Chappell bagged BHS with £35m backing from property dynasty May 29, 2016 Property investors bolstered Dominic Chappell's bid for BHS by handing him the £35m he needed to prove to Arcadia group that he was a suitable buyer for the high street retailer, the Sunday Times reported today. A month before Sir Philip Green sold BHS for £1 to Retail Acquisitions – majority-owned by Chappell – the son and [...]
BHS inquiries have “prompted more questions than answers” May 26, 2016 The two inquiries set up to investigate the BHS fiasco have unearth more questions than they have answers, the chair of one of the committees involved said today. Frank Field, who chairs the Work and Pensions committee, has written to Goldman Sachs’ Anthony Gutman, who appeared at an evidence session on Monday, and Arcadia Group for further [...]
Sears is exploring options for two businesses, sending its share price higher as revenue continues to fall May 26, 2016 The one-time largest US retailer Sears has posted a loss of $471m (£320m) or $4.41 a share for its latest quarter. The loss has widened from the $303m it reported a year earlier and has led the company to explore potential partnerships or other deals for some of its biggest brands. Sears is considering opening up the Kenmore, Craftsman and DieHard brands, [...]
Abercrombie & Fitch misses expectations as sales sag, sparking share sell off – though the Hollister brand remains flat May 26, 2016 News of its 13th quarter-on-quarter sales decline has sparked a sell off of Abercrombie & Fitch stock. The fashion retailer's shares are down by 13 per cent in the pre-market, after the chain missed expectations and warned the current quarter isn't looking any better. Shares that were up by over 20 per cent over the past 12 months on hopes declining [...]
Before the bell: What you need to know before the US market open May 26, 2016 The price of US crude oil has smashed through $50 per barrel after Brent crossed that mark last night. Meanwhile the world's leaders have assembled in Japan for the G7 meeting. Here's what you need to know before the US market open at 14:30 London time. The futures market is pointing up. The S&P is up by 0.1 [...]
Sajid Javid says Tata pension chiefs asked for controversial changes May 26, 2016 The government was asked to consider controversial changes to Tata's pensions by the scheme's own trustees, the business secretary has said. Sajid Javid said that the British Steel Pension Scheme has asked for changes that "[they"] believe … will move the scheme into surplus and make it stable." "This is very much about this scheme, and [...]
M&S needed a roar from Rowe, but all it got was a whisper May 26, 2016 It was Steve Rowe's opportunity to deliver something big. Analysts had forecast it, and, most importantly of all, M&S' customers were expecting it. But the man from Croydon adopted the softly-softly approach that you might expect of a lifer rather than the more radical path that newcomers tend to take. There was no Dave Lewis-style [...]
Pets at Home hikes dividend after strong year for luxury sales May 26, 2016 Pets at Home boosted its dividend today after posting strong sales growth in its full-year results, thanks, in part, to the continuing craze for luxury "advanced nutrition" products. The figures The pets retailer posted like-for-like sales growth of 2.1 per cent in the 53 weeks to 31 March. Food revenue growth grew at a healthy 6.4 per [...]
Debenhams raids Amazon for new chief executive May 26, 2016 Debenhams' share price rose this morning on the news it has appointed Amazon Fashion Europe's vice president Sergio Bucher as its new chief executive- giving a taste of the struggling department store's future. Bucher will join the retailer in October, having been in his current role since 2013. Previous positions include general manager of retail and e-commerce worldwide at Puma, [...]
Tiffany & Co shares are not an investor’s best friend today, as sales slide over seven per cent in the last quarter May 25, 2016 Diamonds may be a girl's best friend but they've fallen out of favour with tourists in the face of the strong dollar. Sales at luxury jeweller Tiffany & Co have dropped by 7.3 per cent over the last quarter, its steepest slide over a three month period in almost six year – sending investors running. Shares in Tiffany slumped by [...]