The appeals system for business rates has come under fresh scrutiny following the release of government data reporting a drop in the number of property owners challenging the tax. Figures published by the Valuation Office Agency (VOA) this week revealed that since the new “check, challenge and appeal” system was launched in April, an average of 940 appeals a month were made.
Jim Cramer sat down with PVH Chairman and CEO Manny Chirico to get his take on the international retail space.
The parent company of TK Maxx has recorded a fall in third quarter profits, primarily due to investment in a new UK distribution centre. In the three months to October 28 reveal an 18.5 per cent drop in adjusted profits to $75 million (£56.8 million). TJX International – which operates fashion chain TK Maxx in Europe and Australia, as well as homewares retailer Homesense – attributed the reduction in profits to the opening of a new distribution centre in Knottingley, Wakefield, which opened in August.
Fashion giant VF Corp has reported healthy earnings across its brands for its third quarter, raising its outlook for the full year.
Amazon has expanded its Dash button service with new brands added to the range, just over a year after it was introduced in the UK. UK customers can now choose from 100 different branded buttons across dozens of categories
Asos is expected to reveal how increased global expansion has allowed it to record a spike in full year sales when it releases its annual results on Tuesday. The online giant is expected to post a 35 per cent surge in sales to £1.9 billion, according to a consensus of City analysts. READ MORE: Asos begins same-day delivery In addition, the fashion retailer’s profit is predicted to grow 24 per cent to £79.3 million
Luxury fashion retailer Gucci has announced it would stop using fur in its products entirely after its Spring 2018 collection. During the Kerring Talk at the London College of Fashion this week, Gucci’s chief executive Marco Bizzarri announced the fur-free policy. The brand is now set to join Stella McCartney, a stablemate at Kerring, alongside other luxury retailers like Yoox Net-a-Porter and Hugo Boss in the international Fur Free Retailer Program.
Growth in its Asian markets has allowed Fast Retailing to record a 38.6 per cent spike in profit in its annual results. READ MORE: Uniqlo parent company records sales and profit uptick The parent company of Uniqlo, based in Japan, said operating profit surged to 176.4 billion yen (£1,19 billion) for its financial year to August 31, bolstered by a 4.2 per cent rise in consolidated revenue to 1.86 trillion yen (£12.55 billion). Meanwhile, the company’s profit before income taxes rose to 193.3 billion yen (£1.3 billion), a 114.3 per cent increase
N Brown group has reported a steady rise in profits in its first half as gross margins suffered from currency fluctuations. In the 26 weeks to August 27, the retailer saw a 1.8 per cent rise in overall adjusted pre-tax profits to £32.2 million, while overall revenues jumped 5.6 per cent to £453.4 million. The company’s key performer was its Simply Be fascia, which saw sales jump 21 per cent, while JD Williams and Jacamo also saw rises of 12.1 per cent and 6.7 per cent respectively
British retail company SuperGroup has announced it would change its name to Superdry as well as commit to various targets to make the business more environmentally-friendly.