French Connection this morning revealed a 2.4 per cent drop in group revenues for its half year as it continued to battle “tough retail trading” in the UK. French Connection closed two more underperforming stores in the half year to July 31, as the brand re-iterated its intentions to have just 30 UK stores by the end of the year
Retail sales edged up in August marking “continued growth across all sectors” for the quarter, but food and clothing sales are beginning to falter. According to the Office for National Statistics’ (ONS) latest figures, retail sales in terms of amount spent throughout August rose 0.6 per cent compared to a strong July, but were up a healthy 5.6 per cent compared to a year earlier. Retail sales in terms of amount bought also rose 0.3 per cent last month compared to a month earlier, while rising 3.3 per cent compared to August 2017
Orla Kiely’s parent company has fallen in administration leading to the closure of all it bricks-and-mortar stores. The fashion retailer, renowned for its elaborate 1970’s style prints, is understood to have told staff that the company could not afford to pay their wages, before making them redundant on Monday
Dominic Chappell has told Hove Crown Court that he did “everything in his power” to provide information to the Pensions Regulator in order to retrieve £363 million from Arcadia owner Sir Philip Green. The former BHS boss continued his week in court as he attempts to appeal a conviction for failing to provide the Pensions Regulator with information about the firms pension schemes.
Shop Direct has swung to a multi-million-pound loss for the year after being hit by store closure costs and PPI mis-selling payouts. The fashion retailer posted pre-tax losses of £24.7 million in the year to June 30, down from a profit of £24.9 million a year earlier, while operating profits jumped 11 per cent to £262.3 million. Group sales edged up 1.5 per cent to nearly £2 billion as Very helped offset a poorer performance at its stablemate Littlewoods, posting a sales rise of 9.9 per cent to £1.4 billion
The Competition and Markets Authority (CMA) has referred Sainsbury’s and Asda’s potential merger on for an “in depth” investigation.
Amazon has launched a dedicated platform for small and medium-size businesses (SMEs) as it seeks to re-position itself as a champion of independent business. “Amazon Storefronts”, launched yesterday, will feature over 1 million products from over 20,000 sellers across the US and the UK
Zalando’s share prices have dive-bombed nearly a fifth after the company warned that full-year earnings were likely to be over €70 million less than previous estimates.
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Wesfarmers’ former bosses received nearly A$1 million (£760,000) in termination payments despite overseeing the disastrous acquisition of Homebase. Around seven months before Wesfarmers was forced to sell its Homebase chain for £1 after incurring millions in losses amid a failed takeover attempt, the Australian conglomerate’s then chief executive Richard Goyder and chief financial officer Terry Bowen received A$968,720 (£532,087) and A$950,196 (£522,025) respectively