John Lewis posts £92m loss after ‘unprecedented cost inflation’ September 15, 2022 John Lewis Partnership has posted a £92m loss before tax, blaming shoppers spending less due to inflationary pressures in the first half of the year. This was versus a £69m profit compared to the same period last year, although the partnership said on Thursday it was “not unusual for us” to make a loss in [...]
THG share price dives after cutting yearly profit expectations September 15, 2022 THG’s share price has dived after slashing its yearly forecast, pointing to a slowdown in consumer enthusiasm for beauty and health products, In half-year results on Thursday, the retailer said it anticipates adjusted core earnings of £100m to £130m in 2022, much lower than the £161m it recorded last year and previously expected to match. [...]
Pubs to remain open on Monday for Queen’s funeral September 14, 2022 Pubs across the country will be opening their doors on the day of the Queen’s funeral, as waves of mourners flock to the capital. The UK’s largest pub group, Stonegate, said its managed venues would remain open on the bank holiday on Monday. A spokesperson said that “where possible” would screen the funeral, following the [...]
Publicans ‘in despair’ amid reports energy support will be delayed September 14, 2022 Pubs and restaurants are running out of time to stay afloat, industry chiefs have said, amid rumours of a delay to energy help for businesses. Government officials had warned business chiefs that a six-month support scheme may not be ready until November, according to a report in The Financial Times. Reports did suggest that officials [...]
Zara owner Inditex admits further price increases are on the way September 14, 2022 Zara owner Inditex has admitted it plans to increase prices again this autumn, as it battles elevated headwinds. It comes as clothes shoppers are facing their own constraints on discretionary spending as household bills rocket. Europe’s largest fashion retailer will boost prices in the second half of the year, its chief financial officer Ignacio Fernandez [...]
Shares dive for Joules after stake acquisition talks with Next called off September 14, 2022 Joules’ shares have been further subdued after it confirmed it is no longer in discussions with Next acquiring an equity stake in the lifestyle group. The ailing retailer’s share price was down around twelve per cent in early afternoon trading on Wednesday, following an announcement the day before. Shares were down by 33 per cent [...]
Multi-buy ban on sugary foods may be scrapped under government review September 14, 2022 Ministers may rip up its strategy to tackle obesity after a new review has been ordered into incoming rules around the promotion of unhealthy food, it has been reported. The Guardian newspaper has reported that Prime Minister Liz Truss could scrap a ban on foods that are high fat, salt or sugar being displayed prominently [...]
Working out well: Third Space eyes suburban locations for expansion pipeline September 14, 2022 Luxury health club brand Third Space is eyeing more locations in suburban areas, as opposed to in office hotspots, its CEO has told City A.M. Third Space offers members “a combination of expertise and luxury” and caters to “fitness savvy enthusiasts” as opposed to “first timers”, with members who “like the finer things in life,” [...]
Sainsbury’s injects £20m into boosting shop workers’ wages September 13, 2022 Sainsbury’s has said it will boost pay for its shop workers in London to £11.20 per hour, as well as offering employees free food amid the cost of living crisis. The supermarket said it was investing £25m into supporting its hourly paid workers, with some £20m being pumped into employees’ pay packets. Employees at Sainsbury’s [...]
Fever Tree profit margins impacted by shipping and inflationary pressures September 13, 2022 Fever Tree has said price increases on its soft drinks only partially helped to off-set cost pressures caused by heightened shipping costs. The tonic-water seller said its gross margins had been hit by “inflationary cost pressures and continued exposure to elevated Trans-Atlantic freight costs,” in interim results published on Tuesday. A gross margin of 37.4 [...]
