Tim Martin warns against pub crackdown as JD Wetherspoon smashes profit expectations October 4, 2024 Profit at JD Wetherspoon over the last year exceeded even the high expectations from the market, bringing in £73.9m of pre-tax profit, compared to expectations of £72m. The chain of pubs reported it had made more than £2bn in sales over the year to the end of July, an eight per cent increase from last [...]
Online discounting gives retail a boost but puts margins under pressure October 4, 2024 Widespread retail discounting boosted online sales growth in September, but has continued to squeeze their already-tight profit margins, according to fresh data. Total retail sales grew by 4.7 per cent compared to September last year and online sales were up by 11.6 per cent, accountancy and business advisory firm BDO’s high street sales tracker found. However, [...]
Luxury retail might be struggling globally, but it’s thriving in London October 4, 2024 It’s somewhat surprisingly that luxury retail in London is doing so well, particularly given eye-catching figures about a wider downturn in the luxury market, the effect of the tourist tax, and the potential exodus of high-net-worth non doms from the capital. But while these “handicaps” – particularly the tourist tax – have hampered demand somewhat, [...]
SSP Group: Upper Crust owner reports ‘significant increase’ in profitability October 3, 2024 The travel food specialist behind Upper Crust SSP Group has reported a boost in revenue, with UK sales supported by demand for air travel and easing rail disruptions. Revenue grew by 17 per cent for the year to 30 September, with full-year operating profit expected to be £210 to £220m, up around 30 per cent [...]
Tesco ups guidance after first-half performance ‘exceeds expectations’ October 3, 2024 Supermarket giant Tesco has upped its profit guidance following another strong period of trading for the UK’s biggest grocer. Tesco increased its retail adjusted operating profit guidance to £2.9bn, from £2.8bn, after it “delivered volume growth ahead of expectations”. Continuing sales at the grocer grew 3.5 per cent in the 26 weeks ended 24 August [...]
Mark Kleinman: Pay compass points towards a defiant City October 3, 2024 Mark Kleinman is Sky News’ City Editor and is the man who gets the Square Mile talking in his weekly City AM column. This week he tackles executive pay, Rightmove subs and firm YNAP window-shopping Pay compass points towards a defiant City Who says work doesn’t pay? That’s not been the case in the last [...]
Will JD Sports be able to shrug off problems at Nike? October 2, 2024 Despite a strong set of results, with record revenue and a pick-up in sales, shares in JD Sports fell around five per cent this morning. After a tough year, which included a profit warning in January and £2bn wiped off its market cap, JD reported like-for-like sales growth in the first half of the year [...]
Adidas looks to Euro 2024 and Olympic success as UK sales suffer £100m drop October 2, 2024 Sales at the UK arm of Adidas suffered a fall of more than £100m during its latest financial year despite growth in its own retail stores. The division, which is headquartered in Stockport, has posted a turnover of £1.15bn for 2023, down from the £1.23bn it achieved in 2022. In newly-filed accounts with Companies House, [...]
Pinewood Technologies sees double-digit growth amid push for expansion October 2, 2024 Pinewood Technologies has reported a double-digit jump in profit as the group continues global expansion.
Topps Tiles sales drop again as ‘weaker’ market reflects reluctance for DIY October 2, 2024 Group sales for London-listed Topps Tiles dropped for the year as the consumer retail brand battled through a "weaker" market.