Boohoo close to settlement agreement over fraudulent pricing action November 4, 2021 Online fashion retailer Boohoo has said it is close to a settlement agreement over a class action about misleading customers on pricing. A case filed in California alleged that the Manchester based company offered heavy discounts to US customers based on inflated original prices, which allegedly it had never asked customers to pay in the [...]
Sainsbury’s boss: We’ll avoid worst of Christmas supply issues November 4, 2021 Supermarket Sainsbury’s said it experienced a boost to profit in its half-year results, thanks to higher grocery sales – and its CEO said it was well-placed for Christmas despite supply chain uncertainty. For the 28 weeks ended 18 September, the grocer reported underlying profit before tax of £371m, up 23 per cent versus the first [...]
Superdry ‘recovering well’ from pandemic disruption November 4, 2021 Fashion firm Superdry said it is “recovering well” from the side effects of the coronavirus pandemic. In a trading update for the eight weeks to October 23, it said trading had improved. It attributed most of its recent improvement to e-commerce sales, which were up 6.6 per cent compared to 2019, pre-Covid. It also saw [...]
JD Sports instructed to sell Footasylum after competition concerns November 4, 2021 The competition watchdog has instructed JD Sports to sell Footasylum. The Competition and Markets Authority said that the takeover could lead to a worse deal for Footasylum’s customers. As Footasylum would no longer face competition from JD Sports, customers would have fewer options and could face higher prices, fewer discounts, and less choice of products [...]
Asda’s Issa brothers close to $300m US convenience store takeover November 3, 2021 The billionaire brothers behind EG Group and Asda are almost at the finish line for a deal to acquire Sprint Food Stores, a US convenience store chain, for $300m. The move would mean the tycoons would extend their presence in the US to 33 states, according to Sky News, who first reported news of the [...]
Ikea price rise warning as furniture giant hit by material costs November 3, 2021 Ikea’s owner has warned of spiralling profits and price hikes because of supply chain disruption. Higher raw material costs have contributed to the furniture giant forecasting its profits are set to fall for two successive years. Net profit in the year to the end of August fell 17 per cent to €1.4bn at Inter Ikea [...]
Carcasses sent to EU and returned after being carved because of butcher shortages November 3, 2021 Britain’s cattle farmers are being forced to ship carcasses to the European Union for processing amid a shortage of butchers. Cattle farmers are having to ship carcassess to the European Union for processing because of a shortage of butchers. Farmers have been forced to send dead cows to the Republic of Ireland so they can [...]
TikTok owner ByteDance on the hunt for new chairman after founder steps down November 3, 2021 The founder of Bytedance, which owns Tiktok, has stepped down from his role as chairman amid major organisational shifts at the tech giant, according to reports. Chinese billionaire and entrepreneur Zhang Yiming founded Bytedance in 2021 alongside college roommate Liang Rubo, the new Bytedance CEO who took up the role earlier this year after Yiming [...]
Pets At Home CEO bow-wows out after four years as top dog November 3, 2021 Pets at Home has announced that its CEO will step down after eleven years in the business. Peter Pritchard will step down as CEO and director next summer, with the hunt for his successor already underway. The company praised Pritchard for overseeing a successful turnaround of the business during his four-year-tenure and increasing its share [...]
Next warns of sales slowdown while stock availability still ‘challenging’ November 3, 2021 Fashion retailer Next this morning warned it is anticipating a sales slowdown next quarter as pent-up post-lockdown demand eases. In a trading update, the clothing firm said its full price sales in the thirteen weeks to October 30 were up 17 per cent compared to pre-Covid levels. However, it warned its fourth quarter growth would [...]
