Tesco sales bounce amid lockdown spending spree June 26, 2020 Tesco said its sales for the first quarter rose almost nine per cent in the UK, as shoppers stocked up on essentials and hunkered down during the pandemic. Underlying sales in the UK rose 8.7 per cent in the 13 weeks to the end of May, reaching £9.9bn. It maintained its outlook on profit, saying [...]
Ebay calls for government funding to help charities innovate during pandemic June 26, 2020 Ebay’s UK arm has put pressure on the government to do more to help charities during the coronavirus pandemic by establishing an innovation fund to support online retail and services. The e-commerce giant is part of a coalition behind the initiative, which also includes Barnardo’s, the Charity Retail Association and New Philanthropy Capital. The fund [...]
N Brown shares drop as profit falls on ‘year of restructuring’ June 25, 2020 Fashion retailer N Brown has today posted falls in both profit and revenue for the last financial year, blaming the drop on a lengthy period of “restructuring” the business. In the 12 months to 29 February 2020, the owner of the Simply Be and Jacamo brands said adjusted profit before tax fell 28.8 per cent [...]
SMEs anticipate spike in redundancies this summer as lockdown eases June 25, 2020 Small businesses across the UK are expecting a difficult summer as they predict redundancies are likely to spike in August even as lockdown starts to ease. The total impact on revenue that SMEs expect from the coronavirus outbreak has reduced from minus 29 per cent at the start of lockdown to minus 10 per cent [...]
‘Subscription box economy’ helps to fuel parcel delivery surge June 24, 2020 “Just a second, I need to get to the front door – a delivery’s just arrived”: it’s become as familiar a scenario during a Zoom call as someone forgetting that they’re on mute. The sound of doorbells ringing as packages are deposited on doorsteps, with delivery drivers dutifully stepping two metres back, has become a [...]
Businesses must avoid becoming the avoided June 24, 2020 On top of a tragic human toll, the COVID-19 pandemic has battered businesses – especially small ones. This is evidenced by the United Kingdom’s April 2020 gross domestic product, which experienced its largest drop in a single month in history, falling 20.4%. As restrictions stemming from the pandemic lift and people emerge from their homes [...]
Naked Wines sales skyrocket as online orders boom during pandemic June 24, 2020 Revenue for the first two months of Naked Wines’ current financial year has soared, thanks to an increase in online orders for home delivery as Brits get through lockdown. Naked Wines said revenue in the two months to the end of May rose 81 per cent, but stopped short of providing full financial guidance due [...]
Premier Foods sales surge during coronavirus lockdown June 24, 2020 Mr Kipling cakes maker Premier Foods has swung to a full-year profit, after a jump in sales due to the coronavirus lockdown. The figures Premier Foods revenue for the full year edged up 2.8 per cent to £847.1m, while revenue for the fourth quarter increased 3.6 per cent. Trading profit rose 3.2 per cent to [...]
JD Sports buys back Go Outdoors from administrators in £56.5m pre-pack deal June 23, 2020 JD Sports has bought back its struggling outdoor clothing chain Go Outdoors from administrators for £56.5m. The move, which is designed to “preserve as many jobs as possible”, comes with a major restructuring plan aimed at retaining the “majority” of stores, JD Sports said. Big Four accountancy giant Deloitte had been appointed by JD Sports [...]
Profit slides at Poundland owner Pepco amid pandemic June 23, 2020 Pepco Group suffered a more than 16 per cent slide in profit in the first half of its 2020 financial year, damaged by a lack of sales during the coronavirus pandemic. The owner of Poundland reported an income of €89m (£80m) in the six months to March, having posted €116m in profit up until February. [...]