Primark stays cheerful despite headaches on the UK high street November 6, 2018 Associated British Foods, owner of Primark, blamed “unseasonable weather” for a slide in the high-street retailer’s sales across Europe. Sales dropped by 2.1 per cent for the year to 15 September at stores open more than 12 months. The decline compared with a one per cent increase for the previous year. With 2018 generally bringing [...]
Co-op hopes new depot will fuel growth in its London stores November 6, 2018 Food retailer Co-op will open a new depot to serve its London shops as it looks to grow in the south of England. The new 660,000 square foot distribution centre will create up to 1,200 jobs when it opens in 2022, Co-op said. Co-op said it has signed a 20-year lease for the depot in Biggleswade, [...]
Pepsico bid for British crisp brand Pipers shows more US companies hungry for UK assets November 6, 2018 Pepsico swooped on premium British crisp brand Pipers today adding to a bumper year for US acquisitions of UK firms, with deals already hitting a record $87bn (£66.4bn). The value of acquisitions has surged by a whopping $57bn since last year, according to figures compiled by Dealogic. The record figure does not include the undisclosed [...]
Boohoo shares soar as sales nearly double after “exceptional performance” from PrettyLittleThing November 6, 2018 There may be ongoing high street pain for a number of retailers, but online troubles are few and far between for fashion chain Boohoo. It hailed "an exceptional performance" from PrettyLittleThing, which it has been integrating into the Boohoo group, while its acquisition of US fashion label Nasty Gal exceeded estimates in its first year. [...]
Jeweller Pandora slashes forecasts as lower sales take the shine off growth November 6, 2018 Bereft of a chief executive and wounded by tough trading conditions, Danish jeweller Pandora painted a bleak picture this morning after slashing its sales outlook for the second quarter running. Missing its profit and sales expectations in the third quarter of 2018, the jewellery maker today revised down its full-year revenue growth guidance for the [...]
Cost cutting helps New Look slow decline in like-for-like sales after China exit November 6, 2018 Retailer New Look slowed its decline in like-for-like sales amid challenging conditions on the high street, it said this morning. The company has said it will consider its position in markets abroad following a decision to pull out of China by the end of the year. In the UK, New Look is closing 85 stores, [...]
Festival goers give boost to consumer spending November 6, 2018 Music lovers snapping up tickets to Glastonbury Festival helped drive consumer spending during October, compensating for a continued slump in activity on Britain’s high streets. Industry data out today shows that consumer spending hit 4.4 per cent annual growth last month, marking a modest rise from September when purchasing hit a five-month low of 3.9 per [...]
Asset manager Invesco ups stake in Patisserie Valerie amid shareholder bailout November 6, 2018 A top ten investor in Patisserie Valerie has more than quadrupled its stake in the under-pressure cake shop chain. Invesco increased its shareholding to 7.76 per cent on Friday, taking it above the three per cent threshold where investors must disclose their stake. The investor, with around $1.2 trillion (£919bn) in assets under management, held [...]
Sugar business misses the sweet spot as eyes turn to Primark November 6, 2018 Primark has today been pinned as next year's source of growth for its owner Associated British Foods (ABF), which is looking to fill a gap left by falling profits from its sugar arm. ABF is hoping that expansion of Primark’s selling space will help deliver expected earnings per share next year, in a bid to [...]
Greene King boss to step down after 14 years in charge of brewer November 6, 2018 The chief executive of Greene King, Rooney Anand, is set to leave his role at the end of the financial year after 14 years in the job, the company announced today. Anand, who has led the pub chain and brewer since 2005, will step down in April 2019. Greene King said it has already begun the [...]