Latest finance news – Page 467
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NewsTwo thirds of MPs support business rates freeze
A freeze on business rates for retailers next year is backed by two thirds of MPs, says a poll by the British Retail Consortium (BRC).
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NewsAnalysis: Gap UK faces fierce competition
Despite 25 years in the UK, the US fashion giant has struggled to find its gap in the market.
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Otto Group acquires Neckermann.de. brand name
Otto Group has acquired the brand name and private labels of insolvent pure-play retailer Neckermann.de.The purchase includes the right to use the Neckermann trademarks, logos and internet domains in Germany. Otto Group also has the right to use Neckermann’s mailing list in Germany, although that is still subject to certain ...
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NewsKingfisher group profit drops 5.9% but UK earnings up
Kingfisher group retail profit plunged 5.9% to £257m in its third quarter to October 27, despite UK and Ireland profits advancing.
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NewsDixons falls to £22.2m first half loss as UK makes first profit in five years
Dixons’ UK business returned to the black in its first half for the first time in five years.
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NewsOpCapita finally says “sorry” as 5,000 Comet employees face redundancy
Former Comet owner OpCapita has finally spoken out as 5,000 staff are set to be made redundant by Christmas.
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Electronics specialist Darty to sell Italian business
French electronics specialist Darty is to sell its Italian business to DPS Group, while retaining a 15% stake.Darty will pay the electrical goods and services provider E3m (£2.4m) as part of the deal to offload its 20 stores. The transition will cost Darty about E11m (£8.9m). In its last fiscal ...
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NewsRetailers cut back to cope with rates rise
Retailers are poised to slash investment and make redundancies if next year’s proposed business rates hike goes ahead.
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NewsClive Coombes sets out rescue vision for Comet
Property tycoon Clive Coombes has set out his vision to rebuild Comet if he pulls off a last-gasp deal to save the electricals retailer.
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NewsProfits rise at Topps Tiles despite like-for-likes slip
Topps Tiles has shrugged off a difficult start to the financial year to return a £12.5m pre-tax profit after a rapid turnaround in like-for-like sales.
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Jaeger unveils £8m loss as it eyes overseas growth
Jaeger has unveiled an underlying loss of £8m in its year to February 29 as it focuses on international growth.
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NewsDreams founder teams up with Lord Harris to line up bid
Dreams founder Mike Clare is lining up a takeover of the bed specialist with a consortium including Carpetright chairman Lord Harris.
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NewsProfits rise at Cath Kidston
Earnings at quintessentially British fashion and homewares specialist Cath Kidston surged last year, powered by higher sales at home and abroad.
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NewsM&Co plunges to first loss in 50 year history
M&Co fell to its first operating loss in its 50 year history in its last financial year to February 24 but is now back in profit.
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NewsJohn Lewis and Waitrose sales surge
John Lewis and Waitrose recorded a “robust” trading week last week as the collapse of Comet and early party food orders drove sales at the respective retailers.
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NewsAnalysis: The Entertainer sets it sights on overseas growth
The Entertainer’s prospective move into international markets could be a game-changer for a retailer that has made delivering growth in a difficult category look like child’s play.
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Target reveals US retail sales increase
General merchandise retailer Target revealed that US retail sales rose 3.4% to $16.6bn (£10.43bn) for the third quarter ended October 27.The increase was attributed to a 2.9% lift in like-for-likes as well as the contribution from new stores. Like-for-like increases were driven by a strong back-to-school season, gains in food ...
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Walmart reports third quarter sales rise
Sales at Walmart in the third quarter ended October 31 rose 3.4% to $113.2bn (£71.15bn). Net income increased 4% to $6.1bn (£3.83bn).Walmart Stores president and chief executive Mike Duke said: “Price will continue to be a major factor for US customers over the holidays. Across all of our markets, we ...
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NewsMothercare sales trend improves as it cuts UK losses in first half
Mothercare UK like-for-likes dipped 3.4%, but showed an improved sales trend, in the 28 weeks to October 13 as the retailer cut its underlying UK loss to £17m.
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NewsSir Philip Green raises prospect of more big deals to come
Sir Philip Green expects a “seat at the table” if retail consolidation presents opportunities.