All City & finance articles – Page 132
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NewsEstée Lauder to axe 2,000 jobs as coronavirus hammers profits
Cosmetics giant Estée Lauder is cutting 2,000 jobs across the globe amid plans to close stores and department store beauty counters in the wake of the coronavirus crisis.
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NewsAlibaba profits surge as customer numbers jump during lockdown
Alibaba has smashed quarterly profit predictions as online sales surged during lockdown and demand for its cloud computing services soared.
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NewsAO boss Roberts urges more retailers to launch company-wide bonus plans
AO.com boss John Roberts has urged more listed retailers to launch company-wide incentive plans for staff after its new scheme was unanimously approved by shareholders.
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NewsAsda bids lined up by former CEO and ex-Debenhams boss
Former chief executives of Debenhams and Asda are understood to be working with private equity groups on a bid for the supermarket chain.
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NewsGlobal Fashion Group breaks even as online shift boosts sales
Global Fashion Group recorded its second quarter of growth this year, as the ecommerce shift in fashion and lifestyle shopping “continues to accelerate”.
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NewsAO.com reports ‘strong’ sales growth ahead of AGM
Pureplay electronics retailers AO.com has reported “strong year-on-year revenue growth” in the UK and Germany ahead of its annual general meeting today.
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NewsFrasers Group blames profit slump on Brexit and coronavirus
Mike Ashley’s Frasers Group reported a slump in profits that it blamed on a prolonged period of Brexit uncertainty followed immediately by the coronavirus crisis.
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AnalysisThe economics of ecommerce: Counting the costs of trading online
As countries went into lockdown when the Covid-19 pandemic hit, ecommerce was the sole channel still open to retailers of products deemed non-essential.
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AnalysisThe Big Question: Should there be a cap on CVAs for retailers?
As the coronavirus continues to hammer sales and customer footfall levels show no signs of returning to pre-Covid levels any time soon, more struggling retailers are turning to insolvency procedures such as CVAs to survive. However, with many brands having a second or third bite of the cherry, industry experts debate whether a cap should be put in place
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NewsFenwick full-year losses widen as pre-pandemic sales slide
Fenwick has suffered widening losses and falling sales in a what is described as an “extremely challenging” year, Retail Week can reveal.
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NewsFrasers Group chair in closed-period share-buying blunder
The non-executive chair of Mike Ashley’s Frasers Group accidentally bought shares in the retailer ahead of this week’s results.
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AnalysisMarks & Spencer job cuts – harsh medicine, but necessary
Marks & Spencer’s biggest round of job cuts ever has sent shockwaves through retail. Around 7,000 roles will be axed – and that is on top of 950 redundancies revealed just a month ago.
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NewsAsda eyes ecommerce expansion as online sales double
Asda has said it plans to expand its online delivery capacity to 1 million slots a week by next year after seeing online sales double in its second quarter.
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NewsGrocery sales lowest since pre-lockdown as market begins to return to normality
Sales of take-home groceries have fallen to their lowest levels since before the coronavirus plunged the UK into lockdown, according to the latest market share data.
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NewsSosandar remains in the red despite soaring sales
Sosandar reported another loss last year despite a jump in sales, with co-chief executives Ali Hall and Julie Lavington “cautiously optimistic” about the brand’s future.
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NewsGymshark surpasses £1bn valuation with fresh investment
UK sportswear brand Gymshark has secured unicorn status after a fresh fundraising round saw the company’s valuation pass £1bn.
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NewsMike Ashley’s Frasers Group bids for DW Sports
Mike Ashley has reportedly launched a bid for former rival Dave Whelan’s collapsed sports chain DW Sports.
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NewsDebenhams lines up Hilco amid liquidation contingency planning
Debenhams has appointed Hilco in the event that it does need to liquidate stock, but has stressed that this move is not imminent and would be a last resort.
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NewsPrimark, Tesco and other retailers partner with government on new supply chain fund
Some of the UK’s largest retailers have partnered with the government to help launch a fund designed to protect supply chains and support international workers.
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NewsNew Look launches CVA and recapitalisation
Embattled fashion retailer New Look has launched a company voluntary arrangement (CVA) in a bid to “rebase” its existing leasing portfolio.