WPP: New deals with Amazon and Unilever drive growth October 23, 2024 Like-for-like revenue at advertising giant WPP ticked up 4.1 per cent in the quarter to 30 September, despite a decline in business outside of the US and Europe. However, net new billings declined year-to-date. The figure came in at $3.2bn (£2.5bn) compared to $3.4bn (£2.6bn) in 2023. However, other regions struggled. Revenue in the UK [...]
Asda flies in Morrisons and M&S execs as turnaround plan gathers pace October 22, 2024 Asda has added two new members to its leadership team as it looks to bolster the firm amid a significant turnaround plan. Laura Lepley will join in December from Morrisons as vice president of central operations, while Mark Henry will join in January from M&S as vice president of retail in the south of England. [...]
Womenswear firm Sosandar cuts sales outlook after pivot away from discounts October 22, 2024 Sosandar, the women’s fashion retailer, has slashed its sales predictions for the year by £5m today but said a pivot away from clothing discounts would help keep its profits on track. The AIM-listed brand reported pre-tax loss of £0.6m in the six months to 30 September, up from a pre-tax loss of £1.3m in the [...]
Gear4music: Music instrument retailer returns to growth October 22, 2024 Gear4music said it returned to quarterly revenue growth as the online musical instrument retailer pursued a new strategy to improve its profitability.
Wickes returns to growth but warns pent up DIY demand is easing October 22, 2024 Home improvement firm Wickes reported it had returned to growth over the summer today but warned its sales were likely to wane as pent up DIY demand eases in the coming months. The London-listed retailer reported a 2.1 per cent growth in revenue, or 0.4 per cent on like-for-like metrics, with retail revenue growing by [...]
Halfords: Customers more cautious on Autumn budget fears October 22, 2024 Uncertainty around the Autumn budget is holding back consumer confidence, Halfords warned today. This morning the retailer said group like-for-like sales ticked down by 0.1 per cent in the 26 weeks to 27 September, on strong prior-year comparatives of 8.3 per cent growth plus a wet spring. The company is on track to deliver £30m [...]
‘Tis the season: Festive spending to boost London’s West End October 21, 2024 Festive spending in London's West End is expected to reach £1.7bn, with international tourists set to push sales up by 3.2 per cent in the run up to Christmas.
Inflation, interest rates and tax: What happened in the economy this week? October 18, 2024 The health of the UK economy is attracting more and more attention as the Budget draws nearer, and there was plenty for commentators to digest this week. Here’s a brief recap: What to make of this week’s news? First, the danger of inflationary persistence seems to be diminishing, with noticeable progress on both wage growth [...]
Mike Ashley’s Frasers Group backs N Brown takeover amid Mulberry pursuit October 18, 2024 Mike Ashley’s Frasers Group has backed the £191m proposed takeover of JD Williams-owner N Brown and announced the sale of its 20 per cent stake in the company for £38m. The retail empire, which includes Sports Direct and House of Fraser, holds nearly 95,000,000 shares in the Manchester business and will sell them for 40p [...]
Mothercare continues to struggle but announces fresh financing October 18, 2024 Baby products brand Mothercare has reported a drop in sales as it continues to struggle with post-pandemic demand, but has said its new deal with Indian giant reliance will help to shape a turnaround. The retailer said the decline was mainly due to “continuing challenges” in Middle East markets. It told markets this morning that [...]