J. Crew chief executive steps down despite successful relaunch November 18, 2018 The chief executive of clothing brand J. Crew is stepping down after just 17 months in the role, the company said yesterday. James Brett, who joined the retailer in July last year, will step down with immediate effect after reaching a mutual agreement with the board of directors. Brett had been at the forefront of [...]
Brexit live blog: Prime Minister Theresa May defies rebels, saying she will carry on in ‘national interest’ November 15, 2018 Welcome to City A.M.’s live blog – we’re keeping an eye on the breaking Brexit News today. Refresh the page occasionally for updates. 10:29pm – City A.M.: May’s ‘Not out’ Things have stayed quiet for some time now, and despite the occasional rumble, it looks like we’ll have to wait until tomorrow to hear more. Looking [...]
Property firm Crosstree buys Edmonton Green shopping centre for £72m November 15, 2018 Real estate firm Crosstree has bought Edmonton Green Shopping Centre in north London for £72m, the company said today. The property firm, which co-owns retail space in the O2 arena, said it has exchanged contracts with owners St. Modwen for the 495,000 square feet (sq ft) shopping centre in Edmonton. The shopping centre, which sits on [...]
Debenhams shares rebound as wider retail sector suffers in October November 15, 2018 Shares in embattled department store chain Debenhams have rebounded this afternoon after suffering its biggest single day loss in a decade yesterday. Its share price was up 18 per cent to 6.2p having fallen to a low of 4.6p earlier in the day – a 40 per cent drop since Friday. A number of high [...]
Card Factory posts higher revenues despite ‘challenging’ high street conditions November 15, 2018 Card Factory shares slipped today as high street sales stayed flat year on year for the nine months to October, despite the high street retailer enjoying an online boost. Group revenue grew by 3.4 per cent year on year for the period, but like-for-like sales stayed flat compared to the first nine months of 2017. Card [...]
Debenhams shares continue to plunge on supplier woes in the run-up to Christmas November 15, 2018 Shares in embattled department store chain Debenhams have continued to plunge this morning on reports of supplier troubles in the run-up to Christmas. A number of high street suppliers have stopped working with the Debenhams after credit insurers reduced protection for suppliers, trade magazine Drapers reported. Its share price has dropped close to nine per cent this [...]
Retail sales slow in October as consumers hold off buying winter clothes November 15, 2018 Retail sales fell 0.5 per cent last month to six-month low, missing expectations from economists that they would rise by 0.2 per cent. The latest data from the Office for National Statistics (ONS) shows that in the three months to October 2018, retail sales increased by 0.4 per cent compared with the previous three months. This represents a [...]
Macy’s raises outlook after delivering strong third quarter results November 14, 2018 Macy’s said it is “gaining momentum and delivering results”, after boosting its sales and profit guidance for the holiday period following solid results born out of the booming US economy. The department store chain says like-for-like sales rise by 3.3 per cent in the third quarter, with income more than doubling from $30m (£23.12) to $62m [...]
British Land swings to £42m loss as challenging retail market hits portfolio value November 14, 2018 British Land has swung to a £42m pre-tax loss as its retail portfolio value fell 4.5 per cent due to the “challenging” market. The FTSE 100 property company, which owns shopping centres, supermarkets, high street stores, offices and residential properties, said its retail portfolio fell £307m to £6.3bn in the first half of the year. [...]
SSE blames high gas prices for 40 per cent collapse in profits November 14, 2018 SSE saw profits suffer a 41 per cent drop this morning, driven by “persistently high” gas prices, as the energy firm cast doubt over its merger with rival Npower. The figures Adjusted pre-tax profits were down 40.9 per cent year on year to £246.4m in the six months to the end of September, the company announced [...]