M&S finance boss heads for the exit September 22, 2019 Marks & Spencer has confirmed it is parting ways with its finance chief less than two years after he took on the role. The retail giant’s group chief financial officer Humphrey Singer is leaving the business in the latest high-profile departure to rock the company. Read more: UK retail sales unexpectedly fall in August Coming [...]
Why M&S’ relegation from the FTSE 100 doesn’t mean the death of the High Street September 20, 2019 Marks and Spencer (M&S) is set to be relegated from the FTSE 100 after the close of business today. This will be the first time that the company has lost its blue chip status. The UK retailer was a founder member of the FTSE 100 and a stalwart of the UK High Street. But its [...]
British Airways and the pilot strike: Are shared profits schemes the answer? September 20, 2019 British Airways’ operations ground to a halt last week due to a pilots’ strike. The airline’s flight crews argued that they should be rewarded with a cut of the company’s rising profits, having previously taken hits to their pay when BA struggled. While the pilots have called off a strike due to take place on [...]
UK retail sales unexpectedly fall in August September 19, 2019 UK retail sales fell in August as British shoppers bought fewer goods than in July, defying expectations of zero growth in a worrying sign for the UK economy. Read more: Cheaper computer games drag down UK inflation to three-year low The quantity of goods bought in August fell by 0.2 per cent month on month [...]
Saga profits slump as travel business wanes September 19, 2019 Saga posted a sharp fall in profits during the first half of this year, as challenges in its travel business dragged down the over-50s tourism and insurance giant. Pre-tax profits at the firm tumbled year-on-year by more than 50 per cent from £109.7m to £52.8m. Read more: Lloyd’s of London bosses ‘devastated’ at company misconduct [...]
Next defies retail gloom with rise in profits but shares fall on weak start to autumn trading September 19, 2019 Next reported a rise in pre-tax profits and sales this morning, as the retailer shrugged off tough trading conditions on the high street during the first half of 2019. The group’s share price dropped four per cent in morning trading after it flagged a weak start to the autumn season as a result of the [...]
Profits slide and sales wane at B&Q owner Kingfisher September 18, 2019 Kingfisher reported falling profits and sales this morning as its struggling B&Q chain held back the firm’s turnaround efforts. Pre-tax profits at the group hit £245m in the first half of 2019, falling from £280m in the same period a year ago. Read more: Retail footfall drops again Blaming “disappointing” performances in its core UK [...]
Sainsbury’s outperforms big four rivals September 17, 2019 Sainsbury’s was the best performing of the big four supermarkets, according to industry data for the latest 12 week period, as the UK grocery market returned to growth. The supermarket saw sales dip 0.1 per cent in the 12 weeks to 8 September. Read more: Aldi targets London expansion as profit falls Rival grocers Tesco. [...]
Ocado sales growth accelerates after Andover fire recovery September 17, 2019 Online supermarket Ocado reported accelerating growth in the third quarter after it secured an additional warehouse following a fire at the firm’s Andover site. Retail revenue increased 11.4 per cent to £386.3m in the 13 weeks to 1 September, the company reported in a trading update this morning. Read more: Firefighters put out blaze at [...]
French Connection: Sale talks ‘ongoing’ as losses narrow September 17, 2019 French Connection has said that sale talks are ongoing, as the embattled fashion chain posted narrowing losses and a fall in revenue this morning. Shares fell 12.37 per cent after the retailer announced it is extending a strategic review into the business amid continued discussions over the future of the struggling business, which has been [...]