Online retailer The Hut Group hikes full-year revenue guidance October 26, 2020 Online retailer The Hut Group (LON:THG) said revenue this year will be stronger than previously anticipated as it entered the crucial Christmas trading period, with Black Friday expected to boost sales. THG, which raised £1.88bn when it listed on the London Stock Exchange last month, this morning raised full-year 2020 revenue guidance to between £1.48bn [...]
FTSE 100 jumps amid strong earnings but US stocks mixed October 23, 2020 The FTSE 100 jumped on the final day of a tough week for markets, as investors found some optimism in company earnings, but US stocks were more mixed. The UK’s main stock index was boosted by upbeat results from lender Barclays (BARC). New stimulus measures from chancellor Rishi Sunak yesterday also helped stocks. Read more: [...]
UK retail sales smash expectations but analysts flag trouble ahead October 23, 2020 UK retail sales rose well beyond expectations in September, with Britons buying 1.5 per cent more goods than a month earlier as they stocked up on food and turned to online retailers. The 1.5 per cent growth was much better than economists had expected. It also beat the 0.6 per cent expansion in sales in [...]
Gap looks at closing stores in the UK and rest of Europe October 22, 2020 American fashion retailer Gap is considering closing stores in the UK and some other European countrie. The clothing chain is trying to save cash while dealing with a sales slump brought on by the Covid-19 pandemic and competition from fast-fashion companies such as H&M and Zara. The San Francisco-based company, which had 129 Gap brand stores in Europe [...]
Shell makes surprise bid for Post Office broadband division October 22, 2020 Oil giant Shell is said to have made a surprise entry into the race to snap up the Post Office’s telecoms division, paving the way for a potential shake-up of the UK broadband market. The FTSE 100 company already has a presence in the telecoms market after taking control of energy and broadband provider First [...]
Deutsche Bank ‘in talks to sell IT unit’ as cost-cutting continues October 22, 2020 Deutsche Bank is reportedly in talks to sell a IT services unit to Tata Consulting Services (TCS), one of Asia’s biggest software exporters, as the lender continues a cost-cutting programme. Talks about the sale of Bonn-based Postbank Systems to TCS are expected to result in a deal for the division by the end of the [...]
Shakespeare: Lockdown pups give Pets at Home a boost October 21, 2020 Last month, in the face of the coronavirus, Pets at Home reported glowing results making it the best-performing UK retail stock of the quarter. The pet shop and veterinary services provider said it expected full-year underlying profits to be ahead of current market expectations. Pets at Home said that while strong merchandising sales had helped [...]
UK airports losing £83m a week due to coronavirus October 20, 2020 The UK’s airports are losing £83m a week as a result of the coronavirus crisis, the Airport Operators Association (AOA) revealed this evening. Air travel has been decimated by the pandemic, with the collapse of passenger revenues on course to set the sector back £4.3bn this year. However, the trade body said that the real [...]
Boohoo takes £775m hit as auditor stands down October 20, 2020 Boohoo saw almost £775m wiped off its market value yesterday after the beleaguered fast fashion retailer said PwC was stepping down as auditor. Boohoo’s announcement that it was running a tender for a new auditor and that PwC would not take part in the process spooked investors, sending shares down 20 per cent to 254p [...]
UBS profit soars 99 per cent on trading boom October 20, 2020 UBS reaped the benefits of the rebound in global markets in the third quarter, with its investment banking arm helping the overall business achieve a 99 per cent jump in profit. The Swiss lender’s wealth management arm – which has been a focus of departing chief executive Sergio Ermotti – also expanded despite the coronavirus [...]