Latest finance news – Page 557
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News
Fiscal cuts spell five-year spending ‘crisis’
The Government’s fiscal austerity programme will create a five-year “crisis” for UK retailers as consumers rein-in spending amid tax rises, wage stagnation and low levels of savings, according to a report that draws lessons from the recessionary experiences of overseas retailers in the 1990s.
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NewsInvestments eat into River Island’s profits
River Island grew its sales nearly 8% last year, but profits fell as the company invested in the business, and trading conditions so far this year have proved challenging.
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NewsLakeland doubles profits as it cuts costs and drives product innovation
Homewares retailer Lakeland, darling of the middle classes, has more than doubled its full-year profits after cutting costs and focusing on product innovation.
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NewsAlexon posts rise in profits
Womenswear group Alexon recorded a rise in profits for the 26 weeks to July 31 despite tough trading conditions.
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NewsSales climb for Zara-owner Inditex
Inditex, the Spanish fashion retailer that owns Zara and Massimo Dutti, grew half-year sales by 14% while making its debut in India.
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NewsHouse of Fraser celebrates Biba success as profits soar
The relaunch of iconic fashion brand Biba has gone down a storm with shoppers and first-half profits have leaped, House of Fraser reported.
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NewsVoucher demand boosts Park Group sales
Park Group, the Christmas hamper and gift voucher company, reported that trading in the first quarter of its financial year went well thanks to growing demand for corporate vouchers and online sales.
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NewsProfits leap at JD Sports Fashion
JD Sports Fashion has posted a 64% rise in profits and expects continued growth.
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NewsLike-for-likes fall at Beales
Department store group Beales has posted a 1.7% fall in like-for-like sales,including concessions and VAT, after a fall-off in demand for big ticket items.
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NewsBrantano turns corner and eyes store growth
Footwear retailer Brantano plans to open 50 UK stores in the next five years as it expects to make a pre-tax profit for the first time since 2005.
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NewsFashion retailers more positive as sector lifts
General retailers held their own in the run-up to Wednesday’s results from fashion groups French Connection and Next, which both made bullish noises about performance.
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NewsHMV hopes Christmas will halt sales plunge
HMV anticipates a good Christmas despite like-for-likes at its eponymous entertainment chain plunging 14.9% in the first quarter.
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NewsDebenhams profits will trump City expectations
Department store group Debenhams expects headline profit before tax and exceptional items to hit £150m in the year to August 28, ahead of market expectations.
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NewsSuperGroup Q1 sales rocket 60%
Fashion specialist SuperGroup, owner of the ultra-trendy Superdry brand, posted a 60% rise in sales for the three months to August 1.
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NewsSnow+Rock sets out plans to grow as management buyout team takes over
Snow+Rock managing director Dion Taylor has said he will open further stores following the management buyout of the company that was completed this week.
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NewsStore Twenty One expands as cost-saving meaasures cut losses
Value retailer Store Twenty One reduced losses by £15m last year but fell short of making its first profit in a decade.
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NewsConfetti bought out of administration
Online wedding retailer Confetti has been bought out of administration by a north-west entrepreneur George Buchan.
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NewsKingfisher reports profits surge but warns on ‘fragile’ outlook
Kingfisher group adjusted pretax profit surged 22.9% to £354m in the 26 weeks to July 31, but warned that the “outlook for consumer spending is fragile”.
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NewsDunelm profits up, Halfords FD Nick Wharton to become new CEO
Dunelm has reported a pre-tax profit surge of 46% to £76.8m in its full year, and revealed that chief executive Will Adderley will assume the new role of executive deputy chairman with Halfords group finance director Nick Wharton taking over as chief executive.
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NewsNext boss Simon Wolfson: ‘No meltdown in consumer spending’
Next chief executive Simon Wolfson said he expects no double dip recession or a “meltdown in consumer spending” as he issued half-year results.