Latest finance news – Page 84
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NewsWilko: jobs to be lost and stores closed as attempts to find buyer fail
Wilko’s administrator has concluded that jobs will be lost and stores will close after it failed to find a buyer for the whole business.
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NewsFoot Locker swings to loss driven by ‘ongoing consumer softness’
New York-based sports retailer Foot Locker reported a 10% fall in sales in the second quarter of the year impacted by “ongoing consumer softness, changing vendor mix and the repositioning of Champs Sports”.
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NewsTrue partners with Apparel Brands Limited for global growth
Investment and innovation company True has confirmed its “strategic investment” in British clothing wholesale business Apparel Brands Limited (ABL) in a bid to “accelerate growth” within the wider branded apparel market.
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NewsUrban Outfitters owner posts surge in sales
Fashion and lifestyle retailer URBN, which owns brands including Urban Outfitters, Anthropologie and Free People, has posted a surge in sales during its second quarter as well as the first half of the financial year.
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NewsLondon Designer Outlet posts record sales
London Designer Outlet at Wembley Park achieved a “record” month of trading in July, putting the month’s figures “on par” with the Christmas period at the destination.
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NewsWilko £48m warehouse sale raises speculation
Wilko sold its flagship depot in a “controversial sale and leaseback deal”, which reportedly indicates the embattled retailer passed up on as much as £40m in a bid to stay afloat.
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News‘Genuine grounds for hope’ on Wilko, GMB union believes
There are “genuine grounds for hope” that a buyer will take over all or part of bust retailer Wilko, according to the GMB trade union.
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NewsFarfetch sales dip as brand platform faces challenges
Farfetch has reported declining sales and profit, “primarily driven by a 42.2% decrease in brand platform revenue”.
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NewsBRC warns failure to act on business rates will add £400m ‘additional pressure’
The British Retail Consortium has welcomed falling inflation but warned the government risks adding £400m additional pressures on prices without business rates freeze.
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NewsModerating food price rises contribute to lower inflation rate
The rate of inflation fell in July, helped by lower food price growth.
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NewsEG Group offloads bundle of US convenience stores
Forecourt retail specialist EG Group is to sell a bundle of convenience stores in the US.
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NewsAsda credits focus on value for sales jump
Supermarket chain Asda has reported a 9.6% increase in like-for-like sales, which it credited to its “continued focus on value”.
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NewsThe Body Shop reviewing ‘every aspect’ of its business as profits hit
Cosmetics giant Natura & Co posted strong profitability driven by gross margins but said The Body Shop is ”fundamentally reassessing every aspect of its business” as profits fell.
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NewsHarrods sales and profits climb in post-pandemic bounceback
Luxury department store Harrods has reported strong sales and profit growth after its landmark Knightsbridge store returned to normal trading after the pandemic lockdowns.
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NewsB&M and Poundland in running to save Wilko
Value retailers including B&M and Poundland are eyeing possible bids for struggling retailer Wilko after it fell into administration.
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NewsMarks & Spencer upgrades profits as sales grow
M&S has upgraded its profit outlook after growing market share in its clothing and home and food businesses.
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NewsL’Occitane shares jump as owner mulls deal to take group private
Beauty and skincare brand L’Occitane saw a jump in share price on the Hong Kong Stock Exchange as the controlling shareholder is in advanced talks on a potential deal to take the company private.
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NewsWilko administrator sets deadline for offers
Wilko administrator PwC has set a deadline for interested parties to submit their first offers to buy the variety value retailer following its announcement of administration last week.
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NewsTesco Express to swap 50 key products with alternatives
Tesco has announced it will overhaul its Express stores by swapping more than 50 key everyday products with lower-priced alternatives.
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NewsJohn Lewis boss plans buy now, pay later service
John Lewis Partnership’s chief executive is planning to roll out a buy now, pay later service for its customers as they become increasingly affected by the cost-of-living crisis.