Lookers shares slump as it warns profit will halve November 1, 2019 Troubled car company Lookers gave the City a double-whammy of surprises this morning after revealing two senior departures and worse-than-expected profit forecasts. Profits are expected to more than halve this year to roughly £20m, falling significantly below City estimates. Read more: Treasury committee urges reform of ‘broken’ business rates system The London-listed motor retail group, [...]
All Saints back in black after non-retail boost October 31, 2019 Fashion retailer All Saints returned to profit in its latest full-year results after increasing focus on its wholesale and licensing businesses. Operating profit in the 12 months to 2 February was £3.6m, up from a loss of £6.2m the previous year. Read more: All Saints profits hit by retail storm The east London-based company reported [...]
Hong Kong falls into recession amid ongoing unrest October 31, 2019 Hong Kong has officially entered a recession for the first time in a decade after the its economy contracted for a second successive quarter, as the territory prepares for Halloween protests. The financial hub’s economy shrank by 3.2 per cent in the three months to the end of September, much more than the 0.6 per [...]
Treasury committee urges reform of ‘broken’ business rates system October 31, 2019 Calls for the government to rethink its business rates system are being made in the run-up to the general election, with politicians and businesses urging reform amid mounting pressure on Britain’s high streets. An influential group of MPs has asked the government to examine alternatives to the controversial property tax, which generated more than £30bn [...]
HSBC-backed fintech Bud to re-focus product stream after restructuring October 31, 2019 A fintech startup backed by HSBC is to open up its software to businesses outside of banking, as part of a restructuring of the business that included a swathe of lay-offs. Bud, which passes financial data made available through Open Banking legislation to banks in order to help them innovate, will now make its platform [...]
Next sales beat guidance, but store performance worries investors October 30, 2019 Next sales beat guidance in the retailer’s third quarter with a two per cent rise, it revealed today. However, retail sales dropped 6.3 per cent in the three months to the end of October, saved by a 9.7 per cent increase in online revenue. Read more: Next defies retail gloom with rise in profits Warm [...]
FTSE 100 dragged down by Brexit delay ahead of general election vote October 29, 2019 The FTSE 100 edged down this morning as Brexit uncertainty lingered over the City. European markets opened flat today, but UK traders took a more cautious approach ahead of another crucial day of voting in Parliament. London’s blue-chip index fell by 0.5 per cent to roughly 7,297 points, while the Dax was down by 0.2 [...]
Hammerson consults shareholders over executive pay concerns October 28, 2019 Property developer Hammerson is continuing to consult shareholders after two resolutions, including its remuneration report, faced investor backlash at the company’s latest annual meeting. The shopping centre landlord, which owns Birmingham’s Bullring, said that the remuneration report was approved by shareholders, but noted that 29.7 per cent of the votes were against the policy. Read [...]
Retail stockpiling soars on Brexit uncertainty October 28, 2019 Retail stock levels in relation to expected sales soared to record levels this month as high street stores prepared for the crucial Christmas trading period and potential Brexit related disruption. The spike in stock adequacy, which reached the highest level since records began in 1983, came as retail sales declined for the six consecutive month. [...]
Online retail acquisitions rise with high streets in decline October 28, 2019 The number of mergers and acquisitions (M&A) among online retailers rose markedly in 2019, new analysis has shown, as companies faced shareholder pressure to boost their web-based sales. Read more: Major UK retailers suffer plunging profit margins The number of M&A deals among UK online retailers rose to 12 in the year to June, City-based [...]