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Tag: profits

Ikea profits fall 10% as retailer invests in online operation | Business

Ikea’s profits have fallen nearly 10% as the world’s largest furniture retailer stepped up its spending on renewable energy and its growing online operation. Ingka Group, the holding company that runs the majority of Ikea stores, said operating profit fell to €2bn (£1.7bn) in the year to the end of August despite a 5.3% rise …

Ikea profits fall 10% as retailer invests in online operation | BusinessRead More

Burberry and Cathay Pacific profits dented by Hong Kong protests | Business

Two companies with substantial interests in Hong Kong have announced figures that underline the damage being inflicted on the economy by the continuing anti-government protests. Burberry said its sales were down more than 10% and it had slashed £14m off the value of its 12 stores in the territory. Separately, the airline Cathay Pacific said …

Burberry and Cathay Pacific profits dented by Hong Kong protests | BusinessRead More

Cautious UK shoppers dent profits at shopping centres owner | Business

Land Securities, which owns shopping centres including Trinity Leeds, Westgate Oxford and Bluewater in Kent, has slumped to a first-half loss after being hit by several store closures as retailers struggle against weaker consumer spending and a shift to online shopping. The last two years have been tough for the UK retail industry, as more …

Cautious UK shoppers dent profits at shopping centres owner | BusinessRead More

Marks & Spencer profits plunge as clothing sales continue to fall | Business

Marks & Spencer has reported a fresh slump in clothing sales as poor levels of availability in its stores were compounded by an out-of-date supply chain. The chief executive, Steve Rowe, blamed the 5.5% decline in like-for-like clothing sales on buying errors that meant popular sizes sold out too quickly. A new design team was …

Marks & Spencer profits plunge as clothing sales continue to fall | BusinessRead More

Sainsbury’s profits dive more than 90% as store closures cost £200m | Business

The £200m cost of closing 15 supermarkets and dozens of Argos stores has all but wiped out profits at Sainsbury’s as the supermarket faces rising competition from discount rivals. The UK’s second largest grocer said pretax profits dived more than 90% to £9m in the six months to 21 September after the one-off property write-down, …

Sainsbury’s profits dive more than 90% as store closures cost £200m | BusinessRead More

Marks & Spencer profits plunge as clothing sales continue to fall | Business

Marks & Spencer has reported a fresh slump in clothing sales but insisted it was “making up for lost time” in the run-up to the key Christmas trading period. The chief executive, Steve Rowe, blamed the 5.5% decline in like-for-like clothing sales in the first six months of its financial year on supply chain problems …

Marks & Spencer profits plunge as clothing sales continue to fall | BusinessRead More

Mike Ashley spent millions on private flights as profits fell 80% | UK news

Mike Ashley spent millions of pounds on flights by helicopter and private jet as his company’s annual profit fell 80%, the latest accounts show. The Sports Direct owner’s family also received more than £100,000 of hospitality at Newcastle United, Ashley’s football club. Ashley’s spending was revealed in the annual accounts for Mash Holdings, through which …

Mike Ashley spent millions on private flights as profits fell 80% | UK newsRead More

Retail profits to take a hit from price wars and investments, Moody’s says

Customers look on as a Walmart cashier rings up their purchases at a Walmart store on August 15, 2019 in Richmond, California. Justin Sullivan | Getty Images Moody’s Investors Service is predicting slower growth ahead for retailers, as price wars and big investments weigh on profits. The debt rating agency cut its operating profit growth …

Retail profits to take a hit from price wars and investments, Moody’s saysRead More

Grocery sales are rising but so is the pressure on profits, analyst says

Woman shops for groceries. Twenty20 Walmart continues to lead the U.S. grocery sector, but the gap with its rivals is narrowing, and pressure on profits is rising, according to a new report from Loop Capital Markets. Walmart has a 22% share of the $847 billion U.S. grocery industry, according to analyst Andrew Wolf. The retailer’s …

Grocery sales are rising but so is the pressure on profits, analyst saysRead More

Asos profits plunge 68% after tumultuous year of IT chaos | Business

Profits at Asos have plunged by nearly 70% in a tumultuous year during which the former stock market darling’s shares plummeted and the online fashion retailer grappled with IT chaos at its overseas warehouses. Sales rose by 13% to £2.7bn in the year to 31 August, but pretax profits fell by 68% to £33.1m. Major …

Asos profits plunge 68% after tumultuous year of IT chaos | BusinessRead More