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Mulberry profit warning comes loud and clear Tuesday, 23rd October 2012
It seems not even Mulberry, the luxury leather brand who began the year reporting a 41 per cent rise in sales, is safe from a global slowdown in premium purchases. The Somerset-based company on Tuesday warned on profit, with lower-than-expected international retail sales and a steep decline in wholesale revenue.
Fair share? eBay and Ikea also scrutinised for UK tax bills Monday, 22nd October 2012
Online auction site eBay paid just £1.2 million in tax in the UK, whilst it has emerged that Ikea legally halved its corporation tax bill in the UK by siphoning off profits abroad. According to an investigation by the Sunday Times, eBay’s tax bill for 2010 stood at just £1.2 million, despite making sales of £789 million at its four British subsidiaries.
Mothercare returns to growth for UK stores Thursday, 18th October 2012
Sales at Mothercare’s UK stores open over a year rose to 0.3 per cent for the second quarter, despite tough competition from supermarkets and online stores. The mother and baby specialist said it had managed to turn a like-for-like fall of 6.7 per cent in its first quarter around to growth in the 13 weeks to 13 October, although growth overseas saw a slight decline.
Capital Shopping Centre partnership could add 3,000 jobs to retail sector Tuesday, 16th October 2012
Capital Shopping Centres has launched a new partnership initiative with Reid Kerr College in Paisley that could provide 3,000 retail jobs in the area. Operator of Lakeside, Trafford Centre and MetroCentre, CSC will work with the local college to deliver a range of retail training course at its Braehead shopping centre in Renfrewshire.
Starbucks in the hot seat over tax bill Tuesday, 16th October 2012
Starbucks raised eyebrows this week, after it emerged the company paid nothing in UK corporation tax last year, despite holding a USD 40 billion market valuation and sales of £398 million. According to a report by the Telegraph, Starbucks turnover has come under scrutiny after it was revealed the coffeehouse has made a loss in its UK operations for nearly a decade, meaning it is not liable for tax.
Olympics help UK bounce back for August Thursday, 11th October 2012
The Olympics and Paralympics may have kept foreign visitors away from London this summer, but the latest figures suggest the ones that did arrive spent almost double the expected amount. It appears the ‘ghost town’ effect London Games had on the capital may have actually paid off.
Burberry results confirm fears of slowdown Thursday, 11th October 2012
British fashion house Burberry on Thursday confirmed what many investors had feared, as retail sales growth saw a sharp slowdown in the second quarter, with demanding easing in the UK and China. Sales at stores open a year rose 1 per cent in the three months to 30 September, compared with first quarter growth of 6 per cent.
Against the odds, WHSmith smashes £100m profit Monday, 8th October 2012
WHSmith is this week expected to announce profits rose 9 per cent to £101 million for the year, as the retailer continued to perform against the odds of a turbulent high street. The newsagent will reveal on Thursday that profits in the year to August will pass the £100 million profit mark for the first time since chief executive Kate Swann was drafted in to revamp the business nine years ago.
Premier Foods appoints new boss to 'accelerate' division plans Wednesday, 3rd October 2012
The UK’s largest food producer has announced former Uniq boss Geoff Eaton will take the reins as chief operating officer, as plans to divide the company are revealed. According to a report by the Grocer, Premier Foods will split the company into the two divisions of grocery and bread in a bid to become “more focused and profitable”.
Sainsbury’s posts better than expected 1.9% rise in sales Wednesday, 3rd October 2012
Sainsbury’s has managed to exceed expectations for sales growth, thanks to the strength of its own-brand products and its continued expansion into local, convenience stores. Like for like sales excluding fuel at the country’s third largest retailer rose 1.9 per cent in the second quarter, beating analysts’ expectations of a 1.4 per cent rise.