Marks and Spencer results will reflect the high street’s health November 4, 2018 Results from Marks and Spencer’s clothing range – long the weaker twin to its strong food offering – will be closely watched when the retailer reports on Wednesday, after difficult results for several of its rivals. Consensus estimates from 11 analysts suggest the FTSE 100 firm will post half-year profits before tax of £203m, a [...]
Paddy Power Betfair cashes in on US sales as revenues climb November 2, 2018 Paddy Power Betfair reported rising third-quarter revenues this morning, as new efforts to tap into US markets helped deliver much-needed sales in the wake of challenges closer to home. The bookmaker’s shares edged up two per cent in early morning trading, with revenues hitting £83m in the three months to the end of September, marking a [...]
Sofa, so good: Ikea growth driven forward by deliveries and online November 2, 2018 Ikea grew revenues by almost six per cent in the financial year, as online sales helped expand the top line. The furniture giant grew UK revenues by 5.9 per cent to £1.97bn for the financial year ending August. It increased market share to 8.4 per cent from eight per cent last year. While nearly 60m [...]
Carpetright remains under pressure as store closures mean like-for-like sales ‘remain negative’ November 1, 2018 Low sales have forced British retailer Carpetright to close 67 stores in the first half of the year, it said today. The FTSE 250 firm closed those that failed to reach sale targets, with six further retail sites expected to shut shop by the end of 2018, the company told investors today. Carpetright did not share sales [...]
Will struggling high street retailers survive the crucial Christmas period? November 1, 2018 Trouble came in threes for the high street yesterday. Struggling retailer Mothercare announced hundreds of redundancies as part of its turnaround plan while 600 jobs hang in the balance as high street butchery chain Crawshaw collapsed into administration. Meanwhile, retail bellwether Next’s shares fell eight per cent in early trading as it revealed its sales growth [...]
Kellogg’s cuts expected profit outlook due to high investment costs October 31, 2018 Shares in cereal producer Kellogg's fell 9.6 per cent during pre-market trading to $64.95 this morning after it announced a drop in its full-year profit outlook. Adjusted earnings per share growth was downgraded to seven to eight per cent for the year due to higher costs from increased investment across the business. Reuters reported that analysts [...]
Telefonica raises growth forecast after O2 posts strong customer numbers October 31, 2018 Strong performance from UK mobile operator O2 led owner has helped Telefonica double its growth forecast for the year. Revenue at the Spanish telecoms giant should prove to be two per cent higher this year, after doubling its previous one per cent estimate. O2 helped the company push up its prediction after seeing UK revenues [...]
Next shares drop as online shopping boost masks high street malaise October 31, 2018 Clothing and home products retailer Next managed to balance out falling high street sales with its growing online business, its third quarter trading update showed today. Store sales for the quarter were down eight per cent year on year and 6.3 per cent in the year to date compared with 2017. But online sales shot [...]
Tapestry beats estimates as Coach handbags lure in sales October 30, 2018 Luxury US fashion giant Tapestry beat Wall Street predictions in its first-quarter sales report this afternoon, amid rising demand for its flagship Coach handbag brand. Quarterly net income hit $122.3m (£95m), rising from a loss of $17.7m a year earlier, while first-quarter net sales jumped seven per cent to $1.38bn. Meanwhile, profits were slightly higher [...]
Retail sales cool sharply as curtains close on prolonged summer boost October 30, 2018 Retailers suffered a sharp sales downturn in October, as the UK’s prolonged summer spending spree seems to have finally come to an end. The balance of retailers reporting year-on-year growth in sales volumes has slumped to its lowest level in six months, according to a survey out today from the Confederation of British Industry (CBI). Some [...]