Dunelm to simplify after profits drop in ‘difficult and disappointing’ year September 12, 2018 Homeware retailer Dunelm has said it will simplify the business following a “difficult and disappointing” year, which saw profits fall nearly seven per cent. Read more: Mike Ashley proclaims House of Fraser strategy will be a 'game changer' The figures The company said revenue for the year ending 30 June was £1.05bn – 10 per cent [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Tesco set to launch discount store brand next week September 11, 2018 Supermarket chain Tesco is set to launch a new discount store format next week in a bid to compete with German rivals Aldi and Lidl. The UK's biggest supermarket advertised recruitment for retail assistants, customer service assistants and manager roles for a new store format in Chatteris, Cambridgeshire, earlier this year. Read more: Jamie Oliver joins up with Tesco with [...]
Debenhams chair lashes out at firm’s ‘nosy neighbours’ September 11, 2018 The chairman of troubled department store Debenhams today sought to justify the firm's decision to rush a trading update out yesterday as an attempt to stop "nosy neighbours" speculating about its future. Debenhams' shares plunged 17 per cent yesterday after reports over the weekend revealed it had brought in KPMG to advise on a number of restructuring [...]
Alive and kicking: JD Sports thrives in struggling high street environment September 11, 2018 JD Sports sprinted ahead of its high street rivals as it boosted both profit and revenue margins in its interim results today. The figures The shoe and sportswear retailer posted a 35 per cent year-on-year hike in revenue to £1.85bn for the six months to the end of August while profits before tax stepped up [...]
Debenhams rushes out surprise update after its shares plunge to record low September 10, 2018 Debenhams looked to quell investor concern about the company's financial situation by rushing out a surprise trading update today which showed profits were slightly below expectations. The firm shocked the market by releasing its results a month early, saying it expected profits to be within the market range of £31m to £36m, falling just short of its expected [...]
Jamie Oliver joins up with Tesco with new healthy recipe remit September 10, 2018 Chef Jamie Oliver has entered into a partnership with supermarket giant Tesco, seven years after leaving an 11-year advertising gig with rival Sainsbury's that saw him earn over £10m. The chef and best-selling author, whose fee has not been disclosed, is producing recipes and healthy eating tips for Tesco, aiming to “change eating habits”. “I’m [...]
888 launches first sports betting site in US as British firms capitalise on legalisation September 10, 2018 Online gaming company 888 has launched its first sports site in the US in a bid to capitalise on the legalisation of sports betting in the country. It follows recent moves by William Hill and Paddy Power Betfair to expand across the pond following a US Supreme Court ruling in May that struck down a [...]
Debenhams share price tumbles as firm mulls over rescue plan September 10, 2018 Shares in high street retailer Debenhams crashed 17 per cent this morning after it emerged the firm had brought in KPMG to advise on a number of options to save the struggling company. Debenhams has had a gruelling year, announcing three profit warnings so far alongside a raft of job cuts, causing its share price to tank [...]
About time: Richemont appoints new chief exec after leaving position empty for two years September 10, 2018 Swiss luxury goods firm Richemont has appointed a chief executive after leaving the position unfilled for almost two years. The owner of brands like Cartier and Montblanc said its chief operating officer Jérôme Lambert would step in as boss. It marks a u-turn by chairman and controlling shareholder Johann Rupert, who got rid of the chief executive role [...]