Sainsbury’s pledges to slash plastic packaging by 50 per cent September 13, 2019 Sainsbury’s has pledged to slash the amount of plastic packaging it uses by 50 per cent by 2025, as it admitted it currently uses almost 120,000 tonnes a year. The supermarket giant said it would cut plastic use across all branded food packaging – including its own-brand products – and all of its operations. Read [...]
Topshop bottom up as it flounders in rough retail space September 12, 2019 Topshop and Topman sprung a leak in Philip Green’s pocket last year, as its parent company said it had faced a year of stiff competition. Loss before tax at the clothes retailer grew to £505m in the financial year ending 1 September last year. It was a strong rise from 2017’s much less damaging £3.8m [...]
AB InBev revives Budweiser Asia listing September 12, 2019 Budweiser owner Anheuser-Busch InBev is reconsidering listing its Asia business on the Hong Kong Stock Exchange after it shelved an initial public offering plan earlier this year. AB InBev confirmed today that it has resumed its application for the listing of a minority stake of its shares on the Hong Kong Stock Exchange. Read more: [...]
N Brown shares drop after it reveals £20m to £30m PPI provision September 12, 2019 Shares in British retailer N Brown have fallen 5.5 per cent this morning after it said it would have to set aside £20m to £30m more to cover claims about mis-sold payment protection insurance (PPI). Read more: Barclays and Lloyds Bank reveal PPI balance sheet hit The plus-size clothes retailer, which has cricketer Freddie Flintoff [...]
John Lewis swings to a loss and flags no-deal Brexit fears September 12, 2019 Troubled high street chain John Lewis reported its first-ever half-year loss this morning, striking a gloomy tone amid fears of a no-deal Brexit. The retail giant, which owns both John Lewis department stores and Waitrose, warned that leaving the European Union without a deal would have a “significant” impact on the group. Read more: Retail [...]
British American Tobacco to axe 2,300 jobs as it focuses on vaping September 12, 2019 British American Tobacco (Bat) is slashing 2,300 jobs across the company as it seeks to simplify its business and re-invest in vaping under its new CEO. Over 20 per cent of senior roles will disappear in the cull, said chief executive Jack Bowles, who added that the swathe of redundancies was “vital” to boost sales [...]
Morrisons extends Amazon partnership as it delivers flat half-year sales September 12, 2019 Morrisons has posted flat sales in the first half as it unveiled a new multi-year partnership with Amazon Prime amid challenging conditions in the grocery sector Read more: Morrisons to expand Amazon online delivery service across the UK The figures Morrisons like-for-like sales excluding fuel and VAT ticked up 0.2 per cent in the six [...]
Fewer deaths hurt profits at The Co-op September 12, 2019 The Co-operative Group saw profits drop dramatically in the six months to July as the firm’s funerals business took a hit from an unexpected drop in the number of deaths. The figures Profit before tax sank to £25m, from £44m the year before owing to the funeral division’s poor performance. Revenue, however, rose 12 per [...]
Vaping ‘a problem’, says Trump as officials move to ban flavoured e-cigarettes September 11, 2019 US President Donald Trump today said that vaping is “not wonderful” as he moved to ban flavoured e-cigarettes from the US market. New proposals put forward by the administration would ban all flavours, apart from tobacco, from being sold in the US. Read more: Altria gets Juul for Yule as Marlboro maker bets big on [...]
Investors back Julian Dunkerton’s Superdry turnaround plan September 11, 2019 Investors voted to re-elect Superdry interim chief executive Julian Dunkerton, showing confidence in the co-founder’s plan to set the struggling retailer back on track. Shareholders backed Dunkerton’s reappointment by 99.97 per cent at the firm’s annual general meeting today following his dramatic return to the company in April. Read more: Superdry completes board line-up after [...]
