Asos chases away blues with record Black Friday performance January 23, 2020 Online retailer Asos beat the January blues with this morning’s trading statement as revenue grew 20 per cent across the group for the final four months of 2019. The fashion firm said that the growth, which was consistent across all of its divisions, was due to record Black Friday sales. Total sales hit £1.1bn, driven [...]
UK retail sector sheds 57,000 jobs after tough year for high street January 23, 2020 The retail sector shed 57,000 jobs in the fourth quarter of last year following the “worst year on record” for the UK high street. The total number of retail employees fell 1.8 per cent year on year, in the 16th consecutive quarter of decline, the latest research found. The job loss figures come after it [...]
Not as easy as 1,2,3: Seven accounting errors that rocked FTSE firms January 22, 2020 Ted Baker today experienced the dubious honour of joining a list of FTSE firms that have been shaken by accounting errors in the past year. The fashion retailer revealed an accounting error was more than twice as bad as it previously thought, knocking shares down seven per cent. But it is by no means the [...]
Failed Asda merger ‘trigger’ for Sainsbury’s CEO Mike Coupe’s exit January 22, 2020 The departure of Sainsbury’s boss Mike Coupe’s was sparked by the failure to merge the supermarket with rival Asda, analysts said today. Industry experts said it was impossible to look beyond the failure of the Asda merger, and felt his resignation – announced today – was simply a matter of time. Coupe was caught on [...]
Pets at Home groomed for 2020 glory after record Christmas January 22, 2020 Pets at Home is making progress in its bid to be top dog in the UK pet market, announcing a 12th consecutive quarter of growth in this morning’s trading update. The grooming company, which has said that it wants to generate 50 per cent of its revenue through services, saw group revenue grow 7.9 per [...]
Sainsbury’s CEO Mike Coupe to retire after six years January 22, 2020 Mike Coupe is set to retire as chief executive of Sainsbury’s after six years at the helm, the company revealed today. The CEO will leave the role in May before retail and operations director Simon Roberts takes charge in June. Mike Coupe said leaving had been a “very difficult decision for me personally”. Read more: [...]
Burberry raises full year guidance after sales rise January 22, 2020 Designer brand Burberry this morning raised its guidance for the year after a quarter in which the luxury brand saw revenue rise three per cent. Revenue in the third quarter hit £719m, up from £711m twelve months ago, as the firm’s focus on the far eastern market looked to be paying off. In response Burberry [...]
‘Clerical error’ wipes out Dixons Carphone’s sales growth January 21, 2020 Dixons Carphone was left red-faced today as it admitted that its sales growth figure actually represented a decline. The retailer updated the stock market on its Christmas trading figures this morning, telling investors it had enjoyed a two per cent rise in reported sales. However, six hours on Dixons Carphone reversed the number into a [...]
Joules store closures hurt half-year profit after full-year warning January 21, 2020 Joules revealed a dramatic plunge in profit to just £1.7m today as it took a £6.7m hit to close stores and relocate its head office in the six months to the end of November. The figures Joules booked an 82 per cent drop in profit before tax from £9.3m this time last year to just [...]
Matalan suffers sales and profit drop in challenging retail environment January 20, 2020 Budget retailer Matalan suffered a drop in sales and profit at the end of last year as it fell victim to the challenges facing the UK high street. The clothing and homeware brand said total revenue dropped to £311.7m in the 13 weeks ended 30 November, from £315.6m the previous year, as consumer confidence and [...]