All City & finance articles – Page 7
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News
Barclays acquires Tesco Bank in £600m deal
Barclays has today confirmed it will acquire Tesco Bank in a £600m deal, which will see the bank take on the grocery giant’s 2,800 employees working across banking products.
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Revolution Beauty sets out revival strategy to the City
Cosmetics retailer Revolution Beauty reported “margin improvement” as it prepared to outline revival plans to the City.
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Watches of Switzerland welcomes VAT-free shopping review as sales slip
Upscale retailer Watches of Switzerland said it is “encouraged” by a review of VAT-free shopping as sales remain under pressure in tough trading conditions.
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Sainsbury’s unveils ‘Next Level’ strategy
Sainsbury’s has said it expects to deliver growth in profit as it puts food and Nectar card at the heart of its ”Next Level Sainsbury’s” strategy for the next three years.
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Rituals sales soar driven by strong European home performance
Wellness and beauty retailer Rituals has posted record full-year sales as it grew “across all countries and across all channels” in 2023.
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Estée Lauder to cut roles as global sales decline
Global cosmetics giant, Estée Lauder Companies has confirmed restructuring plans as global sales declined in the three months to December 2023.
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Ted Baker owner Authentic mulls CVA as it cuts ties with UK retail partner
Ted Baker owner Authentic is reportedly mulling a CVA of the fashion retailer following the announcement it has cut ties with AARC, the Dutch retail group running its stores and ecommerce business across the UK and Europe.
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Amazon profits surge after strong Christmas and growth in AWS
Amazon posted surging profits and sales that exceeded expectations on Wall Street off the back of strong festive trading and growth in its cloud computing arm.
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Adidas to sell remaining Yeezy stock
Adidas plans to sell its remaining Yeezy stock at cost price as full-year results benefited from a “better-than-expected” performance in the last quarter and the sale of Yeezy products.
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Analysis
‘Mad genius’: What Morrisons’ Baitiéh revealed during first public appearance as CEO
As Rami Baitiéh makes his first appearance since taking over as the boss of Morrisons, what do his first public words as chief executive reveal about him as a leader?
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Ikea sales boosted by soaring click-and-collect orders
Ikea has posted a full-year sales uplift as online sales and click-and-collect orders soar.
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Jollyes lands record-breaking Christmas as sales 'continue to fly'
Jollyes saw like-for-like sales spike in the crucial Christmas trading period, as shoppers chose to treat their pets despite financial pressures.
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Morrisons profits jump as it delivers sixth consecutive quarter of growth
Supermarket giant Morrisons has reported a jump in profits as it delivered its sixth consecutive quarter of like-for-like improvement.
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H&M names new chief executive and updates on performance
Fashion giant H&M has appointed a new chief executive and reported on its most recent full-year performance.
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John Lewis to return to profit this year, chair Sharon White reveals
John Lewis Partnership chair Dame Sharon White has said that the retailer will return to profit this year.
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Pets at Home drops profit guidance as accessories sales slow
Pets at Home has reduced its full-year profit guidance, reporting sales “not at the level it had expected” as shoppers pulled back on discretionary accessories like beds, collars and leads for their pets.
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Asda auditor EY quits in latest blow to Issa brothers
Grocery giant Asda’s auditor EY reportedly resigned last year, despite the exit not being disclosed, in the latest blow to co-owners Mohsin and Zuber Issa.
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News
John Lewis plans 11,000 job cuts as it slashes redundancy pay
John Lewis Partnership is reportedly considering cutting up to 11,000 jobs over the next five years in its latest bid to return to profitability.
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News
Superdry CFO steps down as it issues profit warning
Superdry reported a fall in sales and said it expects full-year profitability to be impacted as it blamed “a challenging consumer retail market” set against ”macroeconomic uncertainty and some remarkably unseasonal weather conditions” for its weakened financial performance.
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News
WHSmith sales soar driven by ‘strongest ever’ travel division
WHSmith posted growth in sales in the 20 weeks to January 26, 2024, as it achieved its “strongest ever position as a global travel retailer”.