Latest finance news – Page 158
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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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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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NewsMike Ashley hits out at Debenhams as liquidator waits in wings
Mike Ashley has raged after allegedly being excluded from the race to buy Debenhams as restructuring firm Hilco prepares to liquidate parts of the business.
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NewsRetailers fear ‘nightmare before Christmas’ as second lockdown forces store closures
New lockdown measures have forced non-essential shops to close until December 2, dealing a blow to Christmas trading.
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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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NewsSupermarket bosses push Sunak for business rates reform
Chief executives of Tesco and Morrisons are among the signatories of a letter to Rishi Sunak urging him to use business rates reform to “level up” the country.
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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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Laura Ashley partners with Next to relaunch homewares
Laura Ashley has announced a partnership with Next to sell its home products both online and in stores.
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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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NewsMore discounts in October as retailers compete for sales
Shop prices continued to fall in October as retailers battle for consumers’ more limited spend amid the coronavirus pandemic.
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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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NewsIntu Metrocentre taken over by Sovereign Centros
Shopping centre operator Sovereign Centros has taken ownership of the Metrocentre in Gateshead, as the assets of former institutional landlord Intu continue to be sold off.
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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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NewsGap mulls closure of all European stores and UK warehouse
American fashion chain Gap is considering closing all of its European stores and operating in the region purely through partnerships, potentially putting hundreds of jobs at risk.