Vision Express makes first profit since 2016 as sales near £400m August 29, 2024 Vision Express returned to the black for the first time since 2016 as its sales jumped towards the £400m during its latest financial year, it has been revealed. The Nottinghamshire-headquartered company has reported a pre-tax profit of £7.9m for 2023, having posted a pre-tax loss of £173,000 in 2022, according to newly-filed accounts with Companies [...]
Quiz plots turnaround strategy after fashion chain swings to loss August 29, 2024 High street retailer Quiz has announced a turnaround strategy after swinging to a loss in its final year earnings, blaming cost-of-living pressures and cool consumer demand. The Glasgow-headquartered company booked a loss before tax of £6.7m, including a £1.5m non-recurring impairment charge, falling from a profit of £2.3m in 2023. Earnings before interest, tax, depreciation [...]
Next ruling heralds employment law headache August 28, 2024 The Employment Tribunal accepted that the difference in pay rates between Next’s shop floor staff and their warehouse-based colleagues was not down to “direct discrimination” or the “conscious or subconscious influence of gender” on pay decisions. Why, then, did the retailer lose the claim brought by store staff? The answer concerns the much thornier issue [...]
Oasis: UK economy set for ‘supersonic’ boost with reunion tour including Wembley gigs August 27, 2024 Statisticians can look forward to endless queries about Oasis' impact on the economy after the mercurial Mancunians announced a long-awaited reunion tour.
Temu owner PDD shares plunge after profit warning August 27, 2024 Shares in Pinduoduo (PDD Holdings), the Chinese owner of discount retailer Temu, have plunged by nearly 29 per cent in New York in a move that has wiped $55bn (£41.6bn) off the company’s market value. The steep decline followed a warning from management about an impending nosedive in profits, causing investors to reassess the company’s [...]
Ocado cements Coles partnership as Australian fulfilment centres open August 27, 2024 Online grocer Ocado has announced that its two fulfilment centres in Australia commenced operations in July after a year of delays. The centres, which will serve communities in Melbourne and Sydney via Ocado’s Smart Platform, were opened in partnership with Australian online grocer Coles. The partnership was signed in 2019 and has been subject to [...]
Hamleys: World’s oldest toy store closes 40 loss-making shops as sales fall August 27, 2024 Toy retailer Hamleys is hoping a new digital strategy will help turn around its falling sales after closing 40 loss-making stores last year. The brand’s holding company has reported a revenue of £51.4m for 2023, according to newly-filed accounts with Companies House, down from the £56.6m it posted for 2022. Over the same period, its [...]
Shein uncovers child labour in its supply chain August 23, 2024 Fast fashion giant Shein has admitted it found two cases of child labour in its supply chain last year in a revelation that will likely fuel concerns in the City ahead of potential blockbuster float on the London Stock Exchange.
Waitrose to ramp up convenience store expansion with 100 new sites August 21, 2024 The premium grocer Waitrose will expand its store portfolio by around a third over the next three years in one of its “biggest periods of expansion” as it ramps up investment into ‘Little Waitrose’ convenience shops. The Berkshire-headquartered company will invest over £1bn in a project to open 100 new stores and revamp a further [...]
WH Smith launches first cafe in push to hospitality and food-to-go market August 16, 2024 WH Smith, the 232-year-old stationery store, has decided to move into the hospitality scene with the opening of its first café.