Topps Tiles warns on profit and suspends dividend March 26, 2020 Topps Tiles has issued a profit warning and does not expect to pay a dividend this year as it closes stores amid the coronavirus outbreak. The tile specialist said the pandemic will result in a “material reduction” to expectations for revenue and profit and is not expecting to pay an interim dividend this financial year. [...]
Coronavirus: Covent Garden landlord cans £100m share buyback plan as shops shut March 26, 2020 Coronavirus has turned Covent Garden into a ghost town and closed restaurants and shops will lead to lost rental cash, according to Capital & Counties (Capco). The owner of Covent Garden said in a Covid-19 update that most of its retail and dining units on its estate were shuttered and therefore it would incur “a [...]
Dixons Carphone posts surge in online shopping as Brits work from home March 26, 2020 Dixons Carphone has reported a huge increase in online sales as Brits splash out on laptops, TVs and kitchen appliances to cope with coronavirus quarantine. The retailer today posted a 72 per cent increase in online sales of electrical goods in the three weeks to 21 March. The boost was driven by booming demand for [...]
130 profit warnings triggered by COVID-19 March 26, 2020 I’m not even sure where to begin. I think I’ll start with my week in numbers… On Monday…UK quoted companies issued as many profit warnings in a day as they did in the whole of April 2019 On Tuesday….8 FTSE Retailers warned, the sector’s average quarterly total in 2019 On Wednesday, by 10am…5 FTSE Household Goods and Home Construction companies had [...]
Intu sees rent payments dive amid UK coronavirus crisis March 26, 2020 Struggling retail landlord Intu has received less than a third of rent due for its second quarter as retailers struggle to pay the bills amid the UK coronavirus crisis. That forced it to abandon 2020 guidance as its incredibly low shares dropped three per cent to under 4p. The government has ordered almost all shops [...]
UK retail sales miss expectations before March’s coronavirus hit March 26, 2020 UK retail sales slumped 0.3 per cent in February to miss expectations of a small rise of 0.2 per cent. And core UK retail sales dropped 0.5 per cent on a monthly basis, deeper than expected in February, despite few businesses seeing the coronavirus-led slowdown that has wrought havoc in March. Excluding fuel, UK retail [...]
Coronavirus: Off-licences added to list of essential retailers March 25, 2020 Off-licences have been added to the government’s list of essential retailers that are permitted to stay open during the UK coronavirus lockdown. Off-licences and “licenced shops selling alcohol, including those within breweries” have today been reclassified as essential stores, amid reports that supermarkets were beginning to sell out of beer and wine. Customer stockpiling saw [...]
Daily Mail gets green light for £50m takeover of the i newspaper March 25, 2020 The owner of the Daily Mail has been given the green light for its £50m takeover of the i newspaper. Daily Mail and General Trust, which also owns Metro, agreed the deal in November last year with the i’s current owner JPI Media. The government said it was “minded” to intervene in the merger due [...]
PM warns Mike Ashley – obey the rules or face the consequences March 25, 2020 Prime Minister Boris Johnson has warned Sports Direct boss Mike Ashley to “obey the rules or to expect the consequences”, after the retailing heavyweight insisted staff must continue working during the coronavirus outbreak. During a bumper PMQs, Johnson was repeatedly asked about the situation facing workers, particularly self-employed, who currently have no additional support beyond [...]
UK retailers most pessimistic since financial crisis amid coronavirus outbreak March 25, 2020 UK retailers are at their most pessimistic since the financial crisis as sales of non-essential goods plummet due to coronavirus containment measures, a survey has shown. However, grocers and other food firms have seen a surge in demand as Brits stockpile during the coronavirus lockdown, the CBI said today. This divergence of fortunes for Britain’s [...]