WH Smith high street sales lower than pre-Covid levels after Funky Pigeon hack September 7, 2022 WH Smith has said its high street arm has been impacted by a cyber security issue with its greetings cards business, denting sales. The stationery seller said its high street business was performing in line with expectations. Sales stood at 80 per cent of 2019 revenue for the 26 weeks to 27 August 2022, following [...]
Asos shares slip after fashion marketplace reminded analysts of lower profit guidance September 5, 2022 Asos saw its share price tumble on Monday, alongside several retailers including Joules and THG. The share slide followed reports that the online fashion marketplace had privately reminded City analysts on subdued guidance for the year ahead, as is a standard pre-close practice. Asos shares were subdued by almost six per cent on Monday afternoon, [...]
Brits ditch the loungewear and head back to the office: John Lewis September 5, 2022 Non-wired bras, velour tracksuits, jigsaws and wall-mounted desks have fallen out of favour with British shoppers as they put the lockdown lifestyle behind them, annual John Lewis sales figures suggest. The retailer’s annual How We Shop, Live And Look report suggests customers are “casting off the trappings of a life in lockdown” with sales of [...]
Matalan eyes up sale as British retailers continue to feel sting September 4, 2022 Matalan's founders are eyeing up a sale, as the fashion firm struggles to fight off inflationary pressure.
Sunday Sitdown: Grind’s CEO on conquering America with his cult coffee chain September 4, 2022 Londoners may recognise the Grind coffee brand. There are currently eight branches around the capital and a 15,000 sq ft roastery in Bermondsey. Despite a hit to cafe revenues during the pandemic, the company is taking its business model across the pond as City A.M. can reveal today Grind has ambitious plans to conquer the [...]
Weekend Read: As the Pound crashes to record low, what can be done to halt Sterling’s freefall? September 4, 2022 City A.M. reported yesterday that the pound is on course to plunge to a record low against the US dollar, largely driven by the UK tumbling into a tough recession. Sterling is expected to drop to $1.05 by the middle of next year, but could fall close to parity with the greenback, according to consultancy [...]
Ted Baker sees lift in sales as rebounding store revenues are offset by slump in demand September 2, 2022 Fashion brand Ted Baker has revealed that recovering store footfall helped support higher sales over the past quarter as it prepares for its US takeover. Last month, the retail business agreed a £211 million takeover by Authentic Brands Group, the US owner of Reebok and Juicy Couture. Ted Baker shareholders will vote on the move [...]
Barclays pulls back from Africa with £538m Absa sale September 1, 2022 British lender Barclays announced it had shed its remaining 7.4 per cent stake in South African bank Absa today as it dramatically pulls back its presence in Africa. Bosses at Barclays said this morning the sale would earn Barclays around £538m, representing around a £31m loss on its investment. The sale followed an announcement from [...]
Surge in back-to-school sales pushes Shoe Zone’s profit outlook for third time this summer August 31, 2022 A surge in back-to-school sales has helped retailer Shoe Zone to increase its full-year profit outlook for the third time in as many months. The discount shoe chain said trading continued to be better than expected during August, with strong demand for back-to-school items and summer shoes boosting business. Shares jumped more than 10% in [...]
Fuel be surprised: Co-op sells petrol business to rival Asda for £600m August 31, 2022 The Co-operative Group (Co-op) has announced it will sell the company's petrol forecourt business to Asda in a £600m deal.