City focuses on Boohoo as online giant hopes to defy retail gloom January 13, 2019 Online fashion giant Boohoo looks set to defy the gloom hanging over Britain’s retail industry later this week when it is expected to post another quarter of sharp sales growth. The City will be turning its attention towards the e-commer giant to see whether its festive fortunes were enough to buck a current trend of dismal [...]
Quiz share price plummets as retailer issues second profit warning on poor Christmas sales January 11, 2019 Fashion retailer Quiz saw shares plunge this morning as it issued its second profit warning in just three months today, after Christmas sales fell below expectations. Profits are now expected to hit £8.4m for 2018, down from October’s estimate of £11.5m, with shares nosediving by 24 per cent in early morning trading to leave Quiz’s [...]
HMRC claims its online tax evasion crackdown has clawed back £200m January 11, 2019 The government claims to have recovered more than £200m of lost VAT from overseas sellers since gaining new powers, saying its crackdown on online tax evasion is paying off. HMRC has issued over 4,600 ‘red flag’ notices to online marketplaces such as Amazon and Ebay since 2016. The flags, called Joint and Several Liability (JSL) [...]
Why 2019 will not mark the death of the high street January 2, 2019 When HMV went into administration in 2013, disgruntled employees used the retailer’s Twitter account to give live updates of the “mass execution” at the beleaguered music firm. However, ahead of last week’s announcement that the the 97-year-old business was collapsing for a second time, passwords for all its social media accounts were changed to avoid [...]
Debenhams share price plunges as investors fear disappointing Christmas trading January 2, 2019 Shares in Debenhams plunged almost nine per cent this morning amid fears of poor trading over the festive period. The department store chain saw its share price tumble to 4.68p on the first day of trading in 2019, ahead of an update due on 10 January. The sliding shares suggest investors have low expectations for [...]
Black Friday promotions drive unexpected retail boost in November December 20, 2018 Retail sales enjoyed stronger-than-expected growth in November as shoppers cashed in on Black Friday promotions. Sales over the month increased by 1.4 per cent compared to the same period last year, far higher than the 0.3 per cent forecast in a Reuters poll of economists. But over the three months to November sales rose by [...]
Asos bosses snap up cheap shares after day of horror for fashion sector December 18, 2018 Asos boss Nick Beighton and chairman Adam Crozier have snapped up thousands of shares in the company in a show of confidence following the retailer’s profit warning. The two executives each bought shares worth roughly £100,000 this morning after the company saw £1.3bn wiped off its value in a disastrous day of trading. Beighton and [...]
John Lewis defies retail troubles as it reports festive sales rebound December 18, 2018 John Lewis has bucked the downward retail trend, reporting a rebound in sales last week as it matches rival pre-Christmas promotions. The department store said total sales for the week to 15 December were up 1.8 per cent compared to the same period last year. The employee-owned company said the sales boost was due to [...]
Angling Direct sales jump 32 per cent after bumper Black Friday December 18, 2018 Fishing specialist Angling Direct saw its sales soar in the four months to the end of November as customers rose to the bait of its Black Friday offers. Angling Direct reported a 31.5 per cent increase in sales to £14.6m, boosted by a 24 per cent rise in online sales and record Black Friday trading. [...]
DEBATE: Is the Asos profit warning a sign that online retailers face the same challenges as the high street? December 18, 2018 Is the Asos profit warning a sign that online retailers face the same challenges as the high street? Scott Guthrie, a digital strategy consultant, says YES. Online retailers have previously appeared immune to the hardships faced by their high street rivals. Yet there are many marketplace similarities between the two opposing business models – especially in [...]