Brexit secretary Dominic Raab clashes with John Lewis as profits tumble 99 per cent September 13, 2018 Brexit secretary Dominic Raab has clashed with John Lewis after its chairman Charlie Mayfield suggested the store’s 99 per cent plunge in profits was partly due to Brexit. Profits at John Lewis plummeted to just £1.2m in the first half of this year amid what Mayfield called “challenging times” for retail. He also warned that [...]
Brexit secretary Dominic Raab clashes with John Lewis as profits tumble 99 per cent September 13, 2018 Brexit secretary Dominic Raab has clashed with John Lewis after its chairman Charlie Mayfield suggested the store’s 99 per cent plunge in profits was partly due to Brexit. Profits at John Lewis plummeted to just £1.2m in the first half of this year amid what Mayfield called “challenging times” for retail. He also warned that [...]
Mike Ashley must end the Sports Direct clowning if he is to be the high street’s hero September 13, 2018 Emptying his pockets of wads of £50 notes at a security check, telling a select committee about vomiting in a fireplace at board meetings – Sports Direct boss Mike Ashley is clearly not afraid of theatre. Against type, he has now chosen to play the part of white knight of the high street, but yesterday’s [...]
Mike Ashley must end the Sports Direct clowning if he is to be the high street’s hero September 13, 2018 Emptying his pockets of wads of £50 notes at a security check, telling a select committee about vomiting in a fireplace at board meetings – Sports Direct boss Mike Ashley is clearly not afraid of theatre. Against type, he has now chosen to play the part of white knight of the high street, but yesterday’s [...]
Mike Ashley survives Sports Direct AGM showdown as shareholders approve re-election September 12, 2018 Sports Direct owner Mike Ashley has survived a potential shareholder backlash in the retailer’s annual general meeting (AGM) today. Roughly ten per cent of investors voted against the re-election of billionaire Ashley, who reportedly did attend the AGM after previously saying he was too busy to take part. However, Sports Direct chairman Keith Hellawell resigned hours [...]
Sports Direct AGM: Board ‘mulled Debenhams and House of Fraser merger’ September 12, 2018 Merger plans for department store chains House of Fraser and Debenhams have been discussed by the Sports Direct board a director revealed today. Talks about combining the two major high street retailers come a month after Mike Ashley, who owns nearly 30 per cent of Debenhams, snapped up House of Fraser, announcing that he wanted to turn the [...]
Sports Direct chair Keith Hellawell to step down from board following pressure from City adviser September 12, 2018 Chairman of Sports Direct Keith Hellawell is to step down from the board after the company's annual meeting later on today after facing pressure from an influential City advisory group. Hellawell has served as chair since November 2009, David Daly, a non-exec director will take on the role of chairman after the meeting with shareholders later today. [...]
Mike Ashley proclaims House of Fraser strategy will be a ‘game changer’ ahead of Sports Direct annual meeting September 12, 2018 Sports Direct boss Mike Ashley today said his strategy for newly acquired House of Fraser would be a "game-changer" ahead of his company's annual meeting today. "Our strategy to transform House of Fraser into the 'Harrods of the High Street' will be a game changer," he said. In a statement to the market ahead of [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Alive and kicking: JD Sports thrives in struggling high street environment September 11, 2018 JD Sports sprinted ahead of its high street rivals as it boosted both profit and revenue margins in its interim results today. The figures The shoe and sportswear retailer posted a 35 per cent year-on-year hike in revenue to £1.85bn for the six months to the end of August while profits before tax stepped up [...]