Markets await decision from Fed’s meeting – New York Report September 13, 2015 WITH stocks already in a corrective phase on Wall Street, this week’s long-awaited Federal Reserve meeting may not spur a wild market reaction, even if the central bank hikes rates for the first time in almost a decade. Economists are about equally split on whether the long-awaited move will come, though futures market trades are [...]
JD Wetherspoon hits out at government’s Living Wage September 11, 2015 Pub chain JD Wetherspoon has become the most recent in a series of companies to hit out at the government’s Living Wage. In the company’s preliminary yearly results, the pub chain said the government is putting pubs under financial strain. Read more: National living wage – All businesses will end up paying it – but [...]
Lidl plots London expansion drive with 280 stores September 11, 2015 German discounter Lidl is going after London middle class shoppers with plans to open a huge swathe of stores in upmarket boroughs, including Notting Hill and Mayfair. The retailer, which has been rapidly gaining market share, yesterday announced ambitious plans to open 280 stores in London and the M25 area. The areas it [...]
Next share price: Sales rise but clothing retailer warns of national living wage costs September 11, 2015 Next warned yesterday the government’s so-called national living wage – a pay rise for over-25’s currently on the minimum wage – will cost the firm £27m each year as it revealed its half-year results. The clothing chain said next year’s hike will cost the business just £2m but thereafter the increases will be much [...]
John Lewis profit dented by £60m pension charge September 11, 2015 John Lewis warned yesterday that full-year profits could be as much as 21 per cent lower on the back of pension charges and tough competition on the high street and in the grocery market. The partnership, which includes John Lewis department stores and Waitrose supermarkets, said pre-tax profits in the six months to 1 [...]
Morrisons share price fall drags FTSE 100 index down after closure statement – London Report September 11, 2015 London’s leading shares fell yesterday, with supermarket Morrisons among the biggest fallers. At the end of the day, the benchmark FTSE 100 index was down by 1.18 per cent, or 73.2 points, at 6,155.81. Morrisons shares fell 2.8 per cent after the supermarket said it was closing M Local stores amid falling sales and profits. [...]
Dunelm lifted by superstore expansion September 10, 2015 Dunelm posted a 13 per cent jump in full-year sales yesterday as its curtains, bed linen and other home accessories proved a hit with shoppers. The FTSE 250 homeware retailer, majority owned by the Adderley family, reported total revenues of £822.7m in the year to 4 July, up from £730.2m in 2014. Profit [...]
Apple’s iPhone 6s Upgrade Program is its secret weapon to get people buying the latest model release September 10, 2015 At a company event in San Francisco yesterday, among new hardware announcements, Apple introduced a new iPhone financing plan called "iPhone Upgrade Program" This new instalment plan is a direct response to the sudden prevalence of equipment instalment plan (EIPs) in which devices are paid for via instalments rather than through subsidies embedded in fixed-term [...]
Next’s share price climbs as profits and sales rise, but retailer warns that Living Wage will cost retailer £27m a year September 10, 2015 Next's share price climbed this morning after the high street giant revealed better-than-expected results, keeping it ahead of Marks & Spencer yet again. Total sales up 2.7 per cent for the first half to the end of July. Pre-tax profits were up 7.1 per cent, while earnings per share rose eight per cent, thanks [...]
John Lewis Group warns of lower profits for 2015 due to higher pension costs September 10, 2015 The John Lewis Partnership has warned of lower profits this year on the back of pension charges and low price inflation. The figures John Lewis reported a 1.9 per cent increase in revenue to £4.5bn for the first half of the year ending 1 August against the same period last year. Like-for-like sales were down [...]