Profits at UK firms are at their lowest level since before the financial crisis May 16, 2016 Profits at the UK’s largest companies slumped to their lowest level in a decade in 2015, with turmoil in the banking and commodities industries weighing heavily on corporate performance. New analysis from the Share Centre, released today, shows that the FTSE 350 – the UK’s largest 350 listed companies – posted combined pre-tax profits of £84bn last [...]
Top City advisers to be grilled by MPs in wake of BHS collapse May 15, 2016 A string of top City advisers are set for a grilling over the BHS fiasco after being called to give evidence in front of MPs. The business, innovation and skills committee is currently running an inquiry into the sale and acquisition of BHS, which kicked off last week with a joint hearing alongside the work [...]
Have Asda execs been stress eating with James Martin ahead of first quarter results? May 15, 2016 Has Asda chief Andy Clarke been eating his feelings? The Big Four retail giant has struck up a delicious partnership with former Saturday Kitchen star James Martin. Last month the Yorkshire foodie figure rustled up a strawberry gateau with Asda boss Andy Clarke at the InterContinental Hotel on Park Lane in London, marking the start of a new marketing partnership [...]
FTSE 100 narrowly avoids fourth consecutive week of decline May 13, 2016 The FTSE 100 reversed early losses on Friday, but was held back by losses at Inmarsat and Coca Cola HBC. That's not bad for a Friday 13th. The FTSE 100 before today had closed lower on eight out of the past 11 of them. The UK's benchmark index closed at 6,138 points, with Inmarsat one of the largest fallers. While the FTSE [...]
Every little helps: Tesco chief executive to grab £3m bonus May 13, 2016 Tesco’s chief executive has been awarded an annual bonus of nearly £3m, the company's annual report, published this morning, revealed. The award, which represents 96 per cent of Lewis's maxmimum payout, comes after Tesco moved back into pre-tax profit last year following a record £6.4bn annual loss in 2014. Read more: Is Tesco ringing up the changes? Lewis [...]
Oh No-rdstrom! Shares in department store company tumble 17 per cent after drop in first-quarter sales May 12, 2016 Department store company Nordstrom saw its share price plummet more than 17 per cent in after-hours trading on Thursday. The tumble came after it reported a drop in first-quarter sales at established stores and cut profit expectations for 2016. The figures Nordstrom reported revenue up 1.1 per cent to $3.25bn (£2.25bn), which was short of [...]
Focus On Shepherd’s Bush: Westfield expansion and old BBC Television Centre homes put W12 in limelight May 12, 2016 For years now, the east has been the land of regeneration. The long lead up to the Olympic Games in Stratford and the success of the City fringes have seen most of property agents’ “up-and-coming” rhetoric focused in that direction and one could be mistaken for thinking there was simply nowhere else for traditionally prosperous west [...]
SuperGroup’s share price soars 12 per cent as it shrugs off high street blues to post double-digit growth May 12, 2016 SuperGroup's share price soared more than 12 per cent in early trading, after reporting double-digit growth for the full year. The figures Group revenues at the SuperDry parent company rose 21.1 per cent to £589.5m for the full year to 23 April, with sales at the retail division climbing 24.5 per cent with "broadly equal contributions [...]
Former BHS boss Sir Philip Green slams Pensions Regulator chief’s evidence to MPs May 11, 2016 Sir Philip Green yesterday slammed the evidence given by Pensions Regulator boss Lesley Titcomb to a group of MPs investigating the collapse of BHS. Green, former BHS boss and owner of Arcadia Group, said Titcomb's evidence to the work and pensions and business, innovation and skills committees was "incorrect". Titcomb told the committees in a [...]
Macy’s cuts its sales and earnings forecasts for 2016 May 11, 2016 US retail giant Macy's cut its sales and earnings growth forecasts, as consumers remain reluctant to splash the cash. It now expects full-year comparable sales to slump between three to four per cent, compared to its previous guidance for a decline of about one per cent. Terry Lundgren, Macy's chairman and chief executive officer, said: "We have an opportunity [...]