Aldi and Lidl continue to dominate on home soil Monday, 14th October 2013
Two of Germany’s most formidable discount grocers, Aldi and Lidl, are continuing to grow rapidly in their home market, according to a report by German magazine Focus. Aldi Nord generated sales of EUR 11.5 billion across 2,440 stores in Germany last year, but the retailer is expecting revenue to rise “significantly”.
Morrisons extends festive opening times to compete with rivals Wednesday, 9th October 2013
Morrisons has announced it will open for trading on Boxing Day and New Year’s Day for the first time in its company history as it looks to compete with its larger rivals.
Tesco reports 23.5% drop in profits for first half Wednesday, 2nd October 2013
Britain’s biggest supermarket chain on Wednesday announced a 23.5 per cent fall in profits for the first half of its financial year. Pre-tax profits in the six months to 24 August were £1.39 billion, with total UK sales up 1.5 per cent to £1.13 billion. However, like-for-like sales in the UK fell by 0.5 per cent, something Tesco said had been “held back” by initial work on changes to its general merchandise business.
Lava lamp inventors celebrate 50 years of British industry Wednesday, 25th September 2013
Mathmos, inventors of the lava lamp, this autumn celebrate the 50th birthday of the iconic homeware gadget, and half a century of continuous British production. To celebrate the milestone, Mathmos have launched a limited edition Astro lamp, based on the first lava lamps launched invented in 1963, and a new Heritage collection inspired by the vintage colours and finishes seen in Mathmos’ long history.
Amazon to hire more than 15,000 in UK for Christmas Wednesday, 25th September 2013
Amazon has stepped up its Christmas job recruitment drive as it looks to hire more than 15,000 people for seasonal roles over the peak trading period. The online giant this week announced it will take on more than 15,000 people across the UK for seasonal positions in its fulfillment and customer service centres to meet demand over Christmas.
London Fashion Week to bring £100 million to the economy? Monday, 16th September 2013
The British economy has been buoyed by London Fashion Week over the weekend, generating millions of pounds due to increased footfall in the capital. The five-day event, which launched on Friday September 13 and will finish with Haizhen Wang’s show on Tuesday evening, is expected to inject £100 million into the economy as a result of orders placed by buyers and other visitor expenditure, according to The British Fashion Council.
Asda CEO defends growth strategy as sales slow for Q2 Friday, 16th August 2013
Andy Clarke, chief executive of Asda, on Thursday was forced to defend the supermarket’s growth strategy after sales slowed in the retailer’s second quarter. The UK’s second largest supermarket said it was trading in a “tough” market after posting a 0.7 per cent rise in like-for-like sales over the 12 weeks to 5 July, down from a 1.3 per cent jump in the first quarter.
Tesco and Next accused of alienating British workers with cheap labour Monday, 12th August 2013
The shadow immigration minister, Chris Bryant, will deliver a keynote speech on Monday which will single out Tesco and Next for being “unscrupulous employers whose only interest seems to be finding labour as cheaply as possible”. He believes retailers are actively operating policies that “seem to deliverately exclude British people”.
ASOS hires former M&S finance director as it eyes FTSE listing Thursday, 8th August 2013
Young fashion retailer ASOS hires former Marks & Spencer finance director as it looks to bolster its position ahead of a possible move to the FTSE. Ian Dyson, who worked as finance and operations director at M&S between 2005 and 2010 before being made chief executive of Punch Taverns, is set to bring a “new perspective” to the ASOS board.
Pret A Manger founders set for windfall after owners complete £375 million debt refinancing Friday, 2nd August 2013
Pret A Manger has reportedly raised a new £375 million loan to refinance existing debt and pay a £150 dividend to shareholders. According to Reuters, private equity firm Bridgepoint, which bought Pret in 2008 in a deal backed by £220 million of debt, decided in June to get value out of the company by conducting a dividend recapitalisation.
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