Revolution or all-out war? Firm brands ‘hostile’ Boohoo coup ‘self-serving and opportunistic’ June 21, 2023 All eyes turn to the AGM of troubled fashion giant Revolution Beauty as it hit back at “hostile” shareholder Boohoo ,labelling its attempted coup as “opportunistic” and “self-serving”. Boohoo, which holds a 26.6 per cent stake in the Revolution, revealed it would vote against chief executive Bob Holt, chairman Derek Zissman and chief financial officer [...]
Halfords profits tumble by £38.3m but expects ‘strong growth’ June 21, 2023 Halfords reported a £38.3m drop in annual profits as the group was hit by a decline in consumer demand for cycling following its lockdown boom and a tough economic climate. For the year, underlying profit before tax slumped to £51.5m compared to £89.8m the prior year and £56m during the pandemic as the retailer invested [...]
Westfield’s bailed on San Francisco, but it won’t in London, say experts June 20, 2023 Westfield will hand back the keys to its flagship San Francisco mall following nearly two decades of ownership after it was battered by crime and the exit of its 350,000 ft flagship Nordstrom site. In recent years, the shopping centre’s occupancy level plummeted dramatically to around 55 per cent, with a host of household-name retailers [...]
Frasers snaps up stakes in Boohoo and Currys June 20, 2023 The company behind Sports Direct has said that it hopes a new stake in Boohoo can lead to collaborations between the fashion brand and Missguided. Frasers Group said that its new holding in its fellow listed company would allow it to find synergies and make its own brands stronger. The business, majority owned by Mike [...]
Abrdn: Why shareholders could be set for a payday after £337m HDFC sale June 20, 2023 Abrdn has offloaded its entire stake in Indian asset manager HDFC and could now be set to ramp up share buybacks as it looks to put cash back in shareholders' pockets.
Grocery inflation falls to lowest monthly rate this year June 20, 2023 Grocery price inflation has fallen to its lowest monthly rate this year – but remains at its sixth highest level since 2008, figures show. Grocery inflation dropped to 16.5 per cent for the four weeks to June 11, down from last month’s 17.2 per cent and March’s record 17.5 per cent according to analysts Kantar. [...]
Next share price up as it thanks sunny spells for raised profit guidance June 19, 2023 Next share price increased over four per cent this afternoon as the retailer raised its sales and profit guidance. The high-street favourite made the surprise announcement after it was bolstered by the arrival of warm weather – but warned that it does not expect the momentum to continue for the rest of the year. In [...]
MusicMagpie turns corner from postal strike misery with earnings boost June 19, 2023 MusicMagpie reported its earnings rebounded after a post-February rally helped the tech retailer shake off the impact of postal strikes and low consumer confidence. Underlying earnings shot up 42 per cent to £2m in the second quarter, with the Stockport headquartered firm seeing pre-tax earnings rise 7.7 per cent over the entire period, dented by [...]
Online retail firms in trouble as punters turn back to the high street June 19, 2023 E-commerce retailers which were bolstered by Brits stuck at home during the pandemic are now going bust, a new report shows, as the cost of living crisis continues to eat away at businesses. The number of insolvencies of UK e-commerce businesses rose 71 per cent to 529 in the past year, up from 309 in [...]
UK inflation tipped to trim to lowest level in over a year as food prices begin to ease June 19, 2023 UK inflation is poised to recede to its lowest level in over a year, pushed lower by food and energy price rises easing, markets are betting. Fresh cost of living figures from the Office for National Statistics (ONS) on Wednesday will top investors’ minds in a busy week of data that will shape movements in [...]