Lower costs and Christmas cheer up Wilko as sales swell to £1.46bn June 29, 2016 Hardware and household goods retailer Wilko has reported sales through to end of January of £1.46bn, up 1.4 per cent on the previous year. The privately-owned company recorded an operating profit of £23.6m, up from £2.9m the previous year after paying an outstanding loan of £22m six years ahead of schedule. Wilko finished the year [...]
My Local formally collapses into administration putting 1,658 jobs at risk June 29, 2016 Convenience chain My Local has formally gone into administration putting 1,658 jobs at risk. The embattled retailer, which is set to shut 90 shops, has appointed KPMG to act as administrators. Formerly owned by Morrisons and called M Local, the supermarket chain was snapped up by Greybull Capital in a deal reportedly worth £25m last year. Morrisons has confirmed [...]
The fashion industry has slumped into negative growth for the first time in six years June 29, 2016 The fashion industry is in negative growth for the first time in six years, as the high street struggles with retail failures and declining footfall. Figures from Kantar Worldpanel show a 0.1 per cent fall in the spend on fashion goods such as clothing, footwear and accessories in the year to 5 June. Read more: 2016 set [...]
Sugary snacks had their slowest growth since 2008 last year June 29, 2016 It seems the nutritionists have finally won. People across the world spurned snacking last year, when the global snack industry grew by just 1.7 per cent in retail value terms. This was the slowest rate of growth posted since 2008, according to data from Euromonitor International. However, Euromonitor forecasts the industry will return to more than [...]
Goldman Sachs are reviewing their relationship with Sir Philip Green after doomed BHS sale June 29, 2016 Goldman Sachs' vice chairman told MPs today that the firm's involvement in the doomed sale of BHS had not helped its reputation. Responding to a question from committee chair Iain Wright on whether Goldman Sachs' involvement in the BHS saga had helped the bank's reputation, vice chairman Michael Sherwood said: "No." "We have been reviewing Goldman's relationship with Philip green at this [...]
Stagecoach’s share price jumps after it announces it will offload European megabus despite fall in profits June 29, 2016 Stagecoach's share price has jumped over three per cent in early morning trading, despite its profits sliding, as it announced it was offloading European megabus to FlixBus. The figures Stagecoach's full year revenue for 2016 was £3.87bn, a rise for the £3.2bn from 2015. However, profit before tax fell 37 per cent to £104.4m in the 12 months [...]
Profits leap at Dixons Carphone – and it isn’t worried about Brexit June 29, 2016 Technology retail giant Dixons Carphone posted strong results after its first full year of trading following the merger of Dixons and Carphone Warehouse. The figures Profit before tax at the group rose 17 per cent to £447m in the year to 30 April, as like-for-like sales jumped by five per cent across the group. Total sales remained broadly [...]
Fraudster who wanted to buy BHS denies he said Sir Philip Green avoided a sale to retail rivals June 28, 2016 Convicted fraudster Paul Sutton today denied that he said Sir Philip Green refused to sell BHS to a competitor who could have turned the business around. Evidence from Larry Verge, a partner at LEK consultants, who advised Paul Sutton on his business plan to acquire BHS, reveals Sutton said Green was "unwilling to sell out to [...]
Steinhoff increases holding in Poundland as Brexit casts doubts over takeover bid June 28, 2016 South African retail conglomerate Steinhoff has upped its holding in UK discount retailer Poundland. The increase, from 23.26 to 23.52 per cent, comes despite Bensons for Beds owner Steinhoff saying last week the UK vote to quit the European Union had caused it to rethink its recent offer for the company. Steinhoff, a furniture and household goods company with operations across Europe, Africa and Australasia, earlier [...]
Here’s how the supermarkets were doing just before the Brexit vote June 28, 2016 In the immediate run-up to the EU referendum, supermarket sales were strong, according to data released today, but in the three month period before the vote, sales slipped. The figures from Nielsen show that in the four weeks ending 18 June, UK supermarkets had their first increase in year-on-year takings since July 2015. Sales were up 0.4 [...]