Next sees ‘no evidence’ for Brexit hurting sales despite profit dip as it warns of ‘challenging’ 2019 March 21, 2019 Profits slipped at Next last year, the high street stalwart said today as it warned the outlook for the high street will remain “challenging” in 2019. However, it said Brexit is not a factor, with boss Lord Simon Wolfson saying there is “no evidence that this uncertainty is affecting consumer behaviour”. Read more: Next shares [...]
Profits plunge 26 per cent at Ted Baker after ‘difficult’ year March 21, 2019 Profits fell at Ted Baker last year for the first time since the financial crisis as the company faced “very difficult trading conditions” in a year when harassment claims dogged its chief executive. The figures Profits before tax at the menswear retailer dropped by 26 per cent to £51m even as revenue increased 4.4 per [...]
Record label income grows amid rise in streaming subscriptions March 21, 2019 UK recorded music revenues rose more than three per cent last year as the popularity of streaming services shows no signs of slowing. New figures from trade body BPI revealed record label revenues hit £865.5m in 2018, the highest level in almost a decade. Read more: Music streaming revenues overtake ownership for the first time [...]
Analysts expect outward looking Federal Reserve to keep rates on hold March 20, 2019 The US’s central bank is widely expected to leave interest rates on hold today when it announces its decision at 6pm UK time, with analysts predicting limited market reaction. Analysts also expect the Federal Reserve’s Federal Open Market Committee (FOMC) to give a date by which it will have ended “winding down” of its balance sheet. [...]
Ten Entertainment to target London in bowling alley expansion plan March 20, 2019 Ten Entertainment is targeting expansion within London as the bowling alley chain looks to increase its presence within city centres. The owner of the Tenpin brand is considering establishing a presence in urban areas in a move away from its traditional focus on out-of-town retail parks, chief executive Duncan Garrood told City A.M. Read more: [...]
Hermes bags profit boost as demand from Asia drives surge in sales March 20, 2019 Luxury bag maker Hermes has posted double-digit profit growth for the full year as rising demand in Asia helped boost sales across all business lines. Read more: Asos confident on full-year targets despite 'challenging' markets The figures Hermes’ net profit rose 15 per cent to €1.4bn (£1.2bn). Consolidated revenue was up 7.5 per cent to [...]
B&Q owner Kingfisher’s boss to depart as profits slump and stores close March 20, 2019 Kingfisher announced the surprise departure of its chief executive this morning, as a swathe of store closures and a double-digit drop in profits puts mounting pressure on the embattled DIY group. Read more: B&Q owner Kingfisher plans foreign market exit as French sales drag Veronique Laury, who is currently one of six female chief executives in the [...]
Shareholder advisory firm opposes Superdry co-founder’s bid to return to board March 19, 2019 Influential shareholder advisory firm ISS has recommended Superdry investors vote against co-founder and former chief executive Julian Dunkerton’s reinstatement to the board. ISS also urged shareholders to oppose the appointment of Dunkerton’s ally and Boohoo chairman Peter Williams to the board at a meeting on 2 April. Read more: Superdry ‘supercharged’: Founder unveils bid for [...]
ScS boosts sales as it warns on ‘challenging’ Brexit retail environment March 19, 2019 Furniture and floorings retailer ScS bucked the retail industry's downward trend by boosting revenue with an online sales push and a move towards lower-priced furniture in its half-year results today. The figures Revenue rose 1.1 per cent year on year to £151.4m in the six months to the end of January. Gross sales increased 1.2 percent [...]
Stationery chain Office Outlet falls into administration March 19, 2019 Office Outlet, the stationery retailer formerly belonging to Staples, has collapsed into administration, putting 1,000 jobs at risk. In the latest sign of industry stress on Britain's high streets, the retailer yesterday drafted in administrators from accountancy firm Deloitte, throwing the future of 1,000 jobs and 90 stores into doubt. The stationary giant approved a controversial restructuring [...]