Latest finance news – Page 149
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NewsSainsbury’s short-selling rises despite GameStop phenomenon
There has been an uptick in shorting of grocer Sainsbury’s and shopping centre operator Hammerson’s shares in the past week, despite the targeting of hedge funds in the US by private investors organising on Reddit.
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NewsEG Group to buy Asda’s petrol forecourt business in £750m deal
EG Group will buy Asda’s petrol forecourt business in a £750m deal following the completion of the supermarket giant’s sale to the Issa brothers.
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NewsAlibaba sales surge amid China’s ‘rapid’ Covid-19 recovery
Alibaba has posted a spike in sales during the final quarter of 2020 following the “rapid recovery” of the Chinese economy in the wake of Covid-19.
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NewsAmazon boss Jeff Bezos steps down as quarterly sales pass $125bn
Amazon founder Jeff Bezos will resign as chief executive later this year and step into the role of executive chair.
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NewsMoonpig valued at £1.2bn as float begins
Moonpig has begun trading on the London Stock Exchange with a market capitalisation of £1.2bn.
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NewsJD Sports bolsters US business with $495m acquisition
JD Sports is to buy US athletic footwear and apparel retailer DTLR for $495m as it extends its US operations.
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NewsH&M profits tumble as Covid-19 batters sales
H&M has suffered a slump in full-year profits and sales as the coronavirus crisis battered its top line.
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NewsBoohoo closes in on £25m deal for trio of Arcadia brands
Boohoo is closing in on a deal for three of Arcadia’s high street brands as the fashion etailer presses ahead with its ambitious acquisition spree.
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NewsBRC urges government action as store vacancies soar
The British Retail Consortium (BRC) has urged the government to extend the business rates holiday beyond April to avoid more high street damage after vacancy rates soared at the end of 2020.
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NewsScrewfix sales hit £2bn as store estate grows
Screwfix has doubled its sales to £2bn over the last five years, while continuing to open new stores despite the pandemic.
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NewsLidl store investment leads to £13.6m loss
Lidl reported sales of more than £6.9bn in the UK last year, but pre-Covid investment in new stores, logistics and supply chain drove it into the red.
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NewsJoules interim sales and profits slip as chief financial officer departs
Fashion retailer Joules has blamed store closures due to coronavirus for falling sales and profits on the day it announced its chief financial officer would be stepping down.
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NewsLuxury conglomerate LVMH records year of two halves
LVMH reported an overall decline in revenues for 2020 but the final quarter showed signs of promise for the coming year.
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NewsScS sales rise as post-lockdown orders soar
ScS has recorded an uptick in sales after orders following the first lockdown in 2020 significantly increased.
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NewsPaperchase rescued in pre-pack administration deal
Paperchase is set to be rescued in a pre-pack deal led by a lender connected to private equity firm Permira.
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NewsJD Sports considers fundraising for acquisition warchest
JD Sports is pondering raising new equity to fund deals as the retail landscape is transformed by the Covid pandemic.
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NewsAsos could retain Topshop flagship if Arcadia deal goes ahead
Online retailer Asos, which is in exclusive talks to buy Arcadia brands, is interested in retaining the flagship Topshop store on Oxford Street.
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NewsBoohoo acquires Debenhams brand and website
Boohoo has acquired Debenhams’ brand and website for £55m in what executive chair and co-founder Mahmud Kamani describes as “a transformational deal”.
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NewsAsos emerges as frontrunner to acquire Topshop
Asos is closing in on a deal to acquire Topshop, Topman and Miss Selfridge out of administration.
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NewsWaterstones boss warns store closures loom without further rates relief
Waterstones boss James Daunt has warned that without either an extension to the business rates holiday or other reforms before April, he could be forced to close stores.