Primark owner warns of challenging trading and tough retail market December 7, 2018 The chairman of the company behind Primark is today warning of a tough market for retail saying that during November Primark trading was challenging. Associated British Foods chairman Michael McLintock will say at the firm’s annual general meeting today that “during November Primark trading was challenging, in a tough retail market, but with careful inventory management [...]
Proxy adviser tells investors to vote against ‘excessive’ pay of Associated British Foods boss December 5, 2018 An influential advisory group today recommended that shareholders vote against the "excessive" pay package of the Associated British Foods (ABF) boss. The firm’s chief executive George Weston, who belongs to the billionaire family that owns a majority stake in ABF, earns approximately 129 times the salary of the company’s average employee, with proxy firm Pensions [...]
Online sales are set to hit record levels on Black Friday as high street footfall declines November 21, 2018 The proportion of sales made online is likely to hit its highest level ever in November, boosted by a Black Friday internet shopping rush and fewer high street shoppers. Internet sales are expected to exceed 20 per cent of total retail sales for the first time ever this month, according to research by real estate firm [...]
Shareholders need to hear more than just contrition if they are to believe in the future of M&S November 8, 2018 Another day, another bleak set of results from a struggling high street retailer. This time it was the turn of M&S to take centre stage, reporting falling food and fashion sales and pledging to leave “no stone unturned” in its bid to restructure the business. Blighted by rising costs, more competition, and major changes in [...]
Primark stays cheerful despite headaches on the UK high street November 6, 2018 Associated British Foods, owner of Primark, blamed “unseasonable weather” for a slide in the high-street retailer’s sales across Europe. Sales dropped by 2.1 per cent for the year to 15 September at stores open more than 12 months. The decline compared with a one per cent increase for the previous year. With 2018 generally bringing [...]
Sugar business misses the sweet spot as eyes turn to Primark November 6, 2018 Primark has today been pinned as next year's source of growth for its owner Associated British Foods (ABF), which is looking to fill a gap left by falling profits from its sugar arm. ABF is hoping that expansion of Primark’s selling space will help deliver expected earnings per share next year, in a bid to [...]
Is a ball pit in the office more of a hindrance than a help? Designers are calling time on tech playgrounds and creating offices that make you more efficient November 2, 2018 As the tech giants of Silicon Valley scrabble over the world’s best programmers, they’ve been inventing increasingly excessive office perks. We’ve all heard of them; Facebook’s ball pit, Google’s unlimited free food and on-demand masseuses, Reebok’s fitness classes. But while free concerts, haircuts and therapy puppies may get the talent to sign a contract, are [...]
Ranked: Sports Direct tops poll of UK’s most loathed brands October 23, 2018 House of Fraser owner Sports Direct is the UK’s most loathed brand, according to consumer finance website Money Saving Expert. However, billionaire Mike Ashley's bottom-placed retail giant may have been hurt by a social media campaign against the company, admitted the website, which asked 7,600 readers to rank 52 household name brands. Read more: Mike [...]
M&S, Tesco and Primark bosses to face MPs over fast fashion ‘waste’ October 5, 2018 Parliament's environmental audit committee has asked the bosses of 10 UK clothing retailers to reveal their environmental records, amid concerns about serial clothes dumping. High street staples Marks & Spencer, Primark, Next, Tesco, Asda and Sports Direct – among others – will also be summoned to parliament to face questions from the committee in November. Fast fashion is shorthand [...]
Boohoo in vogue after outlook raised September 26, 2018 Boohoo had an impressive six months as revenue and pre-tax profit jumped by 50 per cent and 22 per cent respectively. The group saw strong demand for their brands at home and abroad, as the UK registered a 43 per cent rise in sales and the international division posted a 62 per cent rise in revenue. The overseas [...]