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Bang & Olufsen under pressure as profits plunge 47% Thursday, 10th January 2013
Danish brand Bang & Olufsen on Wednesday said second quarter net profit fell 47 per cent for the company, as it announced 125 store closures across its operations. From September to November last year the high-end electronics maker earned a net profit of EUR 2.06 million, a sharp drop from the same quarter a year before.
Slump in demand will see drop in UK's commercial rents Friday, 12th October 2012
Commercial property rents are expected to drop even further according to a new survey released by the Royal Institution of Chartered Surveyors on Friday. With a lack of demand and a surplus of available property, 11 per cent more of those surveyed believed the rents would fall over the next quarter, than those that thought it would rise.
HMV posts £38m annual loss as sales drop 12% Thursday, 9th August 2012
Struggling music and entertainment retailer HMV posted a pre-tax loss of £38.6 million in the 12 months to the end of April, as falling sales and restructuring costs took their toll on the business. Like-for-like sales dropped 12.1 per cent as consumers switched to music downloads and online purchases.
Levi’s profit plunges 38% Wednesday, 11th July 2012
Second quarter profit dropped more than a third for the iconic jean maker as its Asian and European businesses were hit by weak trading. Net income for Levi Strauss & Co fell to USD 13.23 million in the quarter ending 27 May, compared with USD 20.97 million in the same quarter a year before.
High street footfall drops 5.5% Monday, 9th July 2012
Endless rain washed away 5.5 per cent of footfall on the high street for June, against previous hopes that summer spending could boost the British economy. The latest figures from Springboard blamed the unprecedented levels of rainfall over the month, which is likely to continue into July and discount any of the progress made from the Queen’s Jubilee celebrations.
BRC figures show discount backlash Wednesday, 6th June 2012
The latest figures from the British Retail Consortium (BRC) and Nielsen found shop price inflation rose to 1.5 per cent in May from 1.3 per cent in April, as retailers looked to protect their businesses from “margin-sapping discounts”. In line with industry expectations, the BRC said the growth in inflation reflects an increasing reluctance among non-food retailers to engage in aggressive discounts.
Tesco makes U-turn on discounts after big share price drop Wednesday, 18th January 2012
Coupon queens can breathe a sigh of relief: Tesco has announced the return of its money-off vouchers after chief executive Philip Clark admitted its Big Price Drop had failed to deliver. The supermarket saw £5 billion wiped off its market value after a disappointing set of results from Christmas trading.
CBI finds retail sales fall at fastest rate since March 2009 Monday, 28th November 2011
A survey by the Confederation of British Industry (CBI) on Monday found retail sales fell at their fastest pace in two and a half years in November. A perfect storm of dire food sales and mild weather meant demand for winter clothes and home comforts failed to reach anticipated levels. The CBI’s monthly distributive trades survey’s reported sales balance fell to minus 19 in November from minus 11 in October, the lowest rate since March 2009 and far below economists’ forecasts of a minus 13 reading.
Tesco ups the ante with Big Christmas Price Drop Wednesday, 23rd November 2011
The heat is on for the UK’s largest retailer, as Tesco prepares to unveil its Big Christmas Price Drop on Thursday 24 November. In the wake of “intense” competition, the supermarket will slash 1,000 price tickets. The move comes just two months after the retailer launched its Big Price Drop. UK chief executive Richard Brasher told press the lack of consumer confidence had vindicated Tesco’s low price policy.