Latest finance news – Page 654
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The Works sale confirmed
Beleaguered discount bookseller The Works has been bought by private equity company Endless, as reported by Retail Week Online yesterday (May 6).
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Next set for poor first quarter
The City fears fashion group Next may report a like-for-like sales slump of as much as 10 per cent tomorrow, when the retailer updates on first-quarter trading.
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Bolland scoops £760,000 bonus
Morrisons chief executive Marc Bolland received a 760,000 bonus last year, almost 100 per cent of his salary, after leading a turnaround at the grocer.
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Top analyst slams M&S bonus scheme
Broker Credit Suisse has cast doubt on the terms of Marks & Spencer directors’ bonus scheme, questioning whether it is in the retailer’s long-term interests.
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Endless buys The Works
Beleaguered discount bookseller The Works is understood to have been bought by private equity company Endless, as forecast by Retail Week (March 28).
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Vision Express snaps up G C Bateman
High street Optician Vision Express has bought 70-store family business G C Bateman Group for an undisclosed sum.
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Sound Control falls into administration
Sound Control, the UK’s biggest musical instruments retailer, has collapsed into administration.
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M&S could double stock value if it focuses on cash, analyst claims
Marks & Spencer’s stock is languishing below the level of Sir Philip Green’s abortive 400p-a-share offer in 2004, but could it be worth 850p?
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US retailers lure consumers as first tax rebates come in
Many of the US’s biggest retailers are offering promotional incentives for customers to trade in tax rebate cheques, as the first payments from President Bush’s US$100 billion ( 50.21 billion) tax giveaway arrived in bank accounts and through the post on Monday.
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Baugur denies MK One administration plans
Baugur has denied reports that MK One, the value clothing chain it has put up for sale, could be put into administration if no buyer is found.
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Dunelm sales rise
Dunelm has posted strong sales for the 43 weeks to April 26 and its chief executive is bullish about the outlook for the value homewares retailer.
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Retailers slam ONS figures
Top retailers and economists have condemned puzzling data from the Office for National Statistics (ONS), which pointed to a 2 per cent rise in the volume of goods sold in the first quarter of the year.
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Battered retailers push forward despite another week of gloom
General retailers just managed to beat the FTSE All Share’s rise and some of the sector’s most bruised names – including Debenhams, Blacks Leisure and DSGi – led the pack.
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Rose lambasted over Lane Fox investment
Marks & Spencer chief executive Sir Stuart Rose has come under fire for investing in a business venture of one of M&S’s non-executive directors.
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NewsNational Schoolwear Centres enters administration
National Schoolwear Centres – a nationwide chain of school uniform shops – went into administration last week.
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Pets at Home profits soar
Specialist retailer Pets at Home's profits rose more than 50 per cent in the year to March 27.
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Cash purchases on the up as credit crunch bites
More consumers are using cash to make retail purchases, as the credit crunch forces a scaling back of spending on plastic cards.
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M&S agrees India deal
Marks & Spencer this afternoon confirmed plans to open at least 50 stores in India over the next five years through a joint venture with Reliance Retail
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Burberry bags 18% revenues jump as accessories perform
Revenues at upmarket fashion specialist Burberry soared 18 per cent to 546 million in its second half.