Joules: Margins continue to be under pressure as shoppers seek out sale items July 19, 2022 Prestige retailer Joules has said discount-hungry consumers have intensified pressures on margins while expecting yearly profit to surpass expectations. The clothing and lifestyle brand admitted gross margins had “remained under significant pressure” after “consumer appetite” was focused on marked down products. Shoppers have been hunting for reductions amid monster hikes in energy and fuel bills, [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]
Supermarket shoppers face £454 extra to yearly grocery bill as inflation bites July 19, 2022 Shoppers are now facing a £454 increase to their annual supermarket bills, with grocery price inflation edging towards the highest level since 2008. According to the latest numbers from Kantar, grocery price inflation now sits at 9.9 per cent for the past four weeks. This marks the second highest level of inflation seen since 2008, [...]
Heatwave continues: Britain prepares for scorching temperatures as rail, retail and airports face disruption July 19, 2022 Brits are set to face temperatures of up to 41c today which is likely to be the hottest day on record. The country is struggling to cope with the extreme temperatures, with Luton Airport temporarily grounding all flights yesterday due to the heat, which melted a part of the tarmac. London’s transport network continues to [...]
What a new world order might mean for the global economy July 18, 2022 Russia’s invasion of Ukraine has opened fault lines between nations which will affect trade relations and investment for years to come. The war in Ukraine is already having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was [...]
H&M to wind down business in Russia after reopening stores to get rid of clothes July 18, 2022 The world’s second-largest fashion retailer H&M has said it will start winding down business in Russia, citing “the unpredictability of the future.” The Swedish clothing chain also blamed “current operational problems,” after it suspended sales in the country on 2 March. It is the latest firm to confirm a more permanent withdrawal of business in [...]
Grant Thornton slapped with multi-million pound fine after FRC calls out ‘serious failings’ in Sports Direct audit July 18, 2022 The UK’s accounting watchdog today hit Grant Thornton with a £2.05m over “serious failings” in its audits of high-street retailer Sports Direct. The fines come after the UK’s Financial Reporting Council (FRC) said Grant Thornton had failed to properly scrutinize Sports Direct’s relationship with an unnamed delivery company and the impact the relationship would have [...]
Marks & Spencer pushes further into tech as high street giant extends 15-year old pact with Flooid July 18, 2022 UK high street retailer Marks & Spencer confirmed this morning it has extended its agreement with Flooid for the provision of store point-of-sale and unified commerce platform basket services for up to another five years. Flooid, formerly PCMS Group, agreed with Marks & Spencer in 2007 to supply software to run point-of-sale and self-checkouts across [...]
Fast fashion: Mike Ashley’s retail behemoth Frasers Group eyes I Saw It First July 17, 2022 Mike Ashley’s retail empire may make a swoop for I Saw It First, an online fast-fashion brand owned by Boohoo founder Jalal Kamani. According to a report in The Telegraph, Frasers Group could add I Saw It First to its list of retail takeovers within a matter of weeks. The Telegraph’s sources told the newspaper [...]
Brits turn to ice cream, paddling pools, BBQs and fans as temperatures set to break record today July 17, 2022 Sales of paddling pools and fans are soaring and ice cream is set to break a record for the amount bought in a single week as Brits prepare for more heat with temperatures continuing to rise. With an “amber” extreme heat warning in place for much of England and Wales today, tomorrow and Tuesday, Tesco [...]