Selfridges invests £40m on e-commerce starting with website relaunch September 30, 2014 Selfridges is investing more than £40m to improve its e-commerce offering within the next five years beginning with the relaunch of its website. The luxury retailer is updating selfridges.com for the first time since the launch of its e-commerce site in 2010 designed to improve the customer journey and increase sales. The redesigned site which [...]
Next share price slides as it warns balmy September weather “might hit profit forecast” September 30, 2014 Next shares opened four per cent lower as the retailer warned it could be forced to lower profit guidance if the "unusually warm" September weather continues. In a trading statement posted this morning, the retailer said despite "several very strong weeks" during August's dip in temperatures, September's warmer weather "had the reverse effect". It now [...]
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Aldi undaunted by price war as profits surge September 29, 2014 GERMAN discounter Aldi said yesterday that the supermarket price war was helping to drive more customers into its shops as it reported a 65 per cent jump in full-year profits. The retailer, together with its German peer Lidl, has been stealing market share from the big four supermarkets as it ramps up its presence in [...]
Walmart goes hipster as it appoints Instagram founder Kevin Systrom to its board September 29, 2014 The world's largest retailer has come over more Walden than Walmart, after it appointed Instagram founder and chief executive Kevin Systrom to its board. The US-based supermarket, which owns Asda, said Systrom's "digital expertise will be invaluable" – so we can only presume Walmart is after his technical know-how, rather than is ability to attract beard-sporting, [...]
HMV returns to profit as Hilco rescue pays off September 28, 2014 HMV IS set to announce nearly £17m in operating profits during the 11 months after it fell into administration last year. Between 29 January and 28 December 2013 the music and DVD retailer saw sales of £311.2m, with its owner Hilco reporting every one of HMV’s stores is now profitable due to its restructuring programme. [...]
Recovery is on track as Britons keep spending September 25, 2014 SALES of clothes and furniture shot up in the year to September, industry data showed today, while department stores saw exceptionally strong growth. A total of 48 per cent of retailers told the Confederation of British Industry (CBI) their sales were up on the year, far outweighing the 17 per cent who saw sales fall, leaving [...]
H&M all dressed up for autumn but long summer has hit sales September 25, 2014 Fashion retailer Hennes & Mauritz yesterday announced that its recent strong sales growth had slowed sharply this month as unusually warm weather delayed purchases of cold-weather gear. The Swedish company said sales in the 1-23 September period rose seven per cent, compared with a near-20 per cent increase in August, putting September on track to [...]
Citizens IPO: Share price recovers after low float price September 24, 2014 Shares in RBS’ American spin-off bank Citizens jumped sharply yesterday on their first day of trading. The New York-listed retail bank disappointed on its flotation, with shares sold in the initial public offering (IPO) pricing at $21.50 – below the $23 to $25 RBS had hoped for. But the price climbed rapidly once the shares [...]
Singapore fund crashes into RAC stock market float plans September 23, 2014 RAC, the roadside recovery group that has been preparing itself for a £2bn flotation in London, is understood to be in takeover talks with GIC, the Singapore sovereign wealth fund. Sources said last night that RAC’s initial public offering timetable had come to a halt to allow talks to be held between private equity group [...]