Brits swap pub for nights in as inflation deals heavy blow to finances October 11, 2022 Brits are responding to the cost of living crunch by ditching the pub for nights in to save money, a survey published today revealed. Consumer spending grew at the slowest rate since February 2021 over the last month, jumping 1.8 per cent over the year to September, Barclaycard said. Inflation has hovered around a 40-year [...]
West End has 109 per cent sales boost but retail leaders call for ‘urgent’ business reform October 10, 2022 West End retailers are calling for fresh support and radical reform to help continue their pandemic recovery. The organisation representing 600 outlets and hospitality firms in Bond St, Oxford St, Regent St and Mayfair announced the district is returning to pre-coronavirus levels, but that it still needs help to stop it faltering. The New West [...]
Hollywood Bowl eyes expansion to more than 110 centres in UK and Canada October 10, 2022 Hollywood Bowl has said it sees “a significant opportunity” to roll out its leisure business to more than 110 centres across the UK and Canada. In a trading update on Monday, the bowling alley operator said it was eyeing expansion opportunities across its three experiential brands, Hollywood Bowl and Puttstars in the UK and Splitsville [...]
Quiz reaps rewards of return of party season October 10, 2022 Quiz has continued to back its come-back story as the fashion chain posts higher sales after shoppers have rushed to stock up their party wardrobes after the pandemic. In a trading update for April to September, the once struggling retailer posted total revenues of £49.4m, 37.2 per cent higher than the year before. Demand for [...]
Superdry back in the black after pandemic-induced loss October 7, 2022 Superdry is back in the black with a profit before tax of £22m, recording from a loss of £12.6m last year. The British clothing giant’s statutory profit was up to £18m following a loss of £36.7m last year, while its revenue was up almost 10 per cent to £609.6m, from April 2021 until 2022. Buoyed [...]
Diageo toasts ‘good start’ to year as drinkers’ thirst resilient despite economic slump October 6, 2022 Guinness owner Diageo has raised a glass to resilient demand for drinks despite a consumer spending slowdown. In a brief trading update on Thursday morning, the London-listed beverage giant said it had made a “good start” to its 2023 fiscal year. Chief executive Ivan Menezes noted “organic net sales growth across all regions” as the [...]
Victorian Plumbing bucks trend as bathroom retail sales surge October 6, 2022 Victorian Plumbing has defeated the trend amid a subdued bathroom market and lauded rising sales this year. In full year results, the AIM-listed firm said it was trading ahead of consensus market expectations, both revenue and earnings wise. Its second-half revenue was up around per cent on last year, with sales performing especially well in [...]
High street spending slumps amid retail’s Covid recovery October 6, 2022 The high street’s Covid recovery has been slowed by the economic slump, with shoppers cutting back on shopping sprees last month. According to freshly published statistics from Springboard, the recovery of retail footfall slowed for the third month in a row. Footfall increased just 6.8 per cent, compared to a 15.6 per cent boost in [...]
PCF Bank shares tank after emergency lending freeze October 5, 2022 Shares in London-listed PCF Bank have tanked more than a third today after the firm announced it would halt lending activity as it struggled with cash levels following a failed takeover.
Tesco: Shoppers ‘watching every penny to make ends meet’ October 5, 2022 Tesco has warned of “tough times” as Brits are “watching every penny to make ends meet” this winter. The grocery giant reported a slimmer profit for the first half, after customer behaviour has normalised after lockdown and the supermarket has invested in keeping its prices competitive for shoppers. The country’s largest supermarket posted a £413m [...]