Latest finance news – Page 628
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Peacocks hit by credit insurer
Fashion retailer Peacocks is understood to have become the latest retailer to have some of its credit insurance cut.
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John Lewis online sales set to break daily record
John Lewis expects today (December 8) to be its biggest to date for online sales after notching up a record week at Johnlewis.com.
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Carphone Warehouse co-founder resigns after shares controversy
Carphone Warehouse co-founder David Ross has resigned after it was found he was using his shares in the retailer as security for personal loans.
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90% of Christmas shoppers to go online
This year 90 per cent of shoppers will turn to the internet to research and buy their Christmas gifts.
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John Lewis lifted by early VAT cut
John Lewis has reported strong trading on last Friday and Saturday, when it reduced prices early to reflect this Monday's VAT reduction.
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Virgin Group caught up in Woolworths' collapse
Sir Richard Branson's Virgin Group is reported to be embroiled in the collapse of Woolworths through the music chain it sold to the management more than a year ago.
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Treasury's Paul Myners: No action on retail's credit insurance woes
Financial Services Secretary Lord Myners has rejected a call for action on retailers’ credit insurance difficulties but will monitor developments.
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Gap sales continue to fall
Sales at US fashion giant Gap have continued to fall, with total sales in the four weeks to November 29 down 10 per cent to US$1.39 billion ( 949.7 million).
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Rising wage bill slashes Belgian grocer’s profits
Belgian discount supermarket Colruyt has reported that its first-half profits came in below expectations as energy and staff costs hit margins.
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Thanksgiving spend gets 7.2 per cent lift
Deep discounting by US retailers lured shoppers into stores for the start of the country’s crucial Thanksgiving Sales last weekend.
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Kingfisher update welcomed despite a nosedive in profits
The City welcomed a better-than-expected third-quarter performance from DIY group Kingfisher despite a fall in retail profit and continuing problems in China.
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DSGi vows to beat the crunch as it posts loss
DSGi chief executive John Browett has been examining the impact of recessions as far back as 1929 to learn lessons about surviving the toughest of times.
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Findel: The City view
The home shopping group delivered interim benchmark pre-tax profits of 7 million – down from 8.5 million last time – on sales up 1 per cent to 294.7 million.
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Sector’s share price flutter gives City little reason for excitement
The stores sector shrugged off the collapse of Woolworths and continued concern about the trading outlook to outperform the FTSE All Share index.
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Reiss to review price points as profits fall
Reiss is considering dropping its entry price points as it seeks to attract more customers after suffering a fall in UK operating profit.
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Theo Paphitis pulls out of Woolworths bid
Retail entrepreneur Theo Paphitis has pulled out of bidding for variety store group Woolworths, which was placed in administration last week.
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Shoppers put back festive buying as they hold out for further Sales
Shoppers have shifted their Christmas buying habits and saved the majority of their shopping this year for December.
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Last-ditch attempts made to save EUK as supply dries up
Desperate attempts were being made as Retail Week went to press to provide a payment guarantee on behalf of EUK, the Woolworths-owned entertainment supplier, enabling it to resume trading.
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BRC lambasts proposed rise in minimum wage
Retailers fear above-inflation minimum wage increases being suggested to the Low Pay Commission this week could lead to further job losses in the sector.
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Primark ready to topple George’s crown as king of value fashion
Primark is poised to topple Asda’s George from the top value fashion market share spot.