Stage dive: Spotify opens down after disappointing subscriber outlook November 1, 2018 Spotify may post its first ever profit this year as the company wiped out a major part of its loss in its third quarter of trading. But promising results did not translate into success on the stock market as the streaming service dropped on the back of its subscriber predictions. The figures Paying users flocked [...]
Just Eat warns on profits as it burns cash to compete with rivals November 1, 2018 Online takeaway giant Just Eat's share price climbed this morning, despite a warning to investors that efforts to fight off rivals Deliveroo and Uber Eats would take a chunk out of the company's profits. Branching out into markets in Latin America, investing in its own delivery network and acquisitions are likely to weigh on earnings, the FTSE [...]
Chairman Luke Johnson reveals Patisserie Valerie was three hours away from collapse as frustrated investors vote on rescue deal November 1, 2018 Investors approved a rescue deal to save Patisserie Valerie today but were left frustrated over unanswered questions as chairman Luke Johnson warned that the company could face administration within a week if the proposals were voted down. The cake shop was just three hours away from collapse before a rescue deal was arranged last month, Johnson revealed, as shareholders [...]
Carpetright remains under pressure as store closures mean like-for-like sales ‘remain negative’ November 1, 2018 Low sales have forced British retailer Carpetright to close 67 stores in the first half of the year, it said today. The FTSE 250 firm closed those that failed to reach sale targets, with six further retail sites expected to shut shop by the end of 2018, the company told investors today. Carpetright did not share sales [...]
‘Gun to our heads’: Frustrated shareholders plan to vote through Patisserie Valerie rescue deal November 1, 2018 Shareholders are set to vote through a rescue deal to keep Patisserie Valerie afloat this morning, despite frustration at being kept in the dark about its accounting scandal. The cake shop has asked shareholders to approve a £15m cash injection to keep the business alive, but has refused to tell investors what has gone wrong [...]
Will struggling high street retailers survive the crucial Christmas period? November 1, 2018 Trouble came in threes for the high street yesterday. Struggling retailer Mothercare announced hundreds of redundancies as part of its turnaround plan while 600 jobs hang in the balance as high street butchery chain Crawshaw collapsed into administration. Meanwhile, retail bellwether Next’s shares fell eight per cent in early trading as it revealed its sales growth [...]
Kellogg’s cuts expected profit outlook due to high investment costs October 31, 2018 Shares in cereal producer Kellogg's fell 9.6 per cent during pre-market trading to $64.95 this morning after it announced a drop in its full-year profit outlook. Adjusted earnings per share growth was downgraded to seven to eight per cent for the year due to higher costs from increased investment across the business. Reuters reported that analysts [...]
Waitrose magazine vegan row editor resigns October 31, 2018 The editor of the Waitrose Food magazine has resigned with immediate effect after an email he sent suggesting a series on killing vegans was leaked. William Sitwell is standing down with immediate effect after his response to a pitch from freelance journalist Selene Nelson generated a storm of controversy after it was published online. Sitwell [...]
Asian demand boosts L’Oreal’s higher-than-expected sales October 31, 2018 L’Oreal's share price has climbed more than six per cent today on the back of higher-than-expected sales growth. Late last night the French cosmetics giant posted revenues of €6.47bn (£5.75bn) in the July to September period, rising 6.2 per cent from the previous year and 7.5 per cent on a like-for-like basis. Buoyed by rising [...]
Mothercare axes 200 head office roles to hit savings target October 31, 2018 Mothercare has axed 200 head office roles as the struggling business aims to meet a £19m cost-savings target. Net job losses will total 150, with 50 new roles being created as part of the restructuring process. Staff were informed of the cost-cutting proposals, which were first reported by Sky News, this morning. The Watford-based parent and [...]
