Lidl boss warns retailers are ‘reeling’ after Budget tax raid November 20, 2024 The boss of budget supermarket Lidl has warned retailers are “reeling” following Labour’s tax raid in the Autumn Budget. The German supermarket’s UK boss Ryan McDonnell said the discount brand was staring down the barrel of “tens of millions of pounds” in extra costs. This comes after the Chancellor unveiled a £25.7bn tax-raising package, with [...]
The Range owner confident of sales success but Homebase rescuer struggles to return to profit November 19, 2024 The owner of The Range has forecasted a continued rise in its sales as it carries on taking advantage of “high profile retail casualties” after rescuing Wilko and Homebase. CDS (Superstores International) hit the headlines again recently when it snapped up part of strike DIY chain Homebase out of administration. The move came after the [...]
Analysts say Frasers ‘was right’ about Mulberry as it faces long road to recovery November 19, 2024 Analysts have painted a grim picture for the future of British luxury fashion brand Mulberry, which announced its half-year results this morning. It implied job cuts with talk of “streamlining” the business, and told markets that retail sales and revenue dropped 17 per cent and 19 per cent, respectively. Its share price fell 10 per [...]
Are job cuts on the horizon at struggling luxury giant Mulberry? November 19, 2024 Struggling luxury brand Mulberry has announced it will streamline and rebuild the business as its profit continues to fall, signalling possible job cuts. Mulberry told markets this morning that UK retail sales fell by 14 per cent in the six months to September 28. Sales in Asia fell 31 per cent, while group sales overall [...]
Revolution Beauty struggles with excess stock as turnaround on horizon November 19, 2024 Revolution Beauty reported another drop in revenue after a tricky few years, although it is eyeing 2025 for a resurgence with its ‘core’ groups of brands. Group revenue fell 20 per cent, driven by the “planned simplification of the product portfolio and the discontinuation of unproductive SKUs [stock]”, Revolution said. It said revenue growth from [...]
Revolut set to take on Hargreaves Lansdown after winning trading licence November 18, 2024 Revolut is set to allow customers to buy UK-listed stocks on its platform from next year after winning a trading licence from the City watchdog. In an announcement today, Europe’s most valuable fintech said it had been authorised by the Financial Conduct Authority to allow UK customers to trade British and EU-listed stocks and exchange-traded [...]
Huel: Record sales as profit triples at brand backed by celebrities November 18, 2024 Huel, which counts the likes of Idris Elba, Steven Bartlett and Jonathan Ross among its investors, has reported record sales as a profit almost tripled during its latest financial year. The Hertfordshire-headquartered company, which is known for its vitamin-enriched food items, has reported a revenue of £214m for the 12 months to 31 July, 2024, up from the £184.5m [...]
JD Gyms hails record year as sales pass £100m November 18, 2024 JD Gyms, which is part of the wider empire owned by FTSE 100 giant JD Sports, has posted a pre-tax loss despite its sales passing £100m in what the chain has described as a record financial year. The Greater Manchester-headquartered company has reported a pre-tax loss of £29,000 for the 12 months to 3 February, [...]
Go Outdoors: Brand owned by FTSE 100 giant JD Sports slumps to a loss November 18, 2024 Go Outdoors, which is owned by FTSE 100 giant JD Sports, has slumped into the red thanks to a “disproportionate” rise in costs. The business, which also operates the Go Outdoors Express, Taylor’s and Fishing Republic brands, has reported a pre-tax loss of £1.4m for the year to 3 February, 2024. The loss comes after [...]
Boohoo completes fundraising as it struggles to return to growth November 18, 2024 Boohoo has raised just under £40m in a bid to turn itself around amid its public fight with the boardroom demands of an activist shareholder, Mike Ashley’s Frasers. This morning, the company said it had conditionally raised total proceeds of approximately £39.3m. This includes £400,000 from a retail offer and £38.9m from an investor subscription. [...]