Meat producer Cranswick boosts revenue 25 per cent on strong lockdown demand August 17, 2020 Sausage-and-pie producer Cranswick today said its revenue for the first quarter was nearly 25 per cent ahead of the same period last year thanks to strong retail demand during lockdown. The company said revenue in the 13 weeks to 27 June was 24.8 per cent ahead of the same point the previous year. Cranswick said [...]
Debenhams draws up contingency plans for liquidation August 16, 2020 Debenhams’ owners have begun drawing up plans for the liquidation of the department store, which could threaten thousands of jobs. The retailer is understood to have appointed Hilco Capital, which specialises in restructuring and refinancing firms, as a contingency plan. Hilco’s appointment was first reported by Sky News and was described over the weekend as [...]
Markets live: US stocks slip as retail sales miss target while FTSE 100 slumps August 14, 2020 Wall Street opened lower after disappointing US retail data while the FTSE 100 languished in the red as the UK’s decision to add France to its quarantine list weighed down travel stocks. The Dow Jones and S&P 500 slipped in early trading on Wall Street, but recovered to tick up 0.11 per cent and 0.01 [...]
US retail sales grow 1.2 per cent, missing July expectations August 14, 2020 US retail sales for July undershot expectations with growth of 1.2 per cent, the US Commerce Department said today. Retail sales were predicted to grow 2.1 per cent in July. Retail sales totalled $536bn in July, according to the preliminary figures. Car sales fell 1.2 per cent, sporting goods and book sales were down five [...]
Hong Kong cuts economic outlook amid ongoing coronavirus fears August 14, 2020 Hong Kong cut its economic outlook for the year today, saying a recovery from recession depended on how fast it can get a new wave of coronavirus infections under control. The Chinese territory’s government revised its full year gross domestic product (GDP) forecast to a contraction of six per cent to eight per cent from [...]
Why investors should pay attention to sugar August 14, 2020 Government action to promote healthy eating, especially in light of the spread of Covid-19, and ongoing changes in consumer tastes will continue to create headwinds for the food and beverage industry, and increasingly for food retailers and hospitality companies too. We’ve known for decades that obesity puts people at greater risk of serious and life-threatening [...]
River Island to cut a further 350 jobs in management restructure August 14, 2020 River Island is set to cut up to 350 more jobs in a management shake-up. It comes a month after the high street retailer unveiled plans to let go 250 head office staff as a cost-cutting measure due to the coronavirus pandemic and a significant reduction in footfall. The company is now set to target [...]
REC: Post-lockdown record rise in vacancies hints at UK jobs recovery August 14, 2020 More new vacancies for UK jobs were advertised last week than at any other time since the lockdown began, a new report has found. Around 126,000 new UK-based jobs were posted in the week 3-9 August, according to the Recruitment and Employment Confederation (REC). It brought the total number of vacancies across the UK to [...]
New Look seeks turnover-based rent in second restructuring plan August 13, 2020 New Look has proposed another restructuring of its retail network, its second in three years, after coronavirus significantly impacted its finances. The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of a company voluntary arrangement (CVA) two years ago. “Out [...]