Pets at Home to open 40 new stores as pandemic puppy trend looks here to stay May 25, 2023 Retailer Pets At Home has unveiled plans to open at least 40 new stores across the UK under aims to become the “world’s best pet care platform” after posting record annual results. The firm’s chief executive Lyssa McGowan said the group was spending £400m on an ambitious growth strategy that would see it expand its [...]
More than a year after Russia’s invasion of Ukraine some firms still can’t – or won’t – quit Moscow May 25, 2023 Some global companies are still operating in Russia more than a year on from the country’s invasion of Ukraine. Firms were quick to respond to the full-scale war, which broke out last February, with some saying they would quit Russia immediately and others curtailing imports or new investment. Billions of pounds of factories, energy holdings [...]
M&S hopes share price continues to rebound after further signs of progress May 24, 2023 Marks and Spencer said this morning that it was starting to see the fruits of a refreshed strategy as the British retailer revealed a 9.6 per cent hike in revenues thanks to selling trendy clothes and a wider range of food. For the year, M&S said that revenues reached £11.93bn compared to £10.88bn, in the [...]
Rain, rain, go away: B&Q sales hit by UK’s miserable spring weather May 24, 2023 B&Q owner Kingfisher saw its sales dip in the first quarter to £3.3bn, down 3.3 per cent on a like-for-like basis, as the home improvement company saw performance dampened by grim April weather in the UK and France, and ongoing inflation. Despite this, the retail giant said the results showed “resilience” to the economic climate, [...]
Winklevoss twins warn UK not to ‘politicise’ crypto rules amid US regulators’ ‘warpath’ May 24, 2023 The Winklevoss twins have warned ministers not to “politicise” the UK’s crypto regime today as they launch a charm offensive in London amid a “warpath” from regulators in the US.
Mike Ashley seeks to join Mulberry’s board as he tires of firm’s poor sales May 23, 2023 Sportswear tycoon Mike Ashley is reportedly set to muscle his way onto the board of luxury brand Mulberry as he grows increasing tired of the company’s poor sales performance. Ashley’s Frasers Group owns a 37 per cent stake in Mulberry, but the brand is ultimately controlled by Malaysian billionaire Ong Beng Seng and his wife [...]
Topps Tiles share price up on record sales of £130m despite inflation throwing wrench into profits May 23, 2023 Shares in Topps Tiles soared 4.57 per cent this morning as the retailer reported “record” earnings in the first half of the year, crediting a cooling of high inflation and recruitment woes. The London-listed business said sales were up 9.3 per cent year on year to £130.3m, and group gross profit grew 2.7 per cent [...]
Supermarket wars: Tesco rakes in £8.92bn of sales as clubcard points entice cash-strapped shoppers May 23, 2023 Tesco remains Britain’s favourite supermarket with clubcard points helping cash-strapped shoppers in the cost of living crisis – but Waitrose was given a sales boost thanks to luxury purchasing during the King’s Coronation. Figures released by Kantar show that in the 12 weeks to 15 May, ‘Big Four’ grocer Tesco raked in £8.92bn in sales [...]
FTSE 100 close: NatWest lifts after government stake sale as Burberry and JD Sports bump London index May 22, 2023 London’s FTSE 100 started what will be a quiet week in decent style today, driven higher by investors piling into Britain’s largest retailers. The capital’s premier index jumped 0.21 per cent to 7,773.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged lower to [...]
Begbies Traynor: Jump in businesses going bust lifts firm’s profit guidance May 22, 2023 Begbies Traynor expects its annual sales and profits to trade ahead of market expectations thanks to a surge in the number of businesses going insolvent.