Widening losses for Deliveroo while Next chair Lord Wolfson exits board August 10, 2022 Delivery platform Deliveroo has posted a heftier loss while also announcing the departure of Next chair Lord Simon Wolfson from its board. In its half-year results, the London-listed firm posted an adjusted EBITDA loss of £68m, a wider loss than the £26m posted in the first half of 2021. However, it marked an improvement of [...]
Joules confirms talks with Next about retail giant acquiring £15m minority stake August 8, 2022 Joules has confirmed weekend speculation that Next is set to acquire a minority stake in the lifestyle retailer for around £15m. Sky News reported at the weekend that the high street staple had been in talks with Joules for several weeks over a deal. Now, Joules has confirmed these discussions are taking place, with talks [...]
Next poised to snap up major stake in fashion firm Joules August 6, 2022 Retail giant Next is in talks to snap up a major stake in London-listed fashion firm Joules, according to reports today.
Next sales up as shoppers flock back to high street but firm warns of slowdown as inflation hits August 4, 2022 Next has shared elevated quarterly sales, suggesting that warm weather and the closure of high street rivals has driven shoppers into stores. In a trading update on Thursday, second quarter full price sales were boosted five per cent versus last year, some £50m ahead of the clothing firm’s previous guidance. Next attributed this to a [...]
Next apologises to staff for underpaying them for months after payroll malfunction July 17, 2022 Next has apologised to staff who have been underpaid for several months after a new IT system malfunctioned. Staff have been underpaid for months after payroll functions were outsourced to the US tech firm Oracle in February, according to The Sunday Times. The London-listed firm has been trying to solve the error for months, with [...]
Next snaps up JoJo Maman Bebe April 17, 2022 Next and a group of finance firms have snapped up JoJo Maman Bebe in a push for the baby goods retailer.
Next anticipates £10m hit to profit after suspending online sales to Ukraine and Russia March 24, 2022 Fashion retailer Next has lowered its profit guidance by £10m after it stopped online sales in Ukraine and Russia. The high street name also shrunk its sales guidance for the 2022/2023 year by £85m, a two per cent dip. In results published on Thursday, it anticipated its full price sales would rise five per cent [...]
First Gap shop opens in Next’s Oxford St shop in retailer’s return to UK high street March 14, 2022 The first Gap-branded shop within a Next store has opened on Oxford St, after the two firms entered a joint venture franchise. The fashion retailers have joined forces with Next managing Gap’s e-commerce business plus Gap-branded “shop-in-shops” at Next stores. The opening marks Gap’s physical return to the UK high street after the US retailer [...]
Next to wind down Russian operations after invasion of Ukraine March 7, 2022 Fashion retailer Next will close its Russian operations following the invasion of Ukraine, as British brands move to condemn the country. The clothing retailer informed staff at its Russian distribution hub that it will be winding down the operation in an orderly way. It told staff its website will be closed for Russian customers too, [...]
Two CEO success stories should put nonsense comparison to bed January 7, 2022 Today marks what unions and one particular think tank term ‘high pay day.’ It’s the day at which an average FTSE 100 CEO has earned the equivalent of the whole-year earnings of the so-called average worker. As ever, the comparison is facile, the implication idiotic, and it is deserving of no more than these few [...]