Primark demands rent cuts after rivals secure insolvency boost July 28, 2019 Primark is said to be demanding rent cuts on dozens of stores as it looks to keep up with struggling rivals that have cut costs through insolvency procedures. The fashion chain is asking landlords to slash rent by 30 per cent on stores where the leases have several years remaining, and is offering lease extensions [...]
Sports Direct hit by £605m Belgian tax bill and ‘terminal’ House of Fraser problems July 27, 2019 As Sports Direct finally released its financial results yesterday following the close of the market, Mike Ashley admitted it may have been a mistake to buy House of Fraser last year. The sporting goods retailer delayed announcing its results, which are usually released before the market opens at the start of the day, on three [...]
ii view: Sales boom at Amazon, but so do costs July 26, 2019 By Keith Bowman from interactive investor. Rising costs and disappointing profits overshadow further sales growth at the online retailer. Second-quarter results to 30 June 2019 Net sales up 20 per cent to $63.4 Operating income up 3.3 per cent to $3.1 billion Diluted earnings per share up 3 per cent to $5.22 Chief executive Jeff Bezos said: “Customers [...]
Mothercare share price slumps as retailer warns on profits July 26, 2019 Mothercare today warned that profits will not grow this year as “fragile” consumer confidence and political uncertainty hurt the retailer. Shares fell sharply on the news, down 8.9 per cent to just 18p, as investors sold out of the struggling high street store. Read more: Mothercare in talks to spin off struggling UK stores The [...]
Retail sales decline for longest stretch in eight years July 25, 2019 Retail sales have fallen for the longest period in eight years, new research has revealed, in the latest sign of gloom on the high street. Sales volumes fell for the third consecutive month in the year to July, marking the longest decline since 2011, according to the latest CBI monthly Distributive Trades Survey. Read more: [...]
After Facebook, what to expect from Amazon and Alphabet earnings? July 25, 2019 Facebook delivered a beat to earnings forecasts, but with the US Department of Justice launching an investigation can Big Tech continue to deliver for shareholders? Results from Facebook were even better than expected, showing that it continues to drive user growth and ad revenue growth. Facebook is still loved by advertisers. Remember it’s not just Facebook [...]
Demand for retail property in London falls as sector’s woes continue July 25, 2019 Demand for retail property continued to fall across London in the second quarter of the year and is now approaching financial crisis-level lows, according to a new survey. Read more: UK retail industry battles ‘toughest ever’ trading conditions Meanwhile, demand from overseas investors has also continued to drop as Brexit looms, showed the latest commercial [...]
More than 70,000 retail jobs lost amid high street struggles July 25, 2019 More than 70,000 retail jobs were lost over the last year as high street stores battle slowing sales and changing consumer habits. The total number of employees fell by 2.3 per cent in the second quarter, amounting to around 72,000 jobs being lost year-on year. Read more: Joules defies retail anguish with growth across the [...]
Retailers and bar chains set to cash in on heatwave July 24, 2019 This week’s heat wave could prove a bonus for retailers and pub chains which have struggled this year in comparison with 2018’s glorious summer. Temperatures tomorrow could smash the UK record for the hottest day ever with the Met Office predicting the mercury could rise to a maximum of 39℃. Russ Mould, investment director at [...]
Competition watchdog kicks off probe into JD Sports’ Footasylum acquisition July 24, 2019 The competition watchdog has kicked off its probe into JD Sports’ acquisition of Footasylum. JD Sports bought the remaining shares in the footwear retailer in a deal worth £90m in March this year, with shareholders approving the sale the following month. Read more: JD Sports on track to meet profit expectations However, the Competition and [...]