Ocado joins FTSE 100 as Marks & Spencer narrowly escapes being kicked off May 30, 2018 Online retailer Ocado officially joined the FTSE 100 today, while embattled department store Marks & Spencer narrowly avoided dropping off the blue chip index. Ocado was promoted from the FTSE 250 in a quarterly reshuffle by index provider FTSE Russell that also saw bookmaker GVC promoted. Ocado’s FTSE jump comes after the retailer’s shares soared [...]
Homebase’s perception drops on news of sale to restructuring firm Hilco May 30, 2018 Last week, in another dent to bricks and mortar retail, Homebase announced it had been sold to retail restructuring firm Hilco for a sum of just £1. Australian company Wesfarmers bought the brand for £340m back in 2016. However, industry experts panned its strategy and management, accusing it of failing to appreciate the difference between [...]
Dixons Carphone’s share price drops 20 per cent on profit warning May 29, 2018 Dixons Carphone's share price fell nearly 20 per cent this morning as the electronics giant warned profit will be 21 per cent lower this year than last year. In a trading update the retailer said pre-tax profits for 2017-18 would be £382m, down from £501m last year. The following year's profit is expected to be [...]
Dixons Carphone’s share price falls nearly 20 per cent on back of profit warning May 29, 2018 Dixons Carphone’s share price fell nearly 20 per cent this morning as the electronics giant warned profit will be 21 per cent lower this year than last year. In a trading update the retailer said pre-tax profits for 2017-18 would be £382m, down from £501m last year. The following year’s profit is expected to be [...]
UK GDP: Economy suffers worst rate of growth in six years May 25, 2018 The UK’s economy grew at the worst rate since 2012, figures out this morning show. GDP grew by just 0.1 per cent in the first quarter of the year, according to the second, unrevised, estimate put out by the Office for National Statistics. And once you adjust for population changes, the figures are even worse: [...]
Homebase flogged for £1 to HMV owner Hilco amid UK retail malaise May 25, 2018 Troubled DIY chain Homebase has been flogged by Australian retail giant Wesfarmers, which blamed a “deterioration” of the UK economy and took a painful loss of up to £230m. In a statement early this morning, Wesfarmers said the UK chain has been sold for £1 to turnaround fund Hilco – best-known known for buying what [...]
M&S joins the battle against rising high street rents May 24, 2018 Marks & Spencer’s top team yesterday joined calls for landlords to give retailers fairer rents, as it revealed a massive drop in profits. The company reported that pre-tax profits were down 62 per cent in 2017, mostly as a result of its store closure programme. Chief executive Steve Rowe said in a presentation he had [...]
Marks & Spencer (MKS) share price rises as retailer promises to ramp up store closures as profits slump May 23, 2018 The City was braced for a slump in profits at Marks & Spencer, and a slump was duly delivered this morning as the retailer said it was “facing facts” amid “the continued migration of clothing and home online”. The company said it had to modernise the business to make sure it stays competitive, with “accelerated [...]
M&S Marks and Spencer (MKS) likely to accelerate store closure plans this week May 20, 2018 Marks & Spencer is expected to accelerate its transformation plans this week, as it reports another decline in profits. The pace of change at the retailer could be “dialled-up”, according to analysts, who are forecasting a 6.6 per cent decline in profit before tax and adjusted items to £573m. The company said in November that [...]
MPs to launch select committee inquiry into Sainsbury’s Asda merger May 20, 2018 MPs are planning their own inquiry into the tie-up of Sainsbury’s and Asda, separate to the competition watchdog’s probe. The Environment, Farming and Rural Affairs (EFRA) committee is gearing up to investigate the deal due to concerns for the impact it could have on suppliers to the supermarkets, The Mail on Sunday reported. This comes [...]