Boohoo shares slide after PrettyLittleThing owner admits consumer squeeze has hit profits January 19, 2023 Online fashion retailer Boohoo expects full year revenue to be below market expectations as it continues to suffer from the squeeze on consumer spending. The company anticipates revenue will fall by 12 per cent over the financial year ending 28 February, after it reported a fall in revenue in a trading update released this morning. [...]
Cazoo no you can’t: Motor retailer halves ambitions despite third quarter sales fillip January 18, 2023 Cazoo has halved its sales ambitions for the year, saying it was now looking to sell between 40,000 and 50,000 cars, rather than the predicted 80,000 to 100,000. The online car retailer told analysts and investors it was shrinking its ambitions to a “more modest” top line, as it sought to return to profitability without [...]
Currys’ share price up after ‘better-than-expected’ Christmas trading January 18, 2023 Currys’ share price has spiked more than seven per cent, after it told investors this morning its Christmas profits were better than expected. The technology retailer reported better than forecast profits over the Christmas period, with sales in the UK offsetting a slow down in Scandinavia. The company said UK trade rose in the 10 [...]
Burberry: China’s covid restrictions flatten sales as Europeans ramp up luxury item spend January 18, 2023 Heavy Covid restrictions in China weighed down sales for luxury British fashion giant Burberry in the third quarter of last year. In the 13 weeks to December, the UK firm reported £756m in retail revenue in its comparable store sales around the world, a one per cent increase on the previous year. Sales in China [...]
China economy grows at slowest pace in 50 years outside Covid as population shrinkage signals long-term decline January 17, 2023 China’s economy is growing at the slowest pace since the 1970s, barring the pandemic, due to tough zero Covid restrictions hitting spending, figures out today reveal. The world’s second biggest economy grew three per cent in the three months to December compared to the same period in 2021, beating the consensus forecast of just 1.6 [...]
Paperchase puts administrators on standby – but ‘interested parties’ in talks January 17, 2023 Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers. Sky News’ Mark Kleinman has reported that Begbies Traynor has been lined up to handle any potential insolvency. The firm has been bruised and battered by the pandemic and changes to the high street, though City sources told Kleinman [...]
Ocado: Annual revenue dives to £2.2bn but up on pre-pandemic level as retailer sees strong festive trade January 17, 2023 Online grocery retailer Ocado saw its revenue dive to £2.2bn in 2022, down 3.8 per cent from the previous year, but up by 40 per cent on pre-pandemic levels in 2019. The online grocery delivery giant managed to claw back some growth with postive Christmas and New Year trading updates. It’s rivals Tesco and Sainsbury’s [...]
Biscuit lovers help lift Fortnum & Mason’s back from the brink January 16, 2023 Fortnum & Mason has returned to profitability following two successive years of losses. The historic British department store and grocer reported an operating profit of £6.1m on sales of £187m when its year ended on 10 July 2022. This marks a dramatic turnaround from the £2.7m loss the luxury food store posted in its previous [...]
Hiring spree: Jaguar Land Rover recruits 81 per cent of tech jobs in UK January 16, 2023 Jaguar Land Rover has gone on a hiring spree in the UK, recruiting 81 per cent of its global positions in Britain. The luxury marque announced today that 280 out of the 300 vacancies currently available are in the UK. This is in addition to the 371 jobs which have already been filled in Britain. [...]
Marks and Spencer shells out £480m as it revamps UK stores in bid to become leading ‘omnichannel’ retailer January 16, 2023 Marks and Spencer (M&S) is to plough nearly £0.5bn into an accelerated UK-wide investment drive which will result in 20 new larger and improved stores across the UK in the next financial year. The retailer also aims to create over 3,400 new jobs whilst providing shoppers with a “seamless” customer experience. M&S said it was [...]