics reveal far higher levels of inflation, all but sealing further interest rate hikes. The blue-chip index started higher before settling in flat, and then closing at 7,627, up 0.74 per cent, helping [...]