Latest finance news – Page 498
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NewsWHSmith records 3% profit rise as like-for-likes slip
WHSmith recorded a 3% rise in trading profits to £74m but like-for-like sales fell 5%.
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NewsFirst round bids for Aquascutum due next week
First-round bids for collapsed luxury fashion brand Aquascutum are expected towards the end of next week, Retail Week has learned.
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NewsMothercare’s Calver to drive online growth
Struggling maternity retailer Mothercare is relying on its new boss, former Amazon executive Simon Calver, to turn around its ailing online business as it seeks to emulate the etail giant in the face of
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JD Sports on the hunt for more acquisitions
JD Sports Fashion is eyeing further acquisitions to fuel expansion despite its Blacks purchase hitting full-year profits.
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Nordstrom purchases online clothing brand
Upmarket department store group Nordstrom has purchased Bonobos, an online brand that sells custom-fit men’s clothing, at a reported cost of $16.4m (£10.3m). In addition to the funding, Nordstrom will sell Bonobos clothing at some of its stores and on its website.The deal with Nordstrom marks the first time Bonobos ...
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Intermarché given go-ahead for Altis takeover
Grocer Intermarché has received approval from competition authorities to take over 20 Altis stores operating under the Carrefour banner. Last year, Intermarché reached an agreement with Spanish grocer Eroski to acquire the Altis joint venture in southern France.Eroski had already purchased Carrefour’s 50% stake in Altis, which operated six Carrefour ...
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Seven & I Holdings posts 20% profit for year
Convenience store operator Seven & I Holdings has posted a 20% rise in operating profit to ¥292.1bn (£2.41bn) for the full year ended February 29, 2012. Net profit increased 16% to ¥129.8bn (£1.07bn), however net sales fell 11.4% to ¥4.01 trillion (£33.03bn) mainly due to a change in accounting methods ...
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NewsTesco invests £1bn in UK turnaround as like-for-likes dip
Tesco is to invest £1bn to turnaround its UK business this year as it squares up for an intense battle to win back grocery market share.
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NewsNext boss Wolfson's pay falls
Next chief executive Simon Wolfson’s pay slipped to £1.5m in the last year from £1.8m the previous year.
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NewsAquascutum collapses into administration
Aquascutum has been placed into administration after the management team was “unable to successfully turn the business around”.
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NewsBurberry half year sales surge
British luxury brand Burberry’s like-for-like retail sales jumped 12% over the last six months with the UK market helping drive growth.
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NewsMarks & Spencer sales hit by stock shortage
Marks & Spencer was hit by a shortage of top fashion lines that undermined general merchandise sales in the fourth quarter.
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NewsRetailers must refinance £7bn of bank and bond debt in 2012
Retailers have to refinance $11.2bn (£7.1bn) in syndicated bank debt and bonds by the end of the year, with a further $60.6bn (£38.3bn) due by 2018.
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NewsTesco takes on Amazon as Clarke poised to unveil strategy
Tesco has begun its attempt to take on Amazon Market Place as the City is poised to hear the grocer’s UK strategy.
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NewsTesco set to turn focus on smaller stores
Tesco chief executive is likely to focus on small stores and scale-back store expansion as part of his new strategy for the UK’s largest retailer.
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NewsLush loses lustre as profits are hit
Beauty retailer Lush posted a dip in full-year pre-tax profits as its Japanese operations dragged down the group.
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NewsJD profits hit by Blacks acquisition
JD Sports Fashion’s pre-tax profit fell by more than 14% last year as the business was hit by its acquisition of outdoor clothing retailer Blacks.
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NewsMothercare to axe a further 110 UK stores
Mothercare is to close a further 110 UK stores as part of its turnaround strategy as its full year UK like-for-likes plunge.
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NewsGieves & Hawkes snapped up by licensee Trinity in £60m deal
Saville Row tailor Gieves & Hawkes is to be acquired by its Chinese licensee Hong Kong menswear firm Trinity in a deal which could be worth up to £60m.
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Joe Fresh unveils flagship New York store
Joe Fresh, the clothing retailer owned by Canada-based grocer Loblaw, has launched its flagship clothing store on Fifth Avenue in New York. The opening comes after the retailer decided last year to roll out beyond its home market, unveiling five shops in New York and New Jersey. The flagship is ...