Iceland to take over a handful of former Poundworld stores while rescue deal falls through August 23, 2018 Iceland is to take over a handful of former Poundworld stores, but a deal to save another chunk of the chain's estate has now fallen through. The retailer closed the last of its 335 stores earlier this month, after crashing into administration in June. The Henderson family announced two weeks ago that they would take [...]
Persimmon produce stable 1H numbers August 23, 2018 Persimmon shares are higher this week after the company registered a strong set of first-half results on Tuesday. Revenue jumped by 5% and pre-tax profit rose by 13%. The average selling price of a new home rose by 1%, which is a slight decrease on the 1.2% growth achieved in the first-quarter. The underlying new housing [...]
Shares climb higher for Franco Manca’s owner as sales heat up August 23, 2018 Shares in Franco Manca owner The Fulham Shore are trading higher this morning after the company struck a more positive note in its latest trading update. The company, which also owns The Real Greek, has previously warned of a dip in sales at some of its sites and taken action to slow down its rate [...]
Pensions watchdog says Dominic Chappell knew BHS was insolvent when he bought it for £1 August 22, 2018 Dominic Chappell knew that BHS was insolvent when he bought it for just £1, the pensions watchdog has claimed. It follows fresh revelations in June that the retailer may not have been solvent in 2015, despite being signed off as a going concern by accountants. The Financial Reporting Council (FRC) has already fined PwC a record £10m [...]
Target hits the bull’s-eye with highest same-store sales growth in 13 years August 22, 2018 Target has bucked the retail trend to publish strong sales growth today, reporting same-store sales that were higher than any it recorded in the past 13 years. The New York-listed retailer, the second largest in the US, saw same-store sales grow 4.9 per cent year-on-year in the three months ending early August, with the company crediting increasing [...]
The Hut Group snaps up new office space at MediaCityUK in Salford for tech team August 22, 2018 The Hut Group, one of the UK's largest private companies, has taken up extra office space to accommodate its rapidly expanding head count. The company, which owns beauty and health brands including Skinstore and Lookfantastic as well as range of ecommerce sites, has snapped up space in Salford's MediaCityUK. The area is also home to large [...]
Laura Ashley scraps dividend after profits are slashed August 22, 2018 Laura Ashley blamed “a changing retail landscape” for a dramatic fall in profits this morning that saw them all but eradicated, and which led to its chairman not recommending a dividend for investors. The figures Amid a “challenging” trading environment the high street stalwart saw statutory profits crash by 98 per cent for the 12 [...]
TJ Maxx owner scores highest store sales increase in two years August 21, 2018 Cut-price clothing retailer TJ Maxx’s owner today hailed double-digit growth in net sales and stronger growth in same-store sales than it’s experienced in two years. The figures TJX reported a 12 per cent year-on-year rise in net sales to $9.3bn (£7.2bn) for its second quarter results, eclipsing last year’s three per cent growth in revenue. [...]
Angling Direct shares rise as it reels in revenue growth August 21, 2018 Angling Direct beat its own expectations to reveal revenue growth had grown by more than 50 per cent year-on-year in a trading update today. The figures The fishing products retailer saw a 56 per cent year-on-year revenue increase to £22m, citing strong store and online sales despite the summer heatwave. E-commerce sales were up 60 per cent [...]
Market influencer: City brokers look for the likes as social media boosts brands’ growth August 21, 2018 Brokers are hitting “like” on companies that have strong social media engagement, as UBS yesterday became the latest to factor Instagram influence into its ratings. The Swiss bank announced that it will now track the performance of 19 luxury brands on Instagram and Google Search,tracking “social media heat”. Analyst Julie Zhuang said there is a [...]