Ceramics maker Portmeirion warns on profits November 14, 2019 Ceramics maker Portmeirion warned that profits would be lower than expected this year after export sales plunged due to weakening demand in South Korea. In a trading update this morning the company said “significant historic demand” for its classic Botanic Garden ranges had led to other countries shipping in to South Korea, resulting in overstocking [...]
New store openings drive revenue increase at Card Factory November 14, 2019 Card Factory has reported a jump in revenue this year driven by sales at new stores and a boost in online trading, as sales at existing stores slumped due to falling high street footfall. In the nine months to 31 October revenue increased five per cent as Card Factory grew its store portfolio with 38 [...]
UK retail sales unexpectedly fall as economy slows November 14, 2019 The amount of goods sold in UK shops unexpectedly fell in October, official figures have shown, in the latest sign that the economy is slowing. The weak performance will be a concern to retailers as the sector heads towards Christmas, especially given that the period covered Halloween, a traditionally busy time for shops. Read more: [...]
Burberry boosts revenue despite Hong Kong disruption November 14, 2019 Shares in Burberry jumped more than five per cent this morning after the luxury retailer reported it is on track to meet expectations despite political disruption in Hong Kong, which contributed to a slump in sales in one of the retailer’s core markets. The figures Burberry increased revenue by three per cent to £1.3bn in [...]
Young’s pub chain posts profit drop after poor weather November 14, 2019 Young’s pub chain blamed “poor and unpredictable weather” for a fall in profit in its latest half-year results today, but still raised its interim dividend to book its 23rd consecutive rise. Read more: Marston’s sells off 137 pubs for £45m in an attempt to slash debt The figures Profit before tax dropped 6.4 per cent [...]
Nike pulls clothes and shoes from Amazon amid digital push November 13, 2019 Nike is pulling its clothes and shoes from e-commerce site Amazon as part of a pivot to selling directly to customers. Nike announced late on Tuesday that it was ending a pilot scheme to sell its goods through Amazon which began in 2017. “As part of Nike’s focus on elevating consumer experiences through more direct, [...]
Shop Direct gets £75m injection from Barclay brothers as it looks to plug PPI funding hole November 13, 2019 Shop Direct has been given a £75m equity injection from its parent company as it looks to plug a funding gap from the cost of recent payment protection insurance (PPI) complaints. The online retailer owned by the billionaire Barclay brothers said today that £75m will be invested by way of an equity injection before the [...]
Takeaway.com boss has no plans to increase £4.3bn Just Eat bid November 13, 2019 The chief executive of Takeaway.com has said the company does not intend to increase its £4.3bn bid for food delivery app Just Eat, despite South Africa’s Prosus tabling a larger, unsolicited offer. Jitse Groen said he would not sweeten the bid for Just Eat in a bidding war with Prosus, which has made a cash [...]
Wetherspoon boss Tim Martin launches attack on City regulators November 13, 2019 JD Wetherspoon boss Tim Martin lashed out at proxy advisor Pirc this morning, branding the firm’s recommendations to shareholders unhelpful to “business and the country”. In a wide-ranging attack on corporate governance, Martin slammed Pirc’s advice as “toxic” and called major Wetherspoon shareholders Columbia Threadneedle and Blackrock “hypocrites”. Read more: Wetherspoon faces backlash over Brexit [...]
Mulberry losses widen in ‘promotion led’ UK high street November 13, 2019 Luxury handbag retailer Mulberry widened its losses in the first half of the year as it struggled in the UK’s “increasingly promotion led” market. The company reported a loss before tax of £9.9m compared to a loss of £8.2m the previous year, reflecting the retailer’s British high street woes and its increased investment in Asia [...]
