Top ONS economist: Brexit recession still possible August 19, 2016 The top economist at the Office for National Statistics (ONS) has warned it is too early to rule out the prospect of a recession, despite a flurry of strong post-referendum indicators. Joe Grice, ONS chief economist told Bloomberg this morning there were still too many pieces of the puzzle to put together and would not like to [...]
Struggling clothing retailer Gap delivers muted full-year outlook August 18, 2016 Struggling clothing retailer Gap lowered its full-year earnings forecasts as it failed to entice more customers into its shops. The California-based company now expects adjusted earnings per share of $1.87-$1.92 for this year, down from its previous guidance of $2.20 to $2.25. Read more: Gap to close 75 Old Navy and Banana Republic stores globally It came as the [...]
Brands set to benefit from Bake Off’s return August 18, 2016 The Great British Bake Off hits UK screens next week and baking brands are set to cash in on its soaring popularity. Sales of baking products during last year’s Bake Off – which pits 12 contestants against each other to create the best cakes, puddings, and pastries – increased by 214 per cent compared to [...]
After retail sales rose strongly in July, did the Bank of England jump the gun by cutting interest rates? August 18, 2016 Tim Price, manager of the VT Price Value Portfolio, says Yes. Brexit hasn’t even happened yet, but Bank of England governor Mark Carney went out on such a limb on behalf of Project Fear that he had no alternative but to cut interest rates, irrespective of our economic condition and the already sharp decline in sterling. [...]
Three at 3: The three stories you need to read right now August 18, 2016 We’ve done the legwork for you, and put together the top three stories of the day in bite size form, to make your life that bit easier. Time for a coffee break? Check out our three at three. What Brexit? We’re going shopping Despite all the the reports of the effects Brexit could have on [...]
Kingfisher brushes off Brexit with strong performance in UK – but has been struggling in France August 18, 2016 Brits are doing all the heavy lifting for Kingfisher's sales, as the business has brushed off Brexit – but faces trouble on the other side of the channel. The figures Kingfisher's like-for-like sales were up by three per cent but, as retail anaylst Nick Bubb points out, the results are "very mixed". In the UK, overall sales were up 7.2 [...]
Asda just had its worst quarterly performance on record August 18, 2016 The supermarket price war is hurting Asda, as it emerged today that sales for the company fell by 7.5 per cent in the three months to 30 June – its worst quarterly performance on record. Doug McMillon, chief executive of parent company Walmart, said: "In the UK, the competitive environment and food deflation continued to challenge the market, significantly [...]
“One swallow does not make a summer” – how analysts reacted to the ONS retail figures August 18, 2016 The pound has hit a two-week high against the dollar after retail sales figures received an unexpected Brexit boost. The retail industry has earned a "gold medal" for its performance in July, according to Ian Gilmartin, Barclays' head of retail, as retailers "gained a boost from brighter weather" – but analysts haven't been all positive; many have welcomed [...]
Retail sales surge as Brits hit the shops in Brexit spending spree August 18, 2016 UK shoppers ignored prophecies of doom-and-gloom in July to hit the stores in their droves, sending retail sales surging in the month after the EU referendum. The pound rallied on the news hitting a two-week high against the dollar as economists said signs of strong consumer confidence were a "major boost" to the post-referendum economy. [...]
Victoria’s Secrets owner L Brands’ second quarter results beat expectations August 17, 2016 Victoria's Secrets owner L Brands' shares jumped in after-hours trading after it shook off retail industry woes with rising sales and earnings. The company, which also owns Pink and Bath & Body Works, reported comparable sales rose two per cent to $2.89bn in the second quarter ended 30 July. During this period it opened seven [...]