Fast fashion brand Quiz announced another period of double-digit growth this morning, at the end of a year which saw it launch a menswear line and take steps into the US. The figures Revenue grew 30 per cent to £116.4m in the year to the end of March. This was driven by 158 per cent growth in online sales, but UK stores and concessions also delivered 12 per cent growth. Profit before tax edged up to £8.5m, compared to £8.1m last year. This was enough for management to propose its first annual dividend of 80p per share. Why it's interesting While Quiz has strong digital operations and quick reaction to trends in common with peers Asos and Boohoo, it also has a sizeable presence in high streets and shopping centres. The strong growth of sales in stores contrasts to other fashion retailers such as New Look and Select, which have recently sought rent reductions as they struggle with a dip in footfall. Read more: New Look's creditors approve deal to reduce rents and close … [Read more...] about Quiz defies retail gloom with growth both online and in stores
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On a crisp, sunny morning a couple of official vehicles, including a police car, pull into a quiet cul-de-sac in a seaside town. Officers get out and knock on the door of one of the houses, then proceed to search it: every cupboard is opened, every box. Old furniture is pulled out of the garage. The officers, who are from both London and the local council, and are funded by National Trading Standards, scour the property, hunting for illegal skin-lightening products imported from Asia and Africa. Jars are bagged and tagged while the inhabitants of the house are interviewed. These products will be sent to a lab and tested. If they meet legal requirements, they will be returned. If they don’t, they will be destroyed, and a formal criminal prosecution will begin. Not all products that purport to lighten the skin are illegal, but many creams from outside the EU contain chemicals banned under safety regulations. These include mercury and hydroquinone – which with prolonged … [Read more...] about Skin-lightening creams are dangerous – yet business is booming. Can the trade be stopped?
Shares in Topps Tiles tumbled today on news that sales had slowed during the first three months of the year. The Grove Park headquartered tile retailed said like-for-like sales were down by 2.2 per cent on the previous three months, due to the bad winter weather and people spending less. Shares in the business were down 13 per cent – at 70p – late this afternoon following the news. A company statement said: “While we estimate that short term weather factors in late February and March, and the timing of an earlier Easter, account for around 1.6 per cent of the second quarter like-for-like sales reduction, it is also clear that there has been a softening of the underlying market. “We believe that we have continued to outperform the market which we attribute to the execution of our strategy and continued strong promotional positioning.” Topps Tiles chief executive Matthew Williams said: “After a strong start to the year, market conditions have become … [Read more...] about Topps Tiles shares tumble after sales slowdown
Spotify is going public. That means anyone can buy a share of the music-streaming company when it lists itself on the New York Stock Echange on 3 April. As well as getting a small (or larger) stake in the firm of your very own, you could also do rather nicely out of it. Ahead of public launch, shares have been given a reference price of $132, with prices of $150 (£107) not seen as unreasonable once it opens to everyone. Traders at IG reckon it will surge on its first day to be worth $29 billion (£20.6 billion) - that's more than Twitter or Snapchat. But there are warnings too, with others pointing out that the price is by no means guaranteed to stay high. Snap shares jumped 44% on their first day of trading - but more than halved in value over the next 5 months and are now 9% lower the they were when first offered. More than four years on, Twitter’s shares are now half as much as they were in the early days of its listing, but up on their first price. But if you bought … [Read more...] about How to buy Spotify shares and what is the price
PUBLISHED: 10:10 08 January 2018 Ravender Sembhy Mothercare has warned over profits after UK sales plunged in the run-up to Christmas. Photo: Paul Faith/PA Wire Mothercare has warned over profits after UK sales plunged in the run-up to Christmas, with consumer spending falling in both stores and online. Mothercare chief executive Mark Newton-Jones. Photo: Mothercare/PA Wire The child care and maternity products retailer said UK like-for-like sales plummeted 7.2% in the 12 weeks to December 30, while online sales tumbled 6.9%. As a result, Mothercare now expects adjusted group profit for the year is likely to be in the range of £1m to £5m. Chief executive Mark Newton-Jones said: “As we signalled in November, there has been a softening in the UK market with lower footfall and website traffic resulting in lower spend in both stores and online. This trend has continued. “Going forward, we are not anticipating any improvement in the short-term market … [Read more...] about Mothercare shares slump after profits warning