Latest finance news – Page 648
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Receivers called in at Dawnay Day
Two private shareholders of Austin Reed may be pursued for their assets as receivers were called in at Dawnay Day.
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Co-op buys Somerfield for £1.56bn
The Co-operative Group has sealed its long-awaited 1.56 billion deal to buy Somerfield.
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June like-for-likes down 0.4 per cent
UK like-for-like sales dipped 0.4 per cent in June, compared with the same month last year.
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Primark on track to beat market as sector suffers
Primark was expected to outperform the fashion market again as Retail Week went to press, but its like-for-like growth is thought to have levelled out as the market slowdown kicked in.
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BMB set to buy entire Pierre Cardin UK licence
Menswear supplier BMB is poised to acquire all of the UK licences for Pierre Cardin, in a deal that will have implications for Debenhams and Moss Bros.
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NewsFat Face sales jump
Fat Face sales soared 16.3 per cent from £108.6 million to £126.4 million for the full year to May 31.
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Interest rate held at 5%
The Bank of England has held the UK interest rate at 5 per cent as spiralling inflation outweighs concerns over slowing economic growth.
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Netto sales climb
Value retailers continue to pull in the customers, with Netto announcing a 7 per cent sales increase over the year to June 14.
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Shop price rise for June stays below inflation
June shop prices were 2.5 per cent higher than last year but below overall inflation, according to the BRC-Nielsen Shop Price Index.
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Marks & Spencer pulls out of Taiwan
Marks & Spencer is to close all its stores in Taiwan after just 14 months of trading in the country, dealing another blow to the embattled retailer.
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Qataris increase stake in Sainsbury's
The Qatar Investment Authority has upped its stake in Sainsbury’s to 26 per cent.
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Flying Brands to shut Greetings Direct after US move flops
Home shopping group Flying Brands is to shut its Greetings Direct business after its US launch failed.
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John Lewis sales slide 8%
John Lewis has posted an 8.3 per cent fall in sales at its eponymous department store business for the week to June 28.
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Baugur move to UK looks likely
Baugur, the Icelandic investor that controls swathes of the UK high street, is expected to announce today its intention to move to the UK.
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DSGi: the City view
There were few surprises in John Browett’s first set of full-year results as chief executive of DSG International but, although the results were well-flagged, Browett struggled to convince the City that better times lie ahead.
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Retailers slide as M&S’s share dive leads wave of falling stocks
While Marks & Spencer’s terrible performance in food grabbed the headlines on Wednesday, it was the general retailers that got a battering, as Sir Stuart Rose warned the market was at its toughest since the early 1990s.
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Findel sales up
Home shopping group Findel has disclosed a 3 per cent rise in group sales in its second quarter, compared with the same period last year.
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Asos set for overseas assault as profits race booms
Asos is poised to launch foreign-language versions of its web site as it sets its sights on international expansion to continue market-leading growth.
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99p Stores cashes in on weak economy
Single price-point retailer 99p Stores has reported strong growth as shoppers flock to its stores in an effort to better control their purse strings.
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NewsProCook becomes latest victim of crunch as it falls into administration
The credit crunch claimed yet another high street victim this week, as kitchen and cookware retailer ProCook plunged into administration.