Latest finance news – Page 658
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Sofa drama nears climax
It is hard to believe that less than three months ago, as he posted interim results, ScS chairman Mike Browne was “confident of a profitable second half”.
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Mulberry sales buck gloom
Mulberry has announced soaring sales and a strong start to the new financial year.
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Land of Leather plans rescue deal as sales collapse
Land of Leather has announced plans to secure a rescue financing deal of 14.8 million, gross of expenses, by way of placing almost 30 million shares, underwritten by its brokers.
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Consumer inflation hits 3.3 per cent
Rising food and fuel prices have pushed UK consumer inflation up to 3.3 per cent, according to the Office for National Statistics.
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DSGi credit rating cut
DSGi’s credit rating has been cut on the back of its decreasing operating profit margin.
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London like-for-likes sparkle in May
London retail like-for-like sales last month were 8.2 per cent higher than a year earlier, as shoppers came out with the sunshine.
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Staples closes on deal for Dutch rival
Staples has this week been invited to enter talks with Corporate Express, after the US stationery retailer upped its offer for the Dutch business by 14 per cent.
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Borders to sell three overseas businesses
Borders is to offload a raft of its overseas businesses and slash 20 per cent of its workforce as it implements its strategic review.
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Retail rents sink to lowest since 1990s
Retail rents have fallen to their lowest level since the mid-1990s and can be expected to decline for a further three years, according to a report published by property consultancy Colliers CRE.
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Pessina vows to stay the distance
Stefano Pessina this week promised to invest in Alliance Boots for the long term as he revealed a sparkling year for the health and beauty business which he took private in June last year.
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ScS fights to hold on to supplier insurance as sector fears grow
Sofas specialist ScS is in talks with Euler Hermes, the world’s biggest credit insurer, in an effort to retain cover for its suppliers.
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Fashion sales lift John Lewis
John Lewis Partnership posted a 3.9 per cent sales rise in the week to June 7.
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Moss Bros like-for-likes fall 1.5%
Moss Bros, the menswear retailer that Icelandic investor Baugur considered buying, has reported a 1.5 per cent fall in like-for-like sales for the 19 weeks to June 7.
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High petrol cost hitting out-of-town, says Rose
The rising cost of fuel is benefiting the high street at the expense of out-of-town retail parks, said Marks & Spencer chief executive Sir Stuart Rose.
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BRC sales figures provide ray of light but gloomy picture persists
After another week of underperformance by retailers there was good news from the BRC’s May sales data, which showed a 1.9 per cent like-for-like uplift.
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Retailers can't quantify global sourcing savings
Cost is the main driver for retailers seeking global sourcing, yet many companies are unclear on cost savings, according to a survey by PricewaterhouseCoopers.
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ScS credit insurer withdraws supplier coverage
Sofas retailer ScS Upholstery has revealed that one of its credit insurers has withdrawn coverage from suppliers.
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Wal-Mart sells property firm Gazeley
Wal-Mart is to sell Gazeley, the property development subsidiary of Asda, to Dubai World company Economic Zones World.
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Moss Bros close to appointing chairman
Moss Bros is understood to have approached former BAA retail director Barry Gibson about the role of chairman.
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Tesco cautious on non-food
Tesco has reported a 3.5 per cent like-for-like sales uplift, excluding petrol, in its first quarter for its domestic market, but warned that its rate of growth for non-food has eased as consumers become more cautious.