Card Factory delivers sales rise despite challenging consumer market August 13, 2019 Greetings card retailer Card Factory said sales grew 5.5 per cent in the six months to 31 July, despite a “challenging consumer environment”. The company said like-for-like sales were up 1.5 per cent and total group sales up 5.5 per cent. It opened 26 net new UK stores in the period and said it is [...]
City Moves for 12 August – Who’s switching jobs at Autologyx, Diffblue and Troy Asset Management? August 12, 2019 Today’s City Moves includes Autologyx, Diffblue and Troy Asset Management. Autologyx Digital operations platform Autologyx has appointed Sandeep Ram as chief commercial officer to accelerate its expansion. The company has recently secured an additional £1m in funding from its existing investor base. However, with ambitious targets for the next 18 months, Autologyx felt now was [...]
Hot weather helps pubs and restaurants post modest monthly sales growth August 12, 2019 British pubs and restaurant groups enjoyed increased sales in July, as eateries showed signs of recovering from poor trading last summer. Restaurant groups posted a 3.8 per cent increase in like-for-like sales compared to last July, when hot weather and the football World Cup took their toll on business. Read more: Restaurants eat into retailers’ [...]
Physical entertainment sales slump amid shift to streaming August 12, 2019 The physical entertainment market declined by almost a fifth over the last quarter, as the growing popularity of streaming services continues to impact traditional formats. Sales of CDs, DVDs and video games dropped 19 per cent in the 12 weeks to the end of June, as a reduction in shopper numbers was compounded by a [...]
SSE in talks to sell energy retail business to Ovo Energy August 11, 2019 Energy giant SSE is weighing up whether to hive off its 5.7m-customer energy retail business to independent supplier Ovo Energy, in a deal believed to be worth hundreds of millions of pounds. SSE’s energy services arm supplies electricity and gas to households across the UK. It also does maintenance work such as boiler repairs, meter-reading [...]
Soaring temperatures fail to heat up July high street sales August 9, 2019 Soaring temperatures failed to lift high street sales last month but benefited online stores as consumers turned to fast fashion for their heat wave wardrobes. In-store like-for-like sales only increased 0.1 per cent in July as shoppers sheltered from the heat, upping the pressure on retailers as the third quarter continues. Read more: Restaurants eat [...]
Restaurants eat into retailers’ high street share August 8, 2019 Retailers are being edged out of the high street following a spike in change of use requests to convert shops into restaurants. More than a third of change of use applications made to councils last year were to swap retailers for restaurant or takeaways, despite the challenges currently facing the casual dining sector. Read more: [...]
Jack Wills stores at risk as Sports Direct kicks off landlord negotiations August 7, 2019 Sports Direct has begun to negotiate with landlords over rent cuts at Jack Wills stores, which could see some branches marked for closure by the end of this week. Mike Ashley’s company is seeking to slash rents at poor performing branches after acquiring the retailer earlier this week. Stores will be shuttered if a new [...]
Legal & General boosts profit and revenue in first half of 2019 August 7, 2019 Legal & General boosted profit and revenue in the first half of 2019, as it said the UK represents an “enormous opportunity” for its growing pensions market. The figures The insurer saw profit before tax rise 12 per cent year on year to hit £1bn in the six months to June. Earnings per share grew in [...]
Retailers beware, the online shopping revolution isn’t going anywhere August 7, 2019 Another week, another retailer biting the dust. The baked potato specialist Spudulike has closed all 37 of its branches, with a loss of nearly 300 jobs. Shopping centres are undergoing a sudden and dramatic squeeze, with many retailers only able to stay in business if granted a dramatic rent reduction. Last week, Intu Properties, owners [...]