Topshop bottom up as it flounders in rough retail space September 12, 2019 Topshop and Topman sprung a leak in Philip Green’s pocket last year, as its parent company said it had faced a year of stiff competition. Loss before tax at the clothes retailer grew to £505m in the financial year ending 1 September last year. It was a strong rise from 2017’s much less damaging £3.8m [...]
John Lewis swings to a loss and flags no-deal Brexit fears September 12, 2019 Troubled high street chain John Lewis reported its first-ever half-year loss this morning, striking a gloomy tone amid fears of a no-deal Brexit. The retail giant, which owns both John Lewis department stores and Waitrose, warned that leaving the European Union without a deal would have a “significant” impact on the group. Read more: Retail [...]
Zara owner Inditex reports strong growth in first half September 11, 2019 Zara owner Inditex – the world’s biggest retailer – reported strong profit and sales growth in the first half. The retail giant, which also owns brands including Bershka and Massimo Dutti, reported net profit of €1.55bn for the six months to 31 July. Read more: Zara owner Inditex boosts sales with rapid online expansion Sales [...]
New Look sales drop due to ‘unseasonable’ weather September 11, 2019 New Look sales plunged in the first quarter as the retailer battled challenging high street conditions. The figures Core like-for-like sales were down 10.1 per cent, which the company blamed on lower footfall due to “highly unseasonable weather” and consumer uncertainty. Read more: New Look posts £500m loss as turnaround continues Total revenue was £238.3m in [...]
Warehouse and Oasis staff face redundancy as retailer cuts costs September 10, 2019 Warehouse and Oasis staff are under threat of redundancy as the retailer attempts to slash costs in a further blow for the struggling UK high street. Staff have been told their hours could be cut, in some cases by up to half, with some senior store positions demoted to sales advisor roles, City A.M. understands. [...]
Investment in vegetarian firm helps Hilton Food serve up higher profit September 10, 2019 Food processing and packaging firm Hilton Food Group has reported increased profit for the first half, helped by a deal with a manufacturer of vegetarian and vegan foods. The figures Hilton reported a 10.6 per cent increase in profit before tax for the first half of 2019. Revenue grew 5.6 per cent to £912.1m – [...]
JD Sports revenue growth defies high street gloom as it calls for ‘fairness’ on leases September 10, 2019 JD Sports has posted a sharp rise in revenue and profit for the half year, as it called for “fairness” on its leases amid gloomy conditions on the high street. Read more: Competition watchdog kicks off probe into JD Sports Footasylum acquisition The figures Revenue soared 47 per cent to £2.7bn in the 26 weeks [...]
Keep the customer satisfied September 9, 2019 Everyone is looking for the secret to success in business. Perhaps they always have been; Dale Carnegie was writing self-help books for what we’d now call entrepreneurs in the 1930s. There’s an inevitable tension between the idea that there are universal lessons or tips, and that each business venture is unique and entirely of its [...]
Ferrari powers ahead with two new models as firm chases profit boost September 9, 2019 Italian supercar manufacturer Ferrari lifted the lid on two new cars today as it pushes on with an aggressive roll-out plan designed to keep its recent profit and share price growth in top gear. The so-called prancing horse, long a motor racing icon and household name in luxury cars, unveiled the F8 Spider and 812 [...]
Sports Direct’s Mike Ashley makes move for Links of London September 9, 2019 Retail magnate Mike Ashley is hoping to ramp up his high street spending spree after putting in an offer for troubled jewellery group Links of London. The Sports Direct owner is tabling a bid to snap up the retail outlet, according to Sky News, which has reported that Ashley is one of two final bidders [...]