Clothing retailer Primark’s half-yearly sales have risen 15% since last year, increasing retail profits for parent company, Associated British Foods.Primark’s operating profits were £322 million in the six months to February, up from £298 million in the same period last year. Associated British Foods’ credited a strong Christmas trading period...
It has been reported that Iglo Group, the company which makes Findus and Birds Eye, has sold the firm to a US investment vehicle Nomad Holdings for EU2.6 billion (£1.9 million).The US firm has only been in existence since last year and Iglo Group, the largest frozen food business in...
A leading consumer action group has launched a ‘super-complaint’ to force the UK competition and markets watchdog to act over ‘confusing and misleading’ supermarket prices.Which? launched the action this week, leaving the Competition and Markets Authority (CMA) 90 days to respond to the allegations.Executive director of Which? Richard Lloyd commented:...
Morrisons has begun a consultation regarding a “simplified management structure” at its Bradford head office. The supermarket added that it would be offering voluntary redundancy and alternative store positions. Chief executive David Potts said the business had made "tough but necessary decisions" and added that the company will be focussing on...
UK discount retailer Poundland’s deal to buy rival 99p Stores is being investigated by the competition authorities, putting the agreement in jeopardy. Earlier this month, the Competition and Markets Authority (CMA) said that the deal could potentially result in a lessening of competition in the sector. In a statement, Poundland said: “After...
Tesco is expected to announce record losses of up to £5 billion later this week as chief executive Dave Lewis unveils his turnaround plan to overcome the supermarket’s recent troubles. In a statement to thisismoney.co.uk, one City analyst commented: “We are expecting big writedowns on several fronts, but the final figure...
80% of Virgin Active is to be bought by South African investment firm Brait for £1 billion (£673 million).Sir Richard Branson’s Virgin Group will retain a 20% holding in the chain which owns 267 gyms in nine countries, however private equity firm CVC Capital Partners, which jointly owned the health...
Etsy the 10-year-old US arts and crafts website, made its debut on the US market this week, with shares surging 88% on the first day of trading, valuing the company at around $3.3 billion (£2.2 billion).The company marked its shares at $16 which is more than expected thanks to investor...
US toymaker Mattel has seen its sales fall for a sixth consecutive quarter due to falling sales of its signature Barbie doll.Mattel saw its sales drop by 2.5% in the three months to March, as the company saw global sales drop 14% in the same period and saw a net...
Debenhams has beaten analysts' expectations with its results for the first half of the financial year.The British retailer said profit before tax over the period was up 4.3% on the same time last year at £88.9 million, despite a share price fall after the Christmas period when it warned that...
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