Coronavirus: Ikea shuts mainland China stores following outbreak January 29, 2020 Ikea is the latest company to announce it will temporarily close stores in China due to the outbreak of coronavirus. The Swedish retailer will shut around half of its 30 stores in mainland China until further notice to help halt the spread of the disease, the company’s owner Ingka Group said. Other global chains including [...]
Stubhub hit with legal threat over ‘misleading’ ticket sales January 29, 2020 Stubhub is facing legal action from the competition regulator over claims the ticket reseller misled customers. The Competition and Markets Authority (CMA) has launched a wider crackdown on the secondary ticket market amid concerns many websites are a hotbed for ticket touts. But the regulator said it was concerned that Stubhub was not complying with [...]
SCS boss to step down after 32 years at sofa retailer January 29, 2020 The chief executive of sofa retailer SCS Group has announced plans to step down at the end of the year, after 32 years with the business. The company will launch a search for a new boss after David Knight revealed he will retire from the role. Knight gave 12 months notice but will stay in [...]
DIY retailer Wickes builds sales ahead of Travis Perkins demerger January 29, 2020 DIY retailer Wickes announced strong sales growth in the fourth quarter of last year, ahead of its split from parent company Travis Perkins. The firm said like-for-like sales growth in the fourth quarter was 4.5 per cent, while year-to-date sales jumped 8.7 per cent. Trading in both its core division – which includes local trade [...]
Tech giants urged to pick up VAT bills in fraud crackdown January 29, 2020 Online marketplaces such as Amazon and Ebay have been urged to take responsibility for VAT collection and remittance in the UK. Trade body the Association of Accounting Technicians (AAT) today called on the government to make tech firms liable for the goods tax, citing concerns about growing fraud. HMRC has estimated that VAT fraud by [...]
Whisky trade bodies unite in call to end ‘punitive’ transatlantic tariffs January 28, 2020 Whisky trade associations from both sides of the Atlantic have called on the UK and US governments to end what they described as “punitive” tariffs on spirits. The chief executives of the Scotch Whisky Association (SWA) and the Distilled Spirits Council of the United States (DISCUS) said the countries should “urgently find a negotiated solution [...]
Luxury goods giant LVMH ‘cautiously confident’ about 2020 January 28, 2020 Luxury goods giant LVMH said it was “cautiously confident” about the year ahead despite the “uncertain geopolitical context”, as it reported a jump in profit and revenue for 2019. Revenue soared 15 per cent to €53.7bn (£45.5bn) in 2019 and profit from recurring operations also jumped 15 per cent to €11.5bn, despite disruption caused by [...]
Exclusive: Beales auditor faces scrutiny after collapse of department store chain January 28, 2020 The firm responsible for auditing Beales department store’s financial accounts is expected to face scrutiny after it emerged that the retailer collapsed just over four months after being given a clean bill of health. City PM understands that the Institute of Chartered Accountants in England and Wales (ICAEW) has made early-stage enquiries into Nexia Smith [...]
PZ Cussons profit hit by ‘challenging market conditions’ January 28, 2020 Consumer products giant PZ Cussons, which owns brands including Imperial Leather and Original Source, reported a dip in revenue and profit in its half-year results due to “challenging market conditions”. The company said adjusted revenue from continuing operations fell 4.3 per cent to £293.3m in the six months to 30 November. Adjusted operating profit from [...]
Consumer optimism rises to five-year high January 28, 2020 Consumer optimism for the coming year has jumped to a five-year high due to increased political certainty, according to the latest research. More UK consumers believe they will be financially better off over the next 12 months than worse off, as net sentiment has jumped from minus seven to three for the first time in [...]
