Next sales up as shoppers flock back to high street but firm warns of slowdown as inflation hits August 4, 2022 Next has shared elevated quarterly sales, suggesting that warm weather and the closure of high street rivals has driven shoppers into stores. In a trading update on Thursday, second quarter full price sales were boosted five per cent versus last year, some £50m ahead of the clothing firm’s previous guidance. Next attributed this to a [...]
Scorching inflation hits eurozone retail sales in sign of looming recession August 3, 2022 Surging inflation eroding Europeans’ living standards is squeezing spending in the bloc, reveal new figures published today. Retail sales dropped 1.2 per cent in the 19 countries that use the euro in June, down from a 0.4 per cent rise in May, Eurostat said. The drop, which was worse than analysts’ forecasts, means retail sales [...]
Sheepish consumers deal blow to UK services economy August 3, 2022 Consumers cutting spending in response to a historic inflation surge has weighed on growth in the UK’s services economy, reveals a closely watched survey published today. Brits are being squeezed by soaring living costs eroding their incomes, prompting them to cut unnecessary spending to protect their finances. As a result, growth in the services industry [...]
1 in 5 nightclubs disappeared since Covid onset as industry head warns of slowing ticket sales August 2, 2022 One in five nightclubs have disappeared over the past three years, with bosses crying out for support as ticket sales slow amid the economic crunch. Nightclub numbers have dwindled to just 1,130 venues across the country during the Covid-19 pandemic, according to figures released by the Night Time Industries Association (NTIA) through insights firm CGA. [...]
Cazoo CFO steps down as company reports £243m half-year loss August 2, 2022 Cazoo has announced its chief financial officer Stephen Morana will step down at the end of the year as the company reported a half-year loss of £243m. Morana will be replaced in the fourth quarter of this year by Graphcore finance boss Paul Woolf. “I would like to thank Stephen for his notable contributions, including [...]
Ethereum’s Merge Approaches as Crypto Adoption Surges in Brazil August 2, 2022 Data from CryptoCompare shows that the price of Bitcoin initially moved down at the start of last week, dropping from $22,000 to $21,000. BTC then quickly surged to retest the $25,000 resistance, and has since corrected to $23,200. Ethereum’s ether, the second-largest cryptocurrency by market capitalization, started the week at $1,500 and after an initial [...]
JD Sports sells Footasylum to private equity firm after watchdog crackdown August 1, 2022 Trainer seller JD Sports has inked a deal to hand over Footasylum to Aurelius Group for £37.5m, following competition concerns. In recent weeks, JD Sports had been rumoured to be in talks with the German private equity group about selling the high street brand, which it attempted to takeover in 2019. JD said the sale [...]
Currys told to ditch price lock by shareholder to increase margins July 31, 2022 Currys has been told to ditch its “price lock” commitment and make goods more expensive by a veteran hedge fund manager amid the cost of living crisis. Crispin Odey, who holds a substantial stake in the firm, said “freezers and washing machines are going to have to be more expensive as they are currently being [...]
Toyota to leave UK if government bans hybrids July 31, 2022 Toyota has threatened to stop manufacturing in the UK if the government goes ahead with its plans to ban the sale of hybrid cars from 2030. The marquee told government officials the ban would constrain “manufacturing, retail and other business activities” as well as “future investment.” “If the government adopts an SZEC [significant zero emission [...]
Kit hits the fan: Retailers running out of England Women’s shirts ahead of Euros final July 28, 2022 Retailers are running out of England Women’s football shirts ahead of the Lionesses’ Euro final against Germany on Sunday. The official England online store, kit maker Nike’s website and a host of high street retailers had sold out of all but extra-small women’s home shirts, which are priced at £75, on Thursday. “We have seen [...]