Harrods passes £1bn mark as Qatari owners get £180m pay day despite falling profit September 2, 2024 Sales jumped to £1bn at the company behind luxury department store Harrods during its latest financial year, but profit was slashed over the same period, it has been revealed. The London icon posted a turnover 8.2 per cent higher for the year to 3 February, 2024, according to newly-filed accounts with Companies House, compared to [...]
Mike Ashley’s Frasers Group ups stake in Boohoo after shares slump September 2, 2024 Mike Ashley’s retail empire Frasers Group has further increased its stake in fast fashion giant, Boohoo. The Mansfield-headquartered group now holds 26.1 per cent of the shares in Boohoo, up from 25 per cent, according to a newly-filed document with the London Stock Exchange. Frasers Group, which owns the likes of Sports Direct and House [...]
Nivea suncream and deodorant help boost Beiersdorf’s UK sales and profit September 2, 2024 The higher sales of sunscreen and deodorant helped UK arm of Beiersdorf, the company behind the likes of Nivea, boost its turnover and profit during 2023. The Birmingham-based company has reported a turnover of £273.9m for 2023, up from the £237m it posted for 2022. Newly-filed accounts with Companies House also show its pre-tax profit [...]
Specsavers maintains £15m pay day despite falling profit September 2, 2024 Specsavers has maintained the £15m payday for its Guernsey-based owners despite another year of a decline in its profit. The national brand has handed the interim dividend to its parent company Specsavers Optical Group, the same total as in its prior financial year. The ultimate parent company of the UK business is beneficially owned by [...]
Pernod Ricard’s Russia exit leads to sales fall for Scotch whisky maker Chivas Brothers August 29, 2024 Pernod Ricard stopping all exports of its international brands to Russia led to a fall in sales for Scotch whisky maker Chivas Brothers during its latest financial year. The Scotland-headquartered company has revealed its net sales fell by 1.6 per cent in the 12 months to the end of June 2024 off the back of [...]
Hamleys: World’s oldest toy store closes 40 loss-making shops as sales fall August 27, 2024 Toy retailer Hamleys is hoping a new digital strategy will help turn around its falling sales after closing 40 loss-making stores last year. The brand’s holding company has reported a revenue of £51.4m for 2023, according to newly-filed accounts with Companies House, down from the £56.6m it posted for 2022. Over the same period, its [...]
John Lewis redundancies: What does the law say about department store job cuts? August 14, 2024 More UK retail jobs are set to be lost after John Lewis revealed plans to cut its headcount by more than 150 in the coming months. The move means the department store giant becomes the latest household name to reduce its staffing numbers so far this year. John Lewis has said it hopes to achieve [...]
John Lewis: How all the major changes will impact staff and shoppers August 14, 2024 John Lewis is poised to make a series of major changes that will affect all of its stores across the country and its partners. The organisation announced a restructuring plan yesterday that it described as a “multimillion pound” investment in technology and what it has described as ‘simplification’ would help “improve our customer service and make [...]
John Lewis to make redundancies as major store changes announced August 13, 2024 Department store giant John Lewis is to cut more than 150 jobs as it unveiled a major restructuring plan to its partners. The company is to reduce its headcount by 153 roles, about one per cent of its current workforce, which it hopes to achieve by natural attrition and voluntary redundancies. The news was first [...]
UK retail sales pick up as summer finally heats up August 6, 2024 Retail sales returned to growth in July after the long-awaited summer boost for retail finally arrived along with the warmer weather. Total retail sales increased by 0.5 per cent year on year in July, up from the three-month average growth rate of 0.3 per cent, according to the British Retail Consortium (BRC)-KPMG Retail Sales Monitor [...]