Primark owner claims fast fashion still a draw as cost of living crisis boosts sales April 25, 2023 Primark owner Associated British Foods (ABF) has reported a slight dip in its adjusted operating profit as the retail and grocery giant felt the pain of soaring inflation and a tough economic climate. For the 24 weeks to 4 March, the group’s adjusted operating profit came in three per cent lower at £684m, compared to [...]
LVMH becomes first European company to reach $500bn in market value April 24, 2023 LVMH became the first European company to reach $500bn (£401bn) in market capitalisation on Monday morning as the luxury retailer was strengthened by a renewed demand from Chinese consumers. According to reports published in The Financial Times, shares in the Paris-listed company rose 0.3 per cent against last week’s close to €903.7 (£799) shortly after [...]
60 Uber Eats and Deliveroo drivers arrested amid Home Office ‘crackdown’ on illegal working April 24, 2023 Some 60 fast food delivery drivers have been arrested across London as the Home Office cracks down on alleged illegal working. Gig workers employed through Deliveroo, Uber Eats and Just Eat were arrested between 16-21 April following a “week long crackdown” on illegal workers led by the Home Office. Following the arrests, the department said [...]
Only five UK retailers issued profit warnings in first leg of 2023, but experts warn of challenges April 24, 2023 Only five UK retailers raised concerns about their profits in the first leg of 2023. However, the sector has warned that challenges remain for shops and the high street. According to data by accountancy firm EY, the number of profit warnings issued by retailers fell by 44 per cent in quarter one compared to the [...]
Prezzo shuts 46 branches including four in London as 810 jobs put at risk April 24, 2023 Prezzo will shut 46 loss making sites across the UK including three in London and place 810 workers at risk of redundancy, as soaring energy and a hike in food costs rattle the business. The Italian restaurant chain, which is owned by private equity firm Cain International said that the closures will impact sites where [...]
THG shares soar 10 per cent as investors cheer the appointment of BAT’s Farr April 24, 2023 Shares in THG soared 10 per cent after the beleaguered e-commerce platform drafted in a director of British American Tobacco to help take it private. Sue Farr, the senior independent director (SID) of BAT sits on the board of a number of FTSE 100 companies including used car dealership Lookers and real estate company Helical. [...]
Ex-Asda boss secures rescue deal of upmarket online butcher April 24, 2023 The former boss of supermarket Asda has led a rescue of an upmarket online butcher that counts the likes of Harrods and Fortnum & Mason among its customers. Andy Clarke – who was chief executive of Asda from 2010 until 2016 – headed up a group of investors to buy Farmison & Co, which collapsed [...]
Lidl: Big on expansion with plans to open over 200 more stores across London April 24, 2023 Lidl said it was planning to open a further 200 stores across London as soaring food costs continued to drive demand for discount supermarkets. This morning Lidl released its list of priority locations for new stores across London and the wider UK, with some 247 locations across the capital highlighted as potential sites. Lidl, which [...]
Week Ahead: Aldi and Lidl tightening the screw on Sainsbury’s as retailers fight to retain price-wary customers April 23, 2023 The supermarket giant is set to report a fall in annual pre-tax profits this week, posting up to £690 million, down from £730 million last year. According to the latest Kantar survey, Sainsbury’s reported a strong 12-week sales growth of 12 per cent at the end of March, but fell short of rivals Aldi and [...]
Bed Bath & Beyond files for bankruptcy protection, begins liquidation sale April 23, 2023 Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. The home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, [...]