Marks & Spencer boss Alan Stewart jumps ship for Tesco after sales drop July 10, 2014 Alan Stewart, chief financial officer at Marks & Spencer, is leaving the struggling retailer for supermarket giant Tesco, it was announced yesterday. Stewart will fill former Tesco CFO Laurie Mcllwee’s shoes at the retailer, where his pay packet is set to rise from £579,000 to £750,000 a year. Mcllwee stepped down from his role at Tesco [...]
Analyst Views: What did you make of SuperGroup’s full year results? July 10, 2014 KATE CALVERT | INVESTEC With 2014 having been a year of infrastructure investment, we expect the operational benefits to start being felt in 2015. We see material growth opportunities not only to maximise UK profitability but also driving the online business and rolling out in Europe. JOHN STEVENSON | PEEL HUNT With management time and [...]
Warm weather boosts Primark as it buys Pavilions shopping mall July 10, 2014 Associated British Food (ABF) said yesterday that Primark’s acquisition of Pavilions shopping centre in Birmingham to house a four-floor store was “an exception to the rule” as it posted a fresh set of soaring sales. Finance director John Bason said the deal would pave the way for a 150,000 square feet store in around two [...]
Halfords speeds ahead as sales given boost from Tour de France July 10, 2014 Chris Froome and Mark Cavendish might have crashed out of the Tour de France, but sales at Halfords have raced ahead. The bike-to-car parts retailer yesterday posted a 7.9 per cent jump in like-for-like retail sales in the quarter to 27 June thanks to “exceptional” sales in cycling, which surged 21.3 per cent. Chief executive [...]
City Moves for 11 July 2014 | Who’s switching jobs July 10, 2014 BNP Paribas Real Estate The property adviser has appointed Pippa Evans as UK HR director. She has most recently been working on an interim basis at HSBC. Evans was also formerly HR director at Liberty Mutual Insurance Europe, and senior HR business partner at Schroders Asset Management. KPMG The professional services firm has announced two [...]
Burberry’s Christopher Bailey receives sales boost ahead of pay package showdown July 10, 2014 Burberry's new chief executive Christopher Bailey, who is facing questions over his lucrative pay package, received a boost today as the luxury goods brand beat estimates to report strong sales growth of 12 per cent for the three months to June. Retail revenue rose nine per cent to £370m for its fiscal quarter to June, [...]
Fat Face puts IPO in past with record sales July 9, 2014 Fat Face said yesterday it had put its botched flotation plans behind it for now and that it was “business as usual” after the retailer delivered record full-year sales and profits. After an impressive start to the year, London’s new issues market balked at the sheer number of companies coming to the market, prompting Fat [...]
Morrisons’ sale of floundering Kiddicare could come this week July 9, 2014 Morrisons is said to be on the brink of a deal to sell struggling maternity wear outlet Kiddicare to turnaround investor Endless. The likely sale, which has not yet been formalised, was reported by Sky News yesterday with the suggestion that an announcement could come as soon as the end of this week. Kiddicare was [...]
Government IPOs to be reviewed after Royal Mail sell off criticism July 9, 2014 Business secretary Vince Cable has launched a review of the way the government conducts IPOs after the controversy surrounding its sell off of Royal Mail. The review, led by City grandee Lord Myners, will look at the disposal of government assets and assess if there are alternatives. It will also look at: What alternative IPO [...]
Marks & Spencer asks for more time as new website hits sales July 8, 2014 Marks and Spencer boss Marc Bolland yesterday called for more time for the effects of the retailer’s website overhaul to take effect after the high street stalwart posted its 12th consecutive quarter of falling non-food sales. The 130-year-old retailer broke away from its technology supplier Amazon and launched its own custom-built £150m website in February, [...]