Abercrombie & Fitch results show sales slumped in full year although inched up slightly in fourth quarter ending January 2016 March 2, 2016 Abercrombie & Fitch has today reported that comparable sales have inched up slightly in its fourth quarter ended January 2016, but dropped for its full year. The fashion retailer revealed sales of $1.1bn (£780m) for its fourth quarter, up one per cent on a comparable basis but down one per cent on a reported basis. However, the [...]
Metro Bank investor interest deadline looms, as bank prepares for unconventional stock market float March 2, 2016 UK challenger Metro Bank is gearing up for its unconventional stock market float next week, looking to raise £400m from mostly institutional investors. On Monday Metro will have a so-called introduction to the market, meaning it will float without a public sale. In February Metro Bank cut the offer price in its fundraising round from £24 to £20 a share [...]
Morrisons chairman Andrew Higginson joins Shore Capital as senior adviser March 2, 2016 Investment firm Shore Capital has signed up retail veteran and Morrisons chairman Andrew Higginson as a senior adviser to help bolster its expertise in consumer industries. Higginson, who is also currently chairman of home shopping group N Brown, joined Morrisons in 2014 to lead a shake-up at the supermarket following years of worsening sales. He previously spent 15 years on the [...]
Darty share price soars as Christo Wiese’s Steinhoff International wades in with £662m offer March 2, 2016 Shares in Darty have soared by nearly 10 per cent this morning after South African retail conglomerate Steinhoff International made a £662m offer for the UK-listed electrical chain – a move that could scupper its already agreed sale to French rival Fnac. Darty said it has received a cash offer of 125 pence per share from the [...]
Poundland appoints Kevin O’Byrne as chief executive as Jim McCarthy retires March 2, 2016 Poundland has appointed former B&Q boss Kevin O'Byrne as chief executive, replacing Jim McCarthy who will retire after 10 years in the role. O'Byrne will initially join as chief executive designate from 4 April, taking on the full reins on 1 July. McCarthy will remain available to the board until he retires at Poundland's AGM in September. [...]
Will Barclays’s restructuring programme actually improve prospects for the bank? March 2, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. Jes Staley, the new boss of Barclays, clearly takes the view that big is not necessarily beautiful when it comes to banking operations. The sale of the group’s African business and accelerated wind-down of non-core assets push Barclays further along the path of becoming a simplified [...]
Shop prices decline in February for 34th consecutive month as supermarket price wars gather pace March 2, 2016 Shop prices fell for the 34th month in a row in February, to the benefit of consumers, as food returned to deflationary territory and competition on the high street remained fierce. Prices fell by two per cent in the year to February, which was an acceleration on the 1.8 per cent decline reported in January and [...]
US car sales surge for Ford and Fiat Chrysler, as General Motors slumps March 1, 2016 Automobile sales have continued to surge in the US, with Ford the latest company to reveal stand out numbers that have blown analyst expectations out of the water. Ford’s total sales in February grew by 20 per cent compared to a year ago, with some 217,000 vehicles sold. Retail sales grew 11 per cent, making [...]
Crocs share price down in after-hours trading as footwear company reveals that clearance sales have had their toll on bottom line, resulting in net losses for its year ended December 2015 February 29, 2016 Share price in Crocs fell in after-hours trading after the company revealed that its promotional prices had not produced profits. The footwear company announced net losses attributable to shareholders for its year ended December 2015 of $98m (£70.4m), a substantial fall from net losses last year of $19m. Revenue for the company also inched down to $1.1bn, [...]
UK shoppers are turning to websites overseas in search of a better bargain, says PwC February 29, 2016 Better prices would drive two thirds of UK consumers to shop from an online retailer outside of the country, according to a report that reveals dramatic changes in shopping behaviour over the last year. Accountancy firm PwC surveyed nearly 23,000 people across six continents about their shopping habits for its annual Total Retail report released [...]