BrewDog bites off $50m equity fundraising challenge for US expansion August 4, 2016 Scottish craft beer upstart BrewDog has bitten off its biggest equity crowdfunding challenge yet in a bid to raise $50m for its US brewery. If its Equity for Punks USA round is successful, it will beat the previous record – also set by BrewDog – for online equity crowdfunding. In April, the company's Equity for Punks fourth [...]
Crocs’ revenue fall leads to share sell-off August 3, 2016 Crocs – the US maker of lightweight clogs – left investors wrong-footed yesterday after reporting a slide in sales and a disappointing outlook. Revenue fell six per cent to $324m (£243m) from $345m a year ago, below the consensus estimate of $348m. Net income came in at $15.5m, or 13 cents a share, slightly higher [...]
Game Digital expects revenues to be down but earnings on track with expectations August 3, 2016 Retailer Game Digital was unable to claw back the ground lost in the first half of the year according to a pre-close annual trading announcement released today. The update revealed that revenues are expected to be £815m for the 12 months to July 2016, down from £867m in the previous year. And while Gross Transactional [...]
Office Depot to close stores and cut costs after its Staples tie-up failure August 3, 2016 US stationery supplier Office Depot is planning to close a further 300 stores over the next three years to help cut costs by $250m (£187m). The announcement came as the company posted profit of $210m, or 38 cents a share for its second quarter, from a loss of $58m in the same period a year ago. [...]
Next’s share price is riding high after its trading update – but analysts’ reactions are a mixed bag August 3, 2016 The markets have responded positively to Next's second quarter update this morning, after the company announced sales were up 1.8 per cent so far this year – but analysts' reactions have been mixed. Augustin Eden, a research analyst at Accendo Markets said investors "shrugged off a disappointing trading update" as Next's share price rose after the [...]
MoneySupermarket.com chief executive checks out on a high with profits jump August 3, 2016 Profits have leapt at price comparison website MoneySupermarket.com in the first half of the year, but shares dropped at the open as its chief executive announced his intention to step down from the company. The results Profits before tax came in at £47.1m in the first six months of the year for the website, up [...]
No sign of Brexit fallout at retailer Next – but prices will have to rise next year August 3, 2016 Shares in Next have popped at the open after it said it was yet to see signs the UK's vote for Brexit was weighing on consumer spending in its stores, but warned prices look set to rise in 2017 after sterling's dramatic depreciation. The business, which is seen as a bellwether for the health of the [...]
CVS Health falls short and pares back forecasts August 2, 2016 CVS Health – a US pharmacy chain and healthcare business – has missed expectations and been forced to lower its full-year guidance. CVS reported a profit of $924m (£636m), or 86 cents a share for its second quarter, down from $1.27bn in the year before. Revenue rose 18 per cent to $43.7bn, below analysts’ expectations of [...]
Ex-Dior designer Raf Simons crowned chief creative officer of Calvin Klein August 2, 2016 Ex-Dior designer Raf Simons has been appointed as chief creative officer of US fashion house Calvin Klein. Simons left Christian Dior last October after three years heading up the iconic French brand. Read more: Burberry has just moved further into the Chinese market In a statement on Facebook, Calvin Klein said: "Mr Simons will lead the [...]
Retail industry attention turns to high street bellwether Next July 31, 2016 The retail industry's attention will turn to Next, with the UK high street bellwether expected to report a fall in sales in the coming week. The FTSE-100 listed firm's widely-watched results are regarded as a good indicator for how its peers, such as Marks & Spencer, are faring. Read more: Retailers rocked by sales shocker Next's trading is likely to have [...]