All City & finance articles – Page 127
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NewsPrimark profits and sales battered by coronavirus store closures
Primark has posted falls in both its full-year profits and sales blaming the closure of its store estate during the third quarter in a bid to stem the spread of the coronavirus.
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Opinion‘Online isn’t enough to sustain retail – effective test and trace is needed’
“The more precisely we try to predict it, the less likely we are to be right.” That’s what Next chief executive Lord Wolfson told Retail Week about his Christmas scenario planning just a few days ago.
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NewsPrimark warns second lockdown will cost £375m in lost sales
Primark has said England’s looming second lockdown, alongside closures across other parts of its global estate, means over half of its selling space will be shuttered as of this week.
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NewsOcado acquires two tech firms as M&S tie up proves fruitful
Ocado has upped its profit guidance for the year for its joint venture with M&S as trade “remained strong” in the fourth quarter.
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Opinion‘Why are auditors suddenly dumping retail clients?’
Boohoo, EG Group and Poundstretcher have all seen their auditors resign in recent weeks. Having originally fought for the engagement, why the about-turns?
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NewsBRC calls on government to slash rates by 50% to avoid April ‘cliff edge’
The British Retail Consortium (BRC) has called on chancellor Rishi Sunak to slash business rates by 50% to “better reflect falling footfall and market rates” and avoid a potential “cliff edge” in April.
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NewsLVMH agrees to Tiffany takeover after lengthy feud
LVMH has penned a deal to buy Tiffany & Co for a lower price after a long dispute between the two luxury firms.
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NewsAmazon’s profits triple as third-quarter sales soar
Amazon has posted record sales figures for its third quarter, with profits tripling amid the global pandemic.
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NewsEbay raises full-year forecast as third-quarter sales surge
Ebay has reported a strong set of third-quarter results, which chief executive Jamie Iannone said “exceeded expectations on both the top and bottom lines”.
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NewsAsda buyers hit by credit rating downgrade
Asda’s new owners the Issa brothers have had the credit rating on their petrol station chain EG Group downgraded by Moody’s amid concerns about its financial governance and internal controls.
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NewsNotonthehighstreet eyes £200m sale as revenues surge during pandemic
Notonthehighstreet is exploring a potential £200m sale following revenue growth during the coronavirus pandemic.
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NewsNext raises profit forecast again after strong third-quarter sales
Next expects full-year profits to come in at the top end of its previously guided range following a “better than anticipated” increase in sales during its third quarter.
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NewsQuiz profits plummet as online shift takes toll
Fashion retailer Quiz has reported a plunge in full-year earnings but maintained restructuring measures will ultimately enable it to return to profitable growth.
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NewsThe Hut Group ups full-year guidance as third-quarter sales jump
The Hut Group has reported a surge in sales during its third quarter, bolstered by its beauty and nutrition divisions.
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NewsDebenhams suitors given three-day deadline to make a bid
Potential suitors to buy struggling department store chain Debenhams have been given until the middle of this week to make a £300m to rescue the retailer.
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NewsConsumer confidence risks ‘double dip’ as personal finance fears mount
Consumer confidence is at risk of dropping sharply in the run-up to Christmas as shopper anxiety about the economy is compounded by growing unemployment concerns.
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NewsTravis Perkins sales decline despite ‘strong recovery’ of retail arm
Wickes owner Travis Perkins has posted a fall in total sales across its third quarter, but its performance was boosted by resilient sales across its DIY retail divisions.
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NewsEdinburgh Woollen Mill to seek extended protection from creditors
Edinburgh Woollen Mill is likely to seek a 10-day extension of protection from creditors as the owners seek to save as much of the business as they can.
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NewsBoohoo directors snap up shares on the cheap as value plummets
Senior directors of Boohoo have been buying up shares in the fast-fashion retail group less than a day after the news that PwC had stood down as its auditor sent prices tumbling.
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NewsEdinburgh Woollen Mill tycoon Philip Day plots bid to buy back Peacocks
Edinburgh Woollen Mill tycoon Philip Day is plotting a bid to save budget fashion chain Peacocks and jettison the rest of the group.