Surge in travel sales gives WH Smith Christmas treat despite high street slump January 23, 2019 WH Smith posted a rise in sales over the crucial Christmas trading season, after the retailer benefited from a rise in travel sales as it continues to move its focus from high streets to airports and train stations. The figures Total sales were up six per cent in the 20 weeks to 19 January. In [...]
Ebay shares spike as Elliott reveals stake and demands Stubhub spin-off January 22, 2019 Activist investor Elliott Management has revealed it has amassed a stake in Ebay worth roughly $1.4bn (£1.1bn), causing the retailer's share price to spike. In an open letter, Elliott urged Ebay to spin off or sell its ticket-sales franchise Stubhub and its classified ads business. It said Ebay could more than double its market value [...]
Dixons Carphone enjoys gaming boost but signals more trouble in mobile market January 22, 2019 Dixons Carphone retained its full-year profit guidance this morning as a surge in gaming and super-size TV sales over the crucial Christmas trading period helped counter a persistent slump in demand for postpaid mobile phones. Buoyed by foreign demand from markets such as Sweden, Denmark and Greece, the FTSE 250 kept its profit guidance of roughly [...]
House of Fraser suffers 60 per cent sales drop in run-up to Christmas January 21, 2019 House of Fraser has reportedly suffered a dive in sales over the crucial Christmas trading season, in a fresh sign of the woes facing the beleaguered department store chain. Year-on-year sales plunged 60 per cent in the 12 weeks to 18 December, according to Kantar Worldpanel figures reported in The Sunday Telegraph. It is the [...]
Chinese economy grew at slowest rate since 1990 in 2018 as hopes for US trade deal persist January 21, 2019 China’s economy grew at its slowest rate since 1990 in 2018 as demand lessened and trade tariffs imposed by the US continued to bite. GDP growth eased to 6.4 per cent from 6.5 per cent in the third quarter, the National Bureau of Statistics said today, dragging full-year growth to 6.6 per cent, the slowest [...]
Mountain Warehouse on track for bumper year of profits as Christmas and Black Friday sales climb January 21, 2019 Outdoor clothing retailer Mountain Warehouse said this morning that it was on course for record full-year profits after reporting a bumper Black Friday and Christmas trading performance. The firm defied the swathe of poor trading results among its retail peers today after saying that sales jumped nearly 12 per cent to £84.7m in the 13 weeks to [...]
William Hill confirms lower 2018 profits as it comes close to securing £242m Mr Green & Co purchase January 21, 2019 William Hill today confirmed a likely fall in profits for 2018, revealing its bottom line will be 15 per cent down on the year before. Shares dipped by 2.6 per cent in early trading today after falling five per cent when the betting firm first warned of the profit drop last November. Read more: William [...]
Philip Green closes 210 Arcadia stores over two years January 20, 2019 Arcadia boss Philip Green has closed 210 stores over the last two years, representing around a fifth of his UK retail empire. The tycoon allowed the leases to run out on individual stores instead of renewing them during an ongoing battle with falling sales and increasing property costs, the Sunday Telegraph reported. A total of 62 [...]
Profit warnings by UK retailers at the highest level since Global Financial Crisis January 20, 2019 The number of UK retailers issuing profit warnings reached a ten year high last year as the sector endured a torrid twelve months, according to data from accounting giant EY. Data showed that 38 per cent of FTSE general retailers issued profit warnings in 2018, a 50 per cent increase on the previous year and [...]
John Major urges Prime Minister May to ditch red lines on Brexit negotiations January 19, 2019 Former Conservative prime minister John Major has urged Theresa May to drop her so called red lines on Brexit negotiations and let parliament find a way to avoid a no deal scenario. Major said: “Her deal is dead and I don’t think honestly that tinkering with it is going to make very much difference if [...]