When will it stop? Boohoo upgrades sales forecast yet again February 28, 2017 Boohoo has upgraded its sales forecast yet again, saying this morning that sales will double this year. Previously, Boohoo said its sales growth would be in the range of 46-48 per cent for the full year to 28 February. The online retailer, which targets millennials, said it had also improved its operations, meaning its margins [...]
Greggs hikes dividend as healthy food sales help boost profits February 28, 2017 Greggs has reported a jump in sales for last year, and has hiked its dividend after growing profits – but the baker is looking at job cuts as it aims for greater supply chain efficiency. The figures Total sales rose seven per cent to £894.2m from £835.7m, while company-managed like-for-like sales (which excludes franchises) went up [...]
Convenience store chain McColl’s scores sixth year of sales growth February 27, 2017 McColl’s Retail Group said yesterday that its full-year revenue increased 1.9 per cent to £950.4m, up from £932.2m in 2015. Total like-for-like sales were down 1.9 per cent, in a trend that was consistent with prior year performance. Read more: Christmas come early: CMA approves McColl's acquisition of 298 Co-op stores Profit before tax came [...]
Network Rail bags £743m for retailers in its stations in 2016 February 27, 2017 Retailers in Network Rail stations cashed in on commuters' Christmas shopping last year, boosting sales by 3.7 per cent in the final quarter of 2016, bringing the total sales to £743m. In the quarter, shoppers spent nearly £185m in Network Rail stations, such as Paddington, King's Cross, Manchester Piccadilly and Liverpool Lime Street. Read more: Retail sales bounce [...]
Primark owner warns benefit of sterling’s fall will only last so long February 27, 2017 Primark owner Associated British Foods' (ABF) share price edged downwards this morning after it warned its boost from the devaluation of sterling will fade later in this year. The figures In its trading update, ABF said it expects Primark sales to be 11 per cent higher, when measured at constant currency, but that this growth would be "driven [...]
Primark import costs expected to hit sales margins February 26, 2017 Primark's tightening margins could cause concern for its owner, Associated British Foods (ABF) and shareholders next week when the company releases its next trading update. Import costs have risen for the clothing retailer since the pound weakened, with 3 in every 4 of Primark's purchase invoices being billed in US dollars. Yet the budget brand [...]
Hoover looks to offload pension scheme, including a possible push into the pensions lifeboat February 26, 2017 Hoover is mulling plans to hand its pension scheme over to the pensions lifeboat in an attempt to save its ailing finances. There are almost 5,800 defined benefit pension schemes in operation across the UK, but around 4,200 of them are in deficit, dragging on many companies' finances. Now, The Sunday Times has reported electronics firm [...]
City Moves for 24 February 2017 – who’s switching jobs? February 24, 2017 Today's City Moves cover a shopping centre owner, professional services and a mobile phone provider. Take a look at these movers and shakers: Intu John Strachan, a non-executive director of Intu since October 2015, will succeed Patrick Burgess as chairman of the company following the AGM on 3 May. John brings a wealth of experience [...]
Pulling the plug: Howden forced to increase prices for its kitchenware February 23, 2017 Kitchenware supplier Howden Joinery Group's share price closed down 0.52 per cent today after the company posted strong profit growth, but said it had been forced to increase its product prices. The figures Group revenue rose from £1.22bn in 2015 to £1.3bn last year, a growth of seven per cent. Profit before tax was up [...]
Intu boss David Fischel : The UK is way out of line with its international peers on business rates February 23, 2017 Intu ruled the FTSE 100 roost this morning after the shopping centre giant increased its dividend, despite reporting a fall in profits. The retail property group's profits dropped more than 60 per cent but its dividend was up two per cent, at 14p per share. Revenues grew four per cent to £594.3m, from £571.6m the year before. While [...]