Marks and Spencer has shut down its Beijing branch as it heads out of China March 14, 2017 Marks and Spencer has pulled out of China, closing its prestigious Beijing branch earlier this month, the company confirmed. The retailer said it also closed two stores in February in the country and three more in January. Three remaining stores in Shanghai are scheduled to close by 1 April. Adam Colton, Marks & Spencer managing [...]
Ocado share price rises as it delivers steady sales growth but eyes sterling currency movements March 14, 2017 Grocery delivery company Ocado reported increased sales but said it remains vulnerable to changing price pressures and currency movements. Shares rose by more than 1.5 per cent at the open before paring some gains. The figures Gross retail sales grew by 13.1 per cent in the quarter to February, matching last quarter’s growth to reach [...]
British book worms are spending more on reading this year, sending sales up £100m March 13, 2017 Britons are reading more than last year and increased spending by six per cent on books by as much as £100m more compared to 2016, according to research from Nielsen Book Research UK. Printed book sales were up seven per cent, driven by greater reading amongst younger generations, despite commonly held assumptions that young people [...]
French Connection expected to announce ninth year of losses amid turnaround plan March 12, 2017 French Connection is set to record a ninth year of losses in its annual results this week. However, the group is expected to point out that it is only two-thirds of the way through its programme of closing loss-making stores, which is part of a wider turnaround plan. The company, which owns Toast, YMC and [...]
William Hill has named Philip Bowcock its new chief executive March 10, 2017 Philip Bowcock has been named the new boss of William Hill with immediate effect. Previously chief financial officer of the bookmaker, Bowcock has worked as interim chief exec since July 2016. Chairman Gareth Davis said: "Since his appointment as interim chief executive last July, Philip has driven the business forward at real pace and we have seen important [...]
How are these five influential women revolutionising the UK tech sector? March 10, 2017 Digital tech: it’s a man’s world right? Lei Jun, Mark Zurkerberg and Bill Gates – all tech testosterone flowing through the veins of the global digital revolution. But what about in the UK? In solidarity with International Women’s Day on March 8th, more females than ever are becoming the beating heart and soul of the sector. So [...]
Lord Stuart Rose says Sir Philip Green should not be stripped of knighthood March 9, 2017 Lord Stuart Rose, former boss of Marks & Spencer, has defended his frenemy Sir Philip Green, saying the ex-BHS boss should not be stripped of his knighthood. Rose and Green famously shouted at each other on the street in 2004 when Green's attempt to snap-up Marks & Spencer failed. But, at a retail conference today, Rose [...]
Estate agent Countrywide’s share price tumbles as profits fall by more than half March 9, 2017 Shares in the UK's largest estate agent have tumbled after it admitted pre-tax profit plummeted by close to 60 per cent last year. Read more: Estate agents Savills warns current UK house price growth is unsustainable The figures Countrywide, the company behind high street estate agency brands including Bairstow Eves and Hamptons International, said today its [...]
John Lewis increases profits as it battles tough market conditions March 9, 2017 The John Lewis Partnership announced a profit rise today – but warned of a tough year ahead due to rising costs and structural changes in the retail industry. The figures For the year ending 28 January, the Partnership's profit before the bonus, tax and exceptional items, was up 21.2 per cent to £370.4m. This was [...]
Co-op Bank stems losses to £477m but says legacy problems and lower for longer interest rates led to sale March 9, 2017 Co-operative Bank today said legacy issues and low interest rates had dragged on performance and prompted the lender's owners to put the bank up for sale. Although the bank reduced annual losses of £477m from £611m in 2015, it took a further £60m hit from its merger with Britannia Building Society and was slapped with an £82m charge following [...]