Evans cycles has held urgent talks with lenders in an attempt to secure a cash lifeline to offset falling profits. According to Sky News the near-century-old retailer has hired accountancy firm PwC to advise it on a financial restructuring as it seeks out at least £10 million in funding from its principle lenders to keep it afloat. READ MORE: Evans Cycles dumps 2nd CEO in as many years Though details of just how much trouble the retailer is in are not yet clear, it posted pre-tax losses of £2.5 million in the year to October 28 2017 despite sales edging up, following losses of £5.8 million a year prior.
Gap’s eponymous brand reported a larger than expected sales drop offsetting otherwise positive sales and sending shares diving. In the 13 weeks to August 4 the group, which also includes brands Old Navy, athleisure brand Athleta and Banana Republic, saw comparable sales rise two per cent coming comfortable above analysts’ expectations of 1.5 per cent while profits rose 10 per cent.
Urban Outfitters has seen it shares rally after boasting record quarterly sales and smashing analysts’ expectations. For the three months to July 31 the fashion retailer saw sales jump 13.7 per cent to $992 million (£769.5 million) compared to a year prior, breaking its previous quarterly record and comfortably beating analyst expectations of $980 million (£760 million). Net income jumped a massive 86 per cent for the quarter was $93 million (£72 million) bringing its half year income to $134 million (£103.9 million) equating to earnings of 84 cents a share, well above forecasts of 77 cents
Wesfarmers full-year profits have more than halved after taking a $1.3 billion (£1.02 billion) in costs and losses from its failed takeover of Homebase. The Australian retail giant saw net profits for the full year to June 30 drop 58 per cent to $1.2 billion (£940 million), down from $2.87 billion (£2.26 billion) a year prior. After purchasing Homebase in 2016 in an attempt to use it as a springboard into the UK market by gradually converting it into its Bunnings fascia, it subsequently made hundreds of millions in losses and was forced to sell it in May at a $375 million (£295 million) loss.
Etsy has seen its stock rally today after it raised its guidance for the full year having beaten analysts’ predictions in its second quarter. The online marketplace saw sales jump 30 per cent year-on-year to $132.4 million (£102.11 million), comfortable above analysts’ expectations of $127.1 million (£98 million). This included gross sales on its platform of $901.7 million (£695.4 million), up 20.4 per cent on the same period a year prior.
Jigsaw’s parent company Robinson Webster Holdings swung to a dramatic loss last despite posting a strong sales performance.
Amazon’s website crashed for many US-based shoppers shortly after the launch of annual Prime Day sales event yesterday. Periodic outages on desktop and mobile platforms on Monday afternoon, right after the 36-hour sale started, meant many shoppers were met with photos of cute dogs, the company’s standard error page.
The owner of the world’s largest fashion retailer Zara saw its stock price plummet by more than seven per cent last week after analysts dropped its target share prices for the year. Ahead of Inditex’s full year results set to be released on March 14, JP Morgan announced that it was dropping its target for the year from €38 per share €35.5 per share, driving stocks down to a three-year low.
Convenience store chain McColl’s has surpassed £1 billion in full year sales for the first time and has laid out plans to continue expansion throughout 2018.
Convenience store chain McColl’s has surpassed £1 billion in full year sales for the first time and has laid out plans to continue expansion throughout 2018. In the full year to November 26, the retailer posted annual revenue of £1.1 billion, up from £950 million a year prior. Like-for-like sales over the period edged also up 0.1 per cent, while profits rose 3.9 per cent to £18.4 million