UK economy grows at fastest rate in two years but longer term growth subdued November 9, 2018 The UK economy grew at its fastest rate in two years in the three months to September after a strong summer. GDP grew by 0.6 per cent in the third quarter of the year, up from 0.4 per cent in the three months to July, the quickest economic expansion since the end of 2016, according [...]
Game Digital narrows losses as it chases high margins with e-sports venture November 8, 2018 Game Digital narrowed its losses but still saw sales fall in its full year results published today. The figures Revenue came in flat ar £782.3m in the year to the end of July, while the video game retailer made a loss before tax of £7.4m, 26 per cent better than 2017's £10m, as the retailer bumped up cash [...]
Halfords profits fall 23 per cent but sales rise in challenging environment November 8, 2018 Halfords profits dropped 23 per cent in the first half of the year as it launched a new strategy but sales rose amid a "challenging" environment. The figures Halfords reported a pre-tax profit of £28.2m for the six months to 28 September – a 23 per cent drop on the same period in 2017. Excluding [...]
Autotrader profits zoom ahead as advertising spend accelerates November 8, 2018 Autotrader stepped it up a gear in its half-year results today, with profits speeding ahead despite an industry-wide lull in car sales. The figures Revenue was up seven per cent year on year to £176.8m for the six months to the end of September, compared to £165m the same period the year before. Profit before [...]
Sainsbury’s sees rising sales despite ‘uncertain’ outlook November 8, 2018 Sainsbury’s posted growth in underlying profit for its half-year results today, despite highlighting an 'uncertain' outlook ahead of the Christmas spending period. The figures Like-for-like sales climbed 0.6 per cent year on year during the six months, rising from the 0.2 per cent growth it reported for the first quarter of the year. That helped revenue hit £16.8bn, up [...]
Shareholders need to hear more than just contrition if they are to believe in the future of M&S November 8, 2018 Another day, another bleak set of results from a struggling high street retailer. This time it was the turn of M&S to take centre stage, reporting falling food and fashion sales and pledging to leave “no stone unturned” in its bid to restructure the business. Blighted by rising costs, more competition, and major changes in [...]
Mulberry widens losses after taking £2.1m hit on House of Fraser collapse November 7, 2018 Luxury handbag maker Mulberry widened losses in the first six months of the year following the collapse of House of Fraser. The figures Total revenue for the six months to the end of September was £68.3m, eight per cent down on the previous year. It reported an underlying pre-tax loss of £3.6m, compared with a [...]
Hammond’s digital tax is an illogical game of whack-a-mole November 7, 2018 The introduction of a new digital services tax was the most depressingly inevitable part of Philip Hammond’s Budget speech last week. Years of pressure from a pincer movement of corporate tax moralists and traditional retailers have paid off. Starting in April 2020, profitable digital businesses with £500m in global revenues would face a two per cent [...]
‘Grim reading’: Marks & Spencer sales keep falling as it rethinks food and clothing brands November 7, 2018 Same-store sales at Marks & Spencer’s food and clothing divisions both fell as it told investors it expects “little improvement” in the months ahead. The figures M&S revenue declined 3.1 per cent year on year to £4.96bn in the six months to the end of September. Clothing and home division revenue dropped 2.7 per cent due [...]
Primark stays cheerful despite headaches on the UK high street November 6, 2018 Associated British Foods, owner of Primark, blamed “unseasonable weather” for a slide in the high-street retailer’s sales across Europe. Sales dropped by 2.1 per cent for the year to 15 September at stores open more than 12 months. The decline compared with a one per cent increase for the previous year. With 2018 generally bringing [...]