Boohoo profit soars during pandemic despite factory scandal September 30, 2020 Boohoo saw profit rocket more than 50 per cent during the pandemic, as the fast fashion retailer shrugged off a factory scandal earlier in the year that threatened to alienate its customer base. The results Revenue for the six months to the end of August rose 45 per cent to £816.5m, up from £564.9m in [...]
London businesses show signs of recovery post-lockdown September 30, 2020 There are encouraging signs that businesses in the capital are on the road to recovery after emerging from lockdown. Despite a bleak year for firms across a broad range of sectors, a new poll of London businesses show a slight improvement in business conditions in the third quarter. The majority of the firms surveyed by [...]
B&M raises profit forecast as sales soar during lockdown September 29, 2020 Discount chain B&M has bucked the trend of struggling retailers after posting revenue growth of 25.3 per cent for the first half of its financial year and raising its profit forecast. The group saw sales jump between 29 March and 26 September as the coronavirus lockdown hit, citing its “well-attuned business model to the evolving [...]
Card Factory says second half sales recovering, gives no outlook September 29, 2020 Britain’s Card Factory said today it has had an encouraging start to the second half of the fiscal year as its stores reopened, but could not provide a forecast for the rest of the year as it faced the impact of a new wave of coronavirus lockdowns. “In the short term, as well publicised, recovery in the retail [...]
Pets at Home’s the pick of the litter as it lifts full-year profit expectations September 24, 2020 Pet retailer and vet service provider Pets at Home this morning said it expects full-year underlying profit to be ahead of current market expectations. Pets At Home shares surged 15 per cent to 351p on the news. The FTSE-listed pet supplies shop updated investors with the good news after assessing trading for the first eight [...]
FTSE 100 surges after restrictions ‘not as tough’ as feared but US stocks mixed September 23, 2020 The FTSE 100 jumped as it continued to recover from Monday’s rout, while US stocks were mixed as investors weighed up the chances of fresh stimulus. London’s blue-chip index was up 1.7 per cent at 5,926 points, edging it closer to the 6,000 threshold. The FTSE 250 was up 1.05 per cent. Read more: Coronavirus: [...]
The “homebody economy” – investing in your digital back yard September 23, 2020 It is clear that UK shares are unloved. No likes, no shares, no new friend requests. The level of gloom surrounding this market is remarkable even amongst UK based investors, who, you might think, should feel more comfortable investing here. This is not just pandemic queasiness. Although the UK economy is service-led to some extent, [...]
Ten Entertainment swings to loss as pandemic gutters sales September 23, 2020 Bowling alley chain Ten Entertainment swung to a loss in the first half of 2020 after a nationwide lockdown during the coronavirus crisis slashed revenue in half. The results Revenue slumped 46 per cent to £22.5m in the six months to 28 June, down from £41.4m in the same period last year. The group booked [...]
Joules boss ‘encouraged’ by first quarter performance despite revenue slide September 23, 2020 British retailer Joules has reported a drop in revenue for the first quarter, but its boss said he is “encouraged” by the group’s performance. Chief executive Nick Jones said sales for the 13 weeks to the end of August had exceeded expectations, although group revenue slipped 18 per cent to £39.6m. Revenue through Joules’ own [...]
Ralph Lauren to cut 15 per cent of global workforce September 22, 2020 Fashion magnate Ralph Lauren has said it will cut around 15 per cent of its global workforce, as it seeks to recover costs and streamlines its offering to focus more on digital channels. The cuts, which will take place by the end of this fiscal year, could affect up to 3,700 jobs. The layoffs could [...]