US dollar this year has become the only asset in town September 20, 2022 Investors have had an insatiable appetite for US dollars this year. According to the Wall Street Journal’s dollar index, which measures the greenback against a basket of some of the world’s top currencies, the dollar is its strongest for over a decade. One dollar will buy you the greatest amount of Japanese yen since the [...]
Pound Sterling tumbles to 37-year low against US Dollar after poor UK retail sales figures September 16, 2022 Pound Sterling tumbled to a 37-year low against the dollar this morning, pushed further down by disappointing retail sales figures. It plummeted to by more than one per cent to 1.1351, its lowest against the dollar since 1985, while continuing its 17-month poor run against the Euro also. The Euro rose to 87.66 pence, its [...]
Frasers bid for majority stake in Aussie fashion marketplace MySale rejected September 16, 2022 Frasers’ bid to become the largest shareholder in Australian fashion marketplace MySale has ben rejected. Mike Ashley’s fashion empire Frasers, which also owns Sports Direct, offered to buy a 28.7 per cent stake in the company at 2p per share in late June. The offer was the minimum price Frasers could have offered MySale, which [...]
Retail sales continue year-long downward spiral amid cost of living crisis September 16, 2022 Retail sales fell last month, according to official figures, as the cost of living crisis prompts Brits to dial back spending. Sale volumes fell by 1.6 per cent in August, continuing a downward trend since summer 2021. Both food and non-food stores, as well as non-store retailing and fuel forecourts all saw lower sales over [...]
H&M misses sales estimates as third quarter ‘got off to a weak start’ September 15, 2022 H&M has admitted its third-quarter “got off to a weak start” as shoppers fret about stark increases to household bills. The Swedish fashion group posted weaker than expected quarterly sales on Thursday, missing out on analyst expectations. Net sales were up three per cent from a year prior, at $5.4bn. However, Refinitiv analysts had expected [...]
Patagonia’s billionaire founder gives away retailer to protect planet September 15, 2022 The billionaire boss behind fashion retailer Patagonia has donated the brand to a charitable trust that tackles climate change. Yvon Chouinard, who founded the outdoor apparel brand in 1973, said profit that was not reinvested into the firm’s operations would be used to help the environment. Donations to environmental causes will rack up at around [...]
Exclusive: UK retailers should copy TfL or they miss out on advertising cash, argues City bigwig September 15, 2022 Are UK retailers missing a valuable opportunity to earn money from advertising? A City insider thinks most big brands do, as he urges the High Street’s biggest names to look at TfL and copy their model by rolling out a retail media network. So-called retail media networks are one of the hottest emerging trends in [...]
Sofa giant DFS suffers big slump in profits after ‘grim year’ amid sharp retail downturn September 15, 2022 DFS said this morning the sofa seller has suffered a big slump in profits. Moreover, the company warned that the industry is facing a downturn as soaring bills mean fewer customers are in the market for a new sofa. DFS said pre-tax profit dropped 43 per cent to £58.5m in the financial year that ended [...]
John Lewis posts £92m loss after ‘unprecedented cost inflation’ September 15, 2022 John Lewis Partnership has posted a £92m loss before tax, blaming shoppers spending less due to inflationary pressures in the first half of the year. This was versus a £69m profit compared to the same period last year, although the partnership said on Thursday it was “not unusual for us” to make a loss in [...]
THG share price dives after cutting yearly profit expectations September 15, 2022 THG’s share price has dived after slashing its yearly forecast, pointing to a slowdown in consumer enthusiasm for beauty and health products, In half-year results on Thursday, the retailer said it anticipates adjusted core earnings of £100m to £130m in 2022, much lower than the £161m it recorded last year and previously expected to match. [...]