Latest finance news – Page 458
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NewsParliament launches inquiry into the state of the UK retail sector
The Department for Business, Innovation and Skills Select Committee has launched an inquiry into the UK retail sector, as tipped by Retail Week this morning.
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NewsVideo: Vince Cable opens door for business rates reform
Business secretary Vince Cable believes the business rates system needs restructuring but has ruled out any changes being announced as part of next week’s Budget.
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NewsTesco acquires restaurant chain Giraffe for £48.6m
Tesco has bought Giraffe for £48.6m and plans to launch the family friendly restaurant in some of its larger stores.
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Otto Group records rise in revenue
Online and mail order specialist Otto Group recorded a 2% rise in revenue to E2.1bn (£1.83bn) for the year to February 28, 2013.While not disclosing figures, the company said that it achieved its highest profit in a decade and that 80% of sales now come from ecommerce.Otto is restructuring its ...
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NewsHalfords appoints Pets at Home's Rob Swyer as its retail director
Halfords has poached Pets at Home business development director Rob Swyer, who follows his former boss Matt Davies to the car parts and bikes retailer.
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NewsAsda in talks to buy bust HMV
Supermarket giant Asda is in talks with HMV’s administrator to save the collapsed entertainment retailer, according to reports.
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NewsMPs debate Government support for retail sector
MPs joined forces on Wednesday to debate crucial issues the retail sector is facing and call on Government to acknowledge the sector’s value.
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Department store Macy's reports solid performance for 2012
Department store group Macy’s reported a solid performance in 2012 on the back of strong online growth.For the full year, sales reached $27.69bn (£18.38bn), an increase of 4.9% on the previous year. Like-for-like sales, which strip out an extra week in fiscal 2012, increased 3.7%, beating company guidance.Online sales from ...
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NewsThe Hut Group appoints Richard Pennycook as chairman
Online retail business The Hut Group has appointed outgoing Morrisons group finance director Richard Pennycook as its chairman as it prepares to float on the Stock Exchange.
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NewsVideo: John Lewis Partnership reports 17% bonus as profits soar 15.8%
John Lewis Partnership staff will receive bonuses worth 17% of salary after the group reported a 15.8% surge in full year pre-tax profits.
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NewsHMV Guernsey follows parent company into adminstration
HMV Guernsey, where the entertainment retailer has one store, has followed its parent company and plunged into administration.
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NewsPawnbroker H&T full-year profits plunge as gold margins squeezed
Pawnbroker H&T Group full-year pre-tax profits plunged 27.7% to £17m due to “competitive gold margins” and store expansion costs.
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NewsFood price inflation reaches lowest point in five months
Food price inflation fell to a five-month low last month as upward pressure from rises in wheat and corn prices in previous months began to ease.
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Printemps owner, Borletti Group enters talks with Qatari Holdings
The owner of the French department store group Printemps, Italy’s Borletti Group, has entered exclusive talks with Qatar’s sovereign wealth fund, Qatari Holdings (owner of Harrods in the UK) to discuss a takeover.However, last week the tussle for Printemps took a new turn. France’s largest department store group, Galeries Lafayette, ...
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Grocery retailer Ahold reports profit decrease
Grocery retailer Ahold’s 2012 profits were hit by increased pension costs and restructuring charges at its US operation.For the full year, net income fell 18.7% to E827m (£713.6m). Fourth-quarter operating income included pension costs of E88m (£75.9m) in the US and Europe, and E26m (£22.4m) of impairment costs primarily related ...
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NewsDreams acquired by Sun European in £35m pre-pack administration deal
UPDATED: ScS-owner Sun European last night acquired beds giant Dreams in a pre-pack administration deal for £35m, Retail Week has learned.
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NewsTreasury considers business rates rethink as pressure from retailers grows
The Treasury is studying ways to reduce the burden of business rates as the Government comes under pressure from retailers ahead of this month’s Budget.
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NewsHomewares retailer Textiles Direct heads for administration
Homewares retailer Textiles Direct is understood to have filed a notice of intention to appoint an administrator, putting 400 jobs at risk.
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NewsAgricultural retailer Countrywide breaks into first half profit
Agricultural retailer Countrywide has broken into first half profit after investing in lowering prices and improving stores.
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NewsIceland Foods poised to acquire former Blockbuster stores
Iceland Foods is poised to acquire a handful of former Blockbuster stores from administrator Deloitte after the DVD rental business fell into administration in January.