Boohoo lowers guidance as more shoppers return clothes with shares plunging 22pc December 16, 2021 Online fashion retailer Boohoo has lowered its guidance for the financial year as profits have been hit by higher return rates, supply chain challenges and inflation skyrocketing. Boohoo said that it was expecting net sales growth to be between 12 and 14 per cent, for the financial year ending 28 February. It had previously forecast [...]
‘A big pay day’ for hedgie short-sellers: Cineworld slumps after £700m court ruling December 15, 2021 Cineworld, the UK’s most-shorted company, had a terrible day today as its shares plummeted almost 40 per cent following a Canadian court order to pay out $900m (£722m) in damages and costs after it was sued for pulling out of a takeover deal with Canada’s Cineplex. The damages payout, which Cineworld will appeal against, is [...]
US investor Fortress snaps up Punch Pubs for undisclosed sum December 15, 2021 Investment group Fortress has acquired Punch Pubs from Patron Capital for an undisclosed sum. The US-based investor owned by SoftBank said it had acquired 100 per cent of the firm’s share capital on Wednesday. The pub group comprises 1,300 venues in the UK, made up of wet-led, community pubs. It is largely focused on a [...]
Zara owner Inditex posts record sales and profits as founder’s daughter prepares for top job December 15, 2021 The Spanish owner of Zara has reported sales and profits at record highs, as it continues to bounce back from a hit at the start of the pandemic. Inditex said sales and net profits were higher than pre-pandemic levels in the three months to the end of October. Shares in the retailer were down on [...]
Covid passes now required for nightclubs as trade laments ‘billions’ in lost trade December 15, 2021 Adults in England now require a Covid pass to enter nightclubs and other large events. The new rules came into force today, although almost 100 Conservative MPs voted against the government’s plans last night. All individuals over-18 are now required to show proof of two Covid jabs or a negative rapid test within 48-hours of [...]
In The Style profitability hit by supply chain disruption but fashion firm ‘confident’ in growth plans December 15, 2021 Fast fashion firm In The Style said its profitability took a hit thanks to supply chain issues as well as more shoppers returning clothes this year. The womenswear reported a drop in profit before tax, standing at £0.9m, in interim results for the six months ended 30 September. This is down on the £1.8m posted [...]
Curry’s on track to hit profit expectations despite warning of ‘further headwinds from Omicron’ December 15, 2021 Curry’s has said it expects to hit profit expectations despite any “bumpy demand” related to Covid uncertainty. In unaudited results for the half year ended 30 October, the technology retailer reported group adjusted profit before tax of £48m, compared to £40m in the same period a year prior. It marks a great leap from the [...]
Firms could be forced to get rid of staff without clarity on further financial support December 14, 2021 Retailers and hospitality bosses have reiterated calls for fresh financial support measures as trade is hit by Omicron restrictions ahead of Christmas. Businesses said consumer confidence has been hit by the latest headlines, with shops reporting reduced footfall and pubs seeing cancellations of bookings. Londoners are bunkering down in a bid to ensure they can [...]
Derwent London to buy the Moorfields Eye Hospital December 14, 2021 Derwent London has been selected as the preferred bidder to buy the freehold of the Moorfields Eye Hospital. The Moorfields Eye Hospital NHS Foundation Trust and UCL selected the property investment firm for the acquisition of the freehold of City Road Island and 11-43 Bath Street. Derwent will purchase 2.5 acres and 400,000 sq ft, [...]
Chanel names Londoner and Unilever exec Leena Nair as global CEO December 14, 2021 One of the most recognised luxury fashion brands has announced British former consumer goods specialist Leena Nair as its new global CEO. Born in India, a British national and a fashion industry outsider, Nair’s appointment as the boss of the French luxury giant is an unexpected move by the fashion house, known to be a [...]
