Intu share price crashes as it cancels dividend amid mounting losses July 31, 2019 Intu’s shares plummeted this morning as it cancelled its dividend and fell to an almost £900m loss for the first six months of 2019. The retail landlord admitted there were “no quick fixes” as it blamed the wider retail collapse for its property woes. Read more: JP Morgan downgrades shopping centre landlord Intu Instead it [...]
Next leads FTSE 100 as it ups profit forecast after sales boost July 31, 2019 High street retailer Next announced this morning it expects to make more profit this year than previously forecast after a boost in full price sales. Shares in the company rose more than seven per cent this morning as it increased its full year profit guidance by £10m to £725m, a boost of 0.3 per cent [...]
Travis Perkins confirms Wickes demerger plans July 31, 2019 Travis Perkins has confirmed that it is planning to spin-off DIY retailer Wickes as the builders merchant revealed it made a profit in its half-year results. Read more: Travis Perkins accelerates plans to sell Wickes The figures Like-for-like revenue grew eight per cent to £2.7bn. Operating profit was £64m in the six months to 30 [...]
Co-op follows in footsteps of Amazon Go with ‘pay-in-aisle’ service July 31, 2019 The Co-op is trialling a new ‘pay-in-aisle’ plan that will allow customers to scan and buy for their products as they shop. The supermarket chain has teamed up with payment software firm ACI Worldwide to bring in the new system across 30 Co-op food stores in England, Scotland and Wales by early next month. Customers [...]
Nintendo switches it up in profit loss July 30, 2019 Japanese video game manufacturer Nintendo has announced a 10 per cent decline in its quarterly profit. The decline comes amid a troubling period for Nintendo’s older consoles, with the Kyoto-based company aware of the declining sales of the Nintendo 3DS, whose hardware and software sales have fallen almost 50 per cent year-on-year. Nintendo’s net revenue [...]
Ralph Lauren revenue rises after social media marketing boost July 30, 2019 Ralph Lauren today posted a modest rise in revenue in the first quarter, after bumper marketing campaigns helped drive trading among younger shoppers. The luxury retailer reported a three per cent rise in revenue to $1.4bn (£1.2bn) in the three months to the end of June, while net profit rose to $117m from $109m in [...]
Could this be the biggest monetary policy meeting in years? July 30, 2019 The Federal Open Market Committee (FOMC) begin a two-day policy meeting today, the results of which are the most hotly anticipated in a long time. The market consensus is they’ll cut rates, but how likely is that? Stocks are currently at record higher, based on a certainty that short-term interest rates will be cut for [...]
Games Workshop posts best ever results July 30, 2019 Games Workshop posted record-breaking results for the third consecutive year this morning after seeing revenue and profits soar. The figures Revenue in the 12 months to 2 June this year was £256.5m, up from £221.3m last year. Profit before tax was £81.32m, rising from £74.2m the previous year. The games retailer reported that earnings per [...]
UK mortgage approvals rise but consumer lending slows July 29, 2019 Britain’s housing market received a modest lift in June as mortgage approvals increased by more than analysts had expected, Bank of England figures showed today. Read more: UK mortgage approvals hit two-year high following Brexit extension Annual lending growth to UK consumers slowed from 5.7 per cent in May to 5.5 per cent in June, [...]
Hammerson makes £423m sale but retail troubles take a chunk out of income July 29, 2019 Hammerson this morning announced it has sold a 75 per cent stake in Parisian shopping centre Italie Deux for £423m. The retail property giant said the deal with Axa Investment Managers brought it to more than 90 per cent of its annual £500m disposal target. Hammerson also released its half-year results this morning. It reported [...]