Morrisons sales nudge up again as management “simplifies and speeds up” business May 5, 2016 Morrisons' like-for-likes have risen again, continuing the signs of green shoots emerging from the troubled supermarket. The figures Like-for-likes excluding fuel rose 0.7 per cent in the 13 weeks to 1 May. That follows on from growth registered in its Christmas trading update in January, which was the first time the supermarket had been in [...]
London fashion retailer Farfetch raises over £75m in funding round May 4, 2016 Online fashion retailer Farfetch has raised $110m (£75.6m) in its latest funding round to augment expansion plans in the Asia-Pacific region. The London-based luxury shopping platform plans to use the funding to expand in China, Farfetch’s second largest market, Japan and other Asia-Pacific countries. China represents 12 per cent of the company’s sales with Asia-Pacific collectively representing [...]
Malt from the Blue: Scotland and Sale scrum-half Chris Cusiter to start Scotch whisky business after announcing retirement from rugby May 4, 2016 Sale Sharks scrum-half Chris Cusiter is set to start a Scotch whisky business in Los Angeles after announcing his retirement. Cusiter joined Sale two years ago following spells with Glasgow Warriors, Border Reivers and Perpignan and has made 12 appearances for Steve Diamond’s side this term. The 33-year-old now intends move into the specialist market [...]
Paddy Power Betfair lost big at the Cheltenham Festival but posts healthy growth in first quarter financial results May 4, 2016 Newly-merged Paddy Power Betfair's share price has fallen over three per cent after the company posted its first quarter revenues this morning, as the company was hit by "adverse" sales results following a harrowing Cheltenham festival. The figures Paddy Power Betfair's revenues were up 16 per cent to £339m across all four of the company's divisions: online, [...]
Retailers are really struggling today – apart from the one that set them off May 4, 2016 The retail sector has been having a tough old day of it today – all apart from the one company that may be at the heart of it. Next issued a gloomy update today, with an in-line decline in quarterly sales and a warning of "weaker underlying demand for clothing and a potentially wider slow-down [...]
Next widens and lowers full year guidance amid weaker demand for clothing and a slowdown in spending May 4, 2016 Next has widened and lowered its full year guidance on profits amid greater uncertainty in the retail sector, following its previous warning that the year ahead could be the worst since 2008. Presumably investors appreciated the heads up: Next's share price was up 2.5 per cent in early trading and as the day wore on [...]
Sales at Asda, Morrisons, Tesco and Sainsbury’s all drop for the first time in a year May 4, 2016 The supermarket sector has suffered yet another setback, with sales at all of the Big Four declining in the last quarter, while – you guessed it – Aldi and Lidl posted double-digit growth. Asda was the poorest performer of the biggest supermarkets, with sales dropping 5.1 per cent according to Kantar Worldpanel, followed by Morrisons, which dropped 2.6 per cent. Sales at Tesco [...]
Sainsbury’s beats forecasts on results, but profits and sales still slide as Mike Coupe warns of tough road ahead May 4, 2016 Sainsbury's share price fell this morning as full year profits came in ahead of analyst forecasts – but still show a hefty year-on-year decline as the price wars continue to take their toll. The figures The supermarket reported group sales of £25.8bn for the 12 months to 12 March – down 1.1 per cent on the same period last [...]
Business secretary Sajid Javid orders investigation into BHS collapse May 3, 2016 Business secretary Sajid Javid has ordered a government investigation into the collapse of high street retailer BHS and the conduct of the directors involved. BHS entered administration in April after running out of cash. Speaking in the House of Commons, Javid confirmed that he has written to the chief executive of the Insolvency Service, Sarah Albon, instructing her to [...]
The Co-operative Group sells former Somerfield food stores to Hilco, the turnaround specialist behind HMV May 3, 2016 The Co-operative has sold around 90 food stores it inherited from its £1.6bn takeover of Somerfield eight years ago to Hilco, the buyout company behind HMV. The mutual said the sale to The Food Retailer Group, a subsidiary of Hilco, included 36 trading stores and an additional non-core portfolio of 50 properties, including offices and shops, that are no longer [...]