Tesco on hunt for a ‘heavyweight’ boardroom figure as it swoops to replace John Allan March 9, 2023 Tesco is understood to have approached a number of “heavyweight” boardroom figures, to scope out their interests in replacing outspoken chairman John Allan. According to reports in Sky News, the FTSE 100 supermarket is working with headhunters to find a replacement for the leader who is set to leave the grocer in 2024. Allan, has [...]
Ladbrokes and Coral owner Entain braces itself for regulation and take over speculation despite World Cup profit boost March 9, 2023 Ladbrokes and Coral owner Entain has forecast regulatory headwinds as it revealed a 13 per cent rise in profits driven by punters betting during the Qatar World Cup. Entain posted profits of £993.2m up 13 per cent from £881.7m in the same period last year. As the group continues its expansion in the US market [...]
Not easy without Yeezy: Adidas share price slumps as Kanye West split hurts profits March 8, 2023 Investors have pulled away from Adidas after the sneaker giant is predicting to make a €700m (£623m) loss for the year, as its deals with the fallout from dropping Kanye West’s lucrative deal. Shares in the company fell 2.48 per cent on Wednesday morning after Adidas revealed in its final year results that it had [...]
Wagamama owner TRG to close 35 locations as cost of living crisis digs into profits March 8, 2023 The Wagamama owner said that it will shutter some 35 “loss making” locations taking its portfolio from 166 restaurants down to 75-85 due to a “tough macro-environment,” which has deterred customers from eating out.
Co-op welcomes former N Brown finance chief as new group CFO March 7, 2023 The Co-operative group has welcomed Rachel Izzard as chief financial officer and a member of the Co-op group board. The supermarket and funeral care provider said that Izzard will take up the position in June following the end of current interim Mike Hazell’s contract. The financial veteran has held a number of CFO positions, including [...]
Rebuilding the world as Lego uses sales growth to roll out 145 more stores in China March 7, 2023 Toymaker Lego said store openings in China and strong demand in Western Europe and the Americas had delivered 17 per cent sales growth in 2022. The family-owned company known for its colourful plastic bricks said sales rose to kr64.6bn (Danish krone) (£7.74bn) last year, when it opened 155 new stores, bringing the total number of [...]
In The Style: Shares slump to new lows as retailer forced to sell business to avoid collapse March 7, 2023 In The Style has seen its share price slump 5.3 per cent this morning, after the embattled fast fashion brand revealed that it was forced to sell its business to avoid administration. The fast fashion retailer, which was once valued at £105m when it floated on the London Stock Exchange, said it has received a [...]
Retail sales: Shoppers feeling the love in lead up to Valentine’s Day not enough to protect sector from ‘volatile trading conditions’ March 7, 2023 Shoppers scrambling for gifts in the lead up to Valentine’s Day helped boost retail sales in February, however the sector has warned that it’s still facing “volatile trading conditions”. According to figures published by the British Retail Consortium (BRC), UK total retail sales increased by 5.2 per cent in February as consumers showed they were [...]
Starbucks faces pressure from German giant Allianz to overhaul approach to unions March 6, 2023 Starbucks today faced mounting pressure over its approach towards unions after German financial services giant Allianz vowed to back a push to force the coffee seller to overhaul its labour policies. Allianz GI today vowed to support an investor resolution calling on Starbucks to overhaul its approach to workers’ unions, following concerns about the coffee [...]
Starbucks puts UK sale rumours on ice with £30m 100-store expansion and refurb plans March 6, 2023 Starbucks has crushed rumours it was considering the sale of its UK business with plans for a 100 more stores across the UK. The US coffee chain said it was also planning to inject £30m into refurbishing its 1,066-strong current store offering and opening a range of new cafes. Last summer, the frappuccino maker was [...]
