Shocktober: Seven charts that tell the story of the stock market’s worst month in six years November 6, 2018 World stock markets fell 7.4 per cent in October as investors fretted about issues such as US-China trade tensions, European political uncertainty and the end of quantitative easing. The sell-off made it the worst monthly performance for stocks globally in the last six years and it’s the tenth worst in the last decade, as measured by the [...]
Boohoo shares soar as sales nearly double after “exceptional performance” from PrettyLittleThing November 6, 2018 There may be ongoing high street pain for a number of retailers, but online troubles are few and far between for fashion chain Boohoo. It hailed "an exceptional performance" from PrettyLittleThing, which it has been integrating into the Boohoo group, while its acquisition of US fashion label Nasty Gal exceeded estimates in its first year. [...]
Cost cutting helps New Look slow decline in like-for-like sales after China exit November 6, 2018 Retailer New Look slowed its decline in like-for-like sales amid challenging conditions on the high street, it said this morning. The company has said it will consider its position in markets abroad following a decision to pull out of China by the end of the year. In the UK, New Look is closing 85 stores, [...]
Festival goers give boost to consumer spending November 6, 2018 Music lovers snapping up tickets to Glastonbury Festival helped drive consumer spending during October, compensating for a continued slump in activity on Britain’s high streets. Industry data out today shows that consumer spending hit 4.4 per cent annual growth last month, marking a modest rise from September when purchasing hit a five-month low of 3.9 per [...]
Sugar business misses the sweet spot as eyes turn to Primark November 6, 2018 Primark has today been pinned as next year's source of growth for its owner Associated British Foods (ABF), which is looking to fill a gap left by falling profits from its sugar arm. ABF is hoping that expansion of Primark’s selling space will help deliver expected earnings per share next year, in a bid to [...]
William Hill predicts lower profit for 2018 as regulation offsets US expansion November 6, 2018 Betting firm William Hill today predicted lower full-year profits for 2018, despite efforts to take advantage of the legalisation of sports gambling in many states in the US. Operating profit is predicted to come in between £225m and £245m by the end of the year, compared to operating profit of £291.3m for 2017. The firm's [...]
Morrisons reports rising sales despite slowdown after summer of hot weather and World Cup November 6, 2018 Sales at Morrisons climbed more than five per cent in the third quarter of 2018, although the supermarket chain reported an expected slowdown in growth after a bumper summer bolstered by hot weather and the World Cup. Shares fell more than four per cent in early morning trading. Morrisons posted a 5.6 percent rise in quarterly [...]
German budget supermarket chain Lidl boosts wages for UK employees November 6, 2018 German budget supermarket Lidl will boost wages for thousands of its workers in the UK, it said yesterday. Lidl said entry-level wages will increase from £8.75 an hour to £9 an hour outside of London and from £10.20 to £10.55 an hour within the capital. The increase will come into effect from 1 March next year, [...]
Made in Britain: The entrepreneur helping UK firms realise their exporting ambitions in Asia November 5, 2018 I am at the National Liberal Club in London. Everything about this place – from the smoking room to the 1915 portrait of Winston Churchill – screams old-world British at me. And there’s nothing coincidental about Siddharth Shankar’s choice of meeting place. Surrounded by empty chesterfield sofas, Shankar seems to be in his element – [...]
No bumps in the road expected for Halfords despite retail gloom November 4, 2018 Bicycle and car maintenance retailer Halfords is expected to report that business is running as usual in its half-year results next week, despite many other retail stores being negatively affected by this year's unusually long hot weather. The retailer is expected to remain on track for its full-year profit guidance, which will be broadly in line [...]