Latest finance news – Page 634
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Shop Direct earnings rocket
EBITDA at Shop Direct Group soared 130 per cent to 60.9 million last year.
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Tesco boss calls for delay of business rates revaluation
Tesco boss Sir Terry Leahy today said that the business rates revaluation set for 2010 should be postponed to allow retailers to steer their way through the downturn.
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NewsProfits soar for La Senza
Pre-tax profits at lingerie specialist La Senza soared to £10.3 million for the year to March 29, up 71.7 per cent from £6 million the year before.
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TK Maxx sales break the £1bn barrier
TK Maxx sales broke the 1 billion barrier in the year to January 26, the discount designer retailer has revealed.
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Hardy Amies UK stores to close following sale to Fung Capital
Updated: Hardie Amies’ six UK stores are to close by the end of the month following the brand’s acquisition by a new investor.
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More than 100 Otto UK jobs at risk
Otto UK is considering moving its buying and merchandising departments to Germany, which could affect more than 100 jobs at the multichannel retailer.
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Consumer confidence at record low
Consumer confidence has hit a record low, according to research by Nielsen and the British Retail Consortium.
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Tesco's sales in Asia robust
Tesco has revealed robust trading at its Asian stores, ahead of its investors and analysts’ visit to the operations.
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Downturn triggers rise in retail crime
The economic downturn is having a growing impact on shoplifting with thefts at Tesco up more than a third this year.
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One in five shops could be empty after the recession
One in five stores could be voids by the time the economy picks up again, according to a survey by PricewaterhouseCoopers.
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Christmas e-tail sales to rise 15 per cent
Online spend will continue to grow this Christmas with year-on-year sales expected to rise 15 per cent.
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Majestic Wine profits tumble
Pre-tax profits at Majestic Wine have plummeted more than 25 per cent to 5.6 million for the 26 weeks to September 29.
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Asda cuts petrol prices
Asda has cut the price of unleaded petrol for the ninth time since July by a further 2p per litre.
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John Lewis Partnership agrees new Ocado deal
The John Lewis Partnership has agreed to a five-year brand and sourcing agreement with Ocado and transferred its stake in the online grocer to its pension fund.
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EBTM sales rise
Sales for online music and clothing retailer EBTM increased by 17 per cent in the 24 weeks to October 17.
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Sales pick up at John Lewis
Sales have begun to improve at John Lewis, down just 1.3 per cent last week, helped by the cold snap in the weather.
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Christmas sales expected to be flat
Christmas is unlikely to bring a great deal of festive cheer to beleaguered retailers, with sales expected to be flat over the crucial period.
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Interest rate cut met with caution by analysts
The Bank of England’s shock decision to slash interest rates to 3 per cent will help heavily indebted retailers, but analysts remain cautious about the immediate impact on consumers.
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Asda profits knocked by price-fixing probe
Asda suffered a fall in full-year pre-tax profits after having to set aside an allowance for legal costs resulting from the Office of Fair Trading’s investigations into milk and tobacco price-fixing.
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Homebase plans for hundreds of redundancies
Home improvement retailer Homebase is to shed several hundred jobs to cut costs in the dire trading environment.