Hong Kong economy grows less than expected as recession fears hit August 16, 2019 Hong Kong’s economy grew less than expected at just 0.5 per cent year-on-year for the second quarter, the government revealed on Friday. It comes amid growing tensions between the US and China as the trade war rumbles on and on the back of continued unrest in the financial hub, igniting fears it could tip into [...]
Shares in Kate Spade owner Tapestry plunge on disappointing results August 15, 2019 Shares in the fashion house behind Kate Spade dropped more than 20 per cent today after it posted a surprise fall in revenue and profit for the quarter. Tapestry reported net profit of $148.9m (£122.8m) in the three months to the end of June. Net sales rose two per cent to $1.51bn, but fell short [...]
Markets drop as US and China enter fierce war of words August 15, 2019 A fierce war of words between China and the US broke out today after Beijing vowed to strike back over the 10 per cent tariffs the Trump administration is set to apply to $300bn of Chinese goods. Read more: Recession warning lights flash red as US and UK ‘yield curves’ invert China’s finance ministry said [...]
Weak Asda sales drive down Walmart’s international income August 15, 2019 Slow sales at Asda and other non-US retailers owned by Walmart have driven down the corporation’s international operating income by almost 30 per cent in the second quarter. In second quarter results released today, Walmart said that overall operating income was also down 2.9 per cent, as it lowered international sales growth guidance. Revenue was [...]
Alibaba beats expectations as revenues surge August 15, 2019 Chinese online shopping giant Alibaba trumped market expectations this afternoon, providing some relief for Asian investors in a week that has seen markets rocked by the US-China trade war and fears of a global recession. The retail group posted better-than-expected quarterly results after revenues from its cloud and e-commerce operations surged, sending shares up more [...]
UK retail sales get surprise boost in July from stay-at-home shoppers August 15, 2019 British shoppers bought more than expected in July, the Office for National Statistics (ONS) said today, in a sign that consumer spending could help the UK economy escape recession in the third quarter. Read more: BRC: July 2019 worst on record for retail sales growth The 0.2 per cent increase in the quantity of retail [...]
City grandee Michael Spencer tables bid for Naked wine dealer Lay & Wheeler August 14, 2019 City bigwig Michael Spencer is said to have tabled a bid for Lay & Wheeler (L&W), a fine wine merchant set to be sold by Naked Wines. BI Wine & Spirits, which is chaired and part-owned by Spencer, is among interested buyers circling the luxury merchant, Sky News reported. Read more: Naked Wines hopes US [...]
Canada Goose shares drop as lightweight clothes hurt margins August 14, 2019 Canada Goose has reported a slip in its gross margin for the first quarter as it increased sales of its less profitable lightweight clothes. Read more: July 2019 worst on record for retail sales growth The Toronto based firm, best known for its luxury parka jackets, increased its revenue by 59 per cent to CA$71.1m [...]
Steinhoff to sell off assets in bid to cut debt pile August 13, 2019 Embattled global retailer Steinhoff said today that it will sell off assets in the wake of a $7bn (£5.8bn) accountancy scandal. In a bid to slash its debt pile, the troubled South African giant revealed plans to slim down into a retail-focused investment holding company. Read more: Restaurants eat into retailers’ high street share Chief [...]
Back of the net: Watches of Switzerland hails demand for sport products as sales tick up August 13, 2019 The return of the Premier League season has put a smile on many faces, but none more so than Watches of Switzerland, the UK’s biggest seller of Rolex watches. The newly-listed luxury retailer, which reported a double-digit rise in revenue this morning, has hailed an increased appetite for sport watches for its recent sales growth. [...]