Italian luxury brand Prada warns over coronavirus impact on sales March 18, 2020 Luxury fashion house Prada said today that all of its efforts will be directed to overcoming the financial damage done by coronavirus. Prada reported strong growth in the year to the end of January, but said the outbreak “interrupted [its] growth trajectory”. The Italian designer brand said today that it expects the epidemic to have [...]
Coronavirus: B&Q owner Kingfisher to negotiate rent payment terms March 18, 2020 B&Q owner Kingfisher is preparing to negotiate its rent payment system with landlords as it tries to save cash amid the coronavirus crisis. Kingfisher, which also owns Screwfix Direct, will ask to pay rents across its 950 UK stores on a monthly basis, rather than each quarter, Sky News reported. Retailers are increasingly facing cash [...]
Selfridges shuts after London staff test positive for coronavirus March 18, 2020 Luxury department store Selfridges has closed its doors after three members of staff contracted coronavirus. The retailer, which yesterday said it was planning to cut hours, announced this morning that its four stores across London, Birmingham and Manchester will close this evening. This morning the department store said that three employees at its flagship Knightsbridge [...]
Marston’s scraps £20m dividend to save cash amid coronavirus crisis March 18, 2020 Shares in pub chain Marston’s jumped 43 per cent this morning as it outlined its coronavirus battle plan, which included cutting a £20m dividend. The company said that the need for social distancing as a measure to combat the spread of the virus means it is “unlikely” that it will recommend an interim dividend in [...]
Glastonbury 2020: What do I do if I booked a ticket? March 18, 2020 Glastonbury Festival 2020 has become the latest victim of the coronavirus crisis, with organisers this morning announcing that the iconic summer event had been cancelled. In a joint statement, Worthy Farm owners Michael and Emily Eavis said cancellation was the “only viable option” after the government urged people to stay at home. The festival will [...]
Glastonbury Festival cancelled due to coronavirus March 18, 2020 Glastonbury Festival has been postponed due to the outbreak of the coronavirus, the event’s organisers confirmed today. The festival, which was due to celebrate its 50th anniversary this year, said cancelling the event was its “only viable option” after the government urged people to stay at home. The world-famous music festival was scheduled for 24-28 [...]
Coronavirus: Supermarkets ramp up measures to keep shelves stocked March 18, 2020 Supermarkets have ramped up measures to keep shelves stocked amid panic buying and stockpiling during the coronavirus crisis. Tesco has reduced opening hours to allow staff more time to restock shelves and Waitrose has applied limits to some items. This morning the Waitrose website is down as it has been unable to cope with the [...]
Wagamama owner Restaurant Group warns of huge coronavirus sales hit March 18, 2020 The owner of restaurant chain Wagamama today warned the coronavirus crisis will almost halve its sales over the first six months of 2020. Restaurant Group told investors to prepare for a 45 per cent plummet in sales for the first half of the year due to UK measures to contain Covid-19. The government has warned [...]
Morrisons defers dividend over coronavirus as profit rises March 18, 2020 Morrisons has announced its fourth consecutive year of profit growth, but will defer its dividend as it deals with the “unprecedented challenges” brought on by the coronavirus outbreak. Pre-tax profit rose three per cent to £408m, while sales were down 1.1 per cent to £17.5bn. Despite an increase in sales and profit growth for the [...]
Superdry to miss 2020 targets as it braces for another difficult year March 18, 2020 Superdry does not expect its online sales to offset losses, as it predicts it will miss its 2020 targets due to the “unprecedented challenges” of the coronavirus outbreak. The retailer said the majority of Superdry’s European store estate has been affected by mandated closures, which contributes around 40 per cent of weekly sales forecasts. Currently, [...]