Amazon shares soar as it shatters Wall Street forecasts November 1, 2024 Amazon’s shares jumped over six per cent in after-hours trading after the e-commerce giant breezed past third quarter expectations. The boost from investors would lift the Seattle-headquartered company’s market cap, which currently stands at $1.95t, beyond the $2t mark. It posted quarterly revenue of $158.9bn (£123.3bn), beating analyst predictions of $157.2bn (£121.9bn), and a year [...]
Retail footfall returns to downward trend after September spike November 1, 2024 After a brief rise in September, retail footfall has fallen again in October, as the number of feet on Britain’s streets returns to its downward trend. Total UK footfall decreased by 1.1 per cent year on year in October, down from a rise of 3.3 per cent in September. Many in the sector, which has [...]
Andy Murray-backed Castore slumps to loss despite sales surge October 31, 2024 Castore, the British sportswear brand backed by the likes of Sir Andy Murray and the billionaire Issa brothers, has slumped to a loss despite its sales jumping by £75m. The Manchester-headquartered business has reported a pre-tax loss of £28.8m for the year to 4 February, 2024, according to newly-filed accounts with Companies House. The loss [...]
Selfridges sinks further into the red as sales at luxury department store falter October 31, 2024 Luxury department store chain Selfridges has lost more than £400m since it last made a pre-tax profit, it has been revealed. The business, which has UK stores in London, Birmingham and two in Manchester, passed the milestone after falling to a £41.9m loss in the year to 3 February, 2024. It comes after Selfridges previously [...]
Sensodyne and ‘power brands’ help Haleon grow revenue and profit October 31, 2024 Consumer healthcare company Haleon has reported growth across all its categories and regions in its third quarter amid healthy toothpaste and mouthwash sales. In the three months ended 30 September, 2024, it achieved organic revenue and organic profit growth of 6.1 per cent and 7.4 per cent, respectively, off the back of strong sales of its [...]
Next predicts £1bn profit after cold weather boosts sales October 30, 2024 Next has upgraded its profit forecast for the year to over £1bn after better-than-expected sales in its third quarter. The FTSE 100 retail giant, which is headquartered in Leicester, has upgraded its guidance from £995m to £1.005bn. In an update to the London Stock Exchange, Next said full price sales in the three months to 30 October [...]
Insolvencies at fashion manufacturers jump on cocktail of cost pressures October 29, 2024 Insolvencies at UK fashion manufacturers have risen by nearly a quarter in the past year as a combination of supply and demand pressures has driven firms under while customers switch to pre-loved clothing. According to Forvis Mazars, the international tax and advisory firm, over 100 companies went bust in the year to July 2024, up [...]
JD Sports sells its majority stake in Rebecca Adlington-founded company October 29, 2024 JD Sports has sold its majority stake in a company founded by former Olympic swimmers Steve Parry, Rebecca Adlington and Adrian Turner. The Greater Manchester-headquartered retail giant, through its subsidiary JD Gyms, has held a 60 per cent stake in Bolton-based Total Swimming Group since a deal in 2022. At the time, the initial cash [...]
Adidas predicts profit of nearly £1bn after sales surge October 29, 2024 Adidas is now predicting its operating profit to swell to almost £1bn for 2024 as it upped its forecasts following a better-than-expected performance in recent months. The sportswear giant is now eyeing an operating profit of around €1.2bn (£997m) for its current financial year, a rise from its previous guidance of around €1bn. The increase [...]
IG Design: Card maker’s cost-cutting drive starts to pay off despite profit plummet October 29, 2024 Profit at IG Design, the world’s largest maker of greeting cards, wrapping paper and gift bags, has been slashed but the firm is now cash generative and expecting to make a comeback in the second half of the year. As expected, group revenue fell 11 per cent in the six months to September, causing adjusted profit to [...]