Morrisons profit sinks as Covid costs outweigh sales boost September 10, 2020 Morrisons today reported higher sales for the first half of the year but said costs related to Covid-19 safety measures had hit profit. The figures Morrisons reported total revenue of £8.73bn, down 1.1 per cent on the same period last year. But like-for-like sales excluding fuel rose 8.7 per cent. Statutory profit before tax fell [...]
Dunelm pulls final dividend as it forecasts a brighter 2021 September 10, 2020 Home furnishings retailer Dunelm has said it will not be issuing a final dividend this year, but said it had outperformed expectations despite the pandemic. It added that it expects to pay an interim dividend next year, provided it faces no further hits from renewed lockdown measures. Dunelm said today that profit before tax fell [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to Morning Wire Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]
Pubs warn new restrictions will damage their recovery from ‘devastating’ year September 9, 2020 The pub industry has warned that the new restrictions outlined by the Prime Minister today will halt their recovery without additional government support. The British Beer and Pub Association said the changes to social gatherings will have an “immediate cooling effect on public confidence to go out and visit our pubs.” From Monday gatherings of [...]
Fashion retailer Quiz closes 15 UK stores after coronavirus lockdown September 9, 2020 Fashion retailer Quiz has announced it will permanently close around 15 stores in the UK following the UK coronavirus lockdown. The company is only planning to reopen around 60 of its 75 stores. It has reopened 48 sites since non-essential retailers were given the go-ahead to trade in June. Quiz has also reduced the number [...]
Pandemic pushes retail job losses to 125,500 this year September 9, 2020 More than 125,500 retail jobs have been lost so far this year as the coronavirus pandemic accelerated changes on the struggling UK high street. Nearly 15,700 roles were lost every month, while 13,867 shops have closed down across the UK this year. Small independent retailers shed 32,598 jobs between 1 January and 31 August, while [...]
Lawsuit at Tiffany’s: Jeweller sues LVMH over delayed $16bn merger September 9, 2020 Tiffany & Co has launched legal action against Louis Vuitton owner LVMH after the luxury goods giant said it would walk away from a $16bn deal to buy the jewellery firm. Tiffany has filed a lawsuit seeking to force LVMH to complete the merger after the French conglomerate announced this morning that it could not [...]
Pizza Hut to close 29 restaurants, putting 450 jobs at risk September 9, 2020 Pizza Hut has announced plans to close 29 restaurants in the UK, putting 450 jobs at risk. The fast food chain is the latest firm to launch a company voluntary arrangement (CVA) during the coronavirus pandemic, as it seeks to cut rents and exit loss-making stores, according to reports. Pizza Hut Restaurants, which is separate [...]
Thousands sign petition for ‘seat out to help out’ theatre discount scheme September 9, 2020 Thousands of people have signed a petition calling on the government to introduce a “seat out to help out” scheme to support the theatre industry. The petition proposes that for every seat sold for a live performance, the government could pay £10 for an empty seat. More than 44,000 people have lent support to the [...]
Amazon pays just £293m in UK corporation tax despite revenue bounce September 9, 2020 Amazon paid out less than £300m in tax to HMRC last year, despite raking in an extra £3bn in revenue. The e-commerce giant said it paid £293m in direct tax — meaning contributions paid directly to the Treasury through levies such as corporation tax and business rates — in 2019, rising by more than a [...]