AO World bullish as UK sales surge 88 per cent and German business thrives April 15, 2021 Online electricals retailer AO World expects to deliver bumper profits over the year ahead despite the reopening of high street rivals as it revealed an 88 per cent surge in UK sales. The impressive performance over its final quarter helped group revenues jump by 62 per cent, to £1.66bn in the year to 31 March. [...]
The Hut Group sees sales surge following pandemic-led online demand April 15, 2021 Online retailer The Hut Group enjoyed rising revenues, sales and number of customers in 2020, after the pandemic forced people to shop online. Group revenue at the business was up 41.5 per cent to £1.6bn in 2020, and adjusted EBITDA was up 35 per cent to £151m. Some 10.7 new customers shopped with The Hut [...]
Cheers: Naked Wines sales jump by 68 per cent as US business booms April 15, 2021 Naked Wines saw group sales soar by 68 per cent in the year ended 29 March after a strong performance in US. The online wine retailer posted stronger than expected sales, which were forecast to surge by no more than 65 per cent. US business grew by more than 75 per cent, surpassing £150m in [...]
Before the Open: Late US tech selloff set to act as a drag on European open April 15, 2021 US markets saw another mixed close yesterday, only this time it was the S&P500 and Nasdaq that finished the day lower, while the Dow and Russell 2000 finished higher on the day. Despite the mixed close the S&P500 and Dow still managed to post new record highs. Coinbase finished its first day of trading, closing [...]
British Land set to buy retail parks in diversification push April 14, 2021 British Land today said it was exploring further opportunities to buy retails parks and investing more in urban logistics following a surge in online shopping. The London-listed real estate firm cited customer confidence in visiting open-air retails parks where social distancing can easily be managed. A shift in location would see British Land move away [...]
Tesco profits tumble despite surge in pandemic sales April 14, 2021 Tesco’s pre-tax profit fell by 20 per cent to £825m in 2020 despite a pandemic-driven jump in group sales. The UK’s biggest grocer said it incurred £892m of Covid-related costs during the year and repaid £535m of business rates relief. The retailer reported a 6.3 per cent rise in group like-for-like sales, including a 7.7 [...]
Louis Vuitton owner LVMH returns to growth with €14bn revenue April 13, 2021 Luxury product group LVMH has returned to growth for the first time in almost a year, with revenue of €14bn (£12.16bn) for the first quarter of 2021. The figure marks a 32 per cent jump compared to the same period last year after the pandemic delivered serious disruption to the Louis Vuitton owner. The figure [...]
Boohoo coughs up £72 million for new Soho office April 13, 2021 Boohoo has bought a new office in Soho in London’s West End for £72m, which will house approximately 600 staff. The office, located at 10 Great Pulteney Street, will become home to all London-based product, marketing, technology and central support teams, and offer flexible working for Boohoo staff. In an update this morning, Boohoo said [...]
UK GDP grows 0.4 per cent in February despite third lockdown restrictions April 13, 2021 The UK economy edged up 0.4 in February as it rebounded from a 2.2 per cent decline in January, the Office for National Statistics said this morning. Wholesale and retail trade sales picked up slightly, but consumer-facing services industries remained well below pre-pandemic levels. The services sector grew by 0.2 per cent. Output in the [...]
Number of shoppers in central London booms as Covid restrictions are eased April 12, 2021 Footfall rocketed this morning as England eased coronavirus restrictions and non-essential retail was allowed to open for business for the first time in months. In the first few hours of trading this morning footfall in shopping centres jumped nearly 340 per cent when compared with last week, according to the latest data from Springboard. Footfall [...]