Historic department store Macy’s set for $1bn first quarter loss May 21, 2020 Historic US department store Macy’s warned today that it could see first quarter losses of over $1bn (£820m) due to the coronavirus lockdowns. Retail outlets around the world have been battered by the stringent restrictions, which has seen many shops shut their doors for over a month on governmental instruction. In a release, Macy’s said [...]
Pets at Home revenue tops £1bn but retailer warns on profit as stockpiling dwindles May 21, 2020 Pets at Home full-year revenue topped £1bn for the first time in the year to March but the retailer’s share price fell as it warned that a drop in stockpiling demand could impact future profit. The pet shop chain said it expects first-half pre-tax profit to be sharply lower than last year, as the spike [...]
Revealed: The most applied-for jobs during the Covid-19 crisis May 21, 2020 Delivery drivers and warehouse workers are among the roles that have received the highest number of job applications during the Covid-19 crisis, a new report has revealed. Data published today by Linkedin showed that critical frontline jobs have been inundated with applications as companies respond to shifting demand during the lockdown. Delivery drivers were the [...]
UK inflation: What are people buying during coronavirus lockdown? May 20, 2020 There was further confirmation of the economic impact of the Covid-19 crisis this morning when new figures revealed a slump in inflation. The UK inflation rate tumbled to just 0.8 per cent in April, down from 1.5 per cent the previous month and marking the lowest level since August 2016, according to the Office for [...]
Matalan founder sues PwC over tax haven advice May 20, 2020 The founder of budget fashion retailer Matalan is suing PwC, claiming the accounting giant gave him bad advice on how to avoid paying taxes in the UK when he moved to Monaco. Multimillionare John Hargreaves said PwC had been negligent in its advice on his relocation from England to Monaco, which would have enabled him [...]
Superdrug launches UK coronavirus test to check for antibodies May 20, 2020 Superdrug has launched a UK coronavirus test to allow the general public to check whether they have already had Covid-19. The high street retailer will sell the coronavirus antibody test, which it said is accurate and reliable, through its Online Doctor service for £69 from today. The UK coronavirus test will not be on sale [...]
Marks & Spencer shares rise on coronavirus revamp, despite blow to profit May 20, 2020 Marks & Spencer’s full-year profit sank 21 per cent as it took a £212m hit from coronavirus at the end of March, the retailer revealed today. However, investors pushed M&S’ share price up 4.6 per cent to 89.8p as the pandemic forced the British high street brand into an overhaul to save over £1bn. The [...]
Bloomsbury print book sales drop during coronavirus lockdown May 20, 2020 Publishing group Bloomsbury warned this morning that print revenue has plummeted during the coronavirus pandemic as book shops around the world have closed during lockdowns. In Bloomsbury’s worst case scenario, print revenue, which comprised 79 per cent of total sales last year, could fall between 60 per cent to 65 per cent this year. In [...]
Shakespeare: Primed and ready? May 20, 2020 Budget fast-fashion retailer Primark has been one of the biggest players of the high street since rapidly expanding in the UK during the mid-noughties. According to YouGov Ratings data, Primark is sixth most popular fashion and clothing brand among Britons, while YouGov Profiles data shows two thirds of all Brits would consider purchasing clothes from [...]
Asda sales jump but grocer warns over consumer confidence slump May 19, 2020 Asda reported a jump in sales in the first quarter of the year, but warned that customers are increasingly concerned about the economic impact of the coronavirus pandemic. The supermarket, which is owned by US retail giant Walmart, said like-for-like sales excluding fuel were up 3.5 per cent due to a surge in stockpiling at [...]