According to accountancy firm, BDO, the warm weather during September failed to boost the High Street after like-for-like sales were 4% lower last month compared with a year earlier – the biggest fall since March 2009. A report by the company said people were more interested in enjoying the warm days rather than hitting the [...]
According to the latest Confederation of British Industry (CBI) distributive trades survey, the volume of sales on the UK High Street were lower this month versus a year ago. The figures suggest continue to be cautious about the economic outlook and rein in their spending on the back of rising unemployment, higher inflation and slow [...]
Figures today show consumers continue to cutback in the face of higher inflation and rising unemployment after Kesa, the parent company of electrical retailer Comet, revealed a sharp fall in sales. Total revenue in the previous three months fell by 9.8% on a like-for-like basis while sales slumped almost 22% after the company blamed weak [...]
The John Lewis Partnership, which is regarded as a barometer of British retailing, has reported a marginal increase in sales and said trading conditions are “extremely challenging”. The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July. However, across [...]
There is a mixed bag of retail sales figures today after Home Retail Group announced a drop in sales at both its Argos and Homebase chains. The figures are further evidence of a cutback in consumer spending after electrical goods group, Dixons Retail, yesterday posted a fall in sales. At Argos, like-for-like sales in the [...]
There is further evidence of a cutback in consumer spending today after electrical goods group Dixons Retail posted a drop in sales. The group, which is Europe’s no.2 electricals retailer, said like-for-like sales were 7% lower in the three months to 23 July compared with a year ago, which included a 10% fall in the [...]
Accountancy firm BDO has warned Britain’s retailers should prepare themselves for some tough times as pressure builds on consumers in the run-up to Christmas. According to the firm’s High Street Sales Tracker, sales figures for August fell 2.2% among mid-market retailers, attributed to the riots and cooler weather during the month. The riots, in particular, [...]
A survey of 2,000 individuals, conducted between July 1 and 10, has revealed a fall in consumer confidence. According to the survey of consumer attitudes, carried out by GfK NOP Social Research, confidence dived by 5 points to -30 in July – edging closer to the -31 seen in April. The index was also worse [...]
The Federation of Small Businesses (FSB) is urging the Government to cut the rate of VAT in core sectors of the economy. The suggestion comes after the FSB’s latest Business Confidence Report, which saw a sharp fall in sentiment during the second quarter. VAT was raised to 20% earlier this year to raise billions of [...]
Retail sales fell in June as households continue to be squeezed by higher inflation and rising unemployment. According to the British Retail Consortium (BRC)/KPMG retail sales monitor, sales fell by 0.6% on an underlying basis last month, while total sales (including VAT) rose 1.5%. Food sales growth eased a little last month but a strong [...]
Debenhams, which is Britain’s second largest department store after John Lewis, today brought some much-needed good news to the retail sector after reporting an increase in second half-sales. The retailing giant said sales at stores open more than a year, excluding VAT sales tax, were 1.5% higher in the 17 weeks to June 25. It [...]
Department store chain TJ Hughes has today revealed it is set to enter administration. The Liverpool-based store has more than 50 outlets across the UK and has a headcount of 4,000 – which are all at risk. The company said it will be appointing an administrator over the next week or so, unless a buyer [...]
Electrical goods retailer Dixons has today reported like-for-like sales fell 2% in the year to April. The results come just a day after fellow electrical goods chain Comet said sales fell 6.8% for the 12 month period. The figures are evidence of consumers reining in their spending and opting not to purchase big-ticket items at [...]
There is further evidence of consumers reining in their spending after Home Retail Group (HRG), the biggest household goods retailer, said sales fell 9.6% in the 13 weeks to the end of May. Shares in HRG sank 11% after the announcement – a 2½ year low – after it said trading conditions were challenging and [...]
Higher inflation has led to a fall in retail sales for the month of May, according to the British Retail Consortium (BRC) today. The fall was also attributed to consumers overspending in April due to the long bank holiday weekends and hot weather. The BRC said annual like-for-like retail sales fell by 2.1% in May [...]
A survey by the CBI has revealed consumer service firms have been hit by a cut back on spending. According to the CBI, firms such as hotels, bars and restaurants, saw evidence of weak demand but are optimistic about future prospects as conditions are not expected to be as challenging in the coming quarter. Meanwhile, [...]
Retailers Halfords and Carpetright have both issued profit warnings, as UK consumers are squeezed in the face of rising inflation and Government spending cuts. Car parts and bicycle retailer Halfords lowered its 2011 estimate for profits before tax to £124 million-£127 million, down from £127 million announced earlier this year. The retailer blamed the “tougher [...]
British retailing giant Marks and Spencer (M&S) has today reported like-for-like sales, which strip out new store openings, grew 0.1% in the 13 week period to 2 April. The figures were marginally better than expected and sent shares up 13.3p today to 353.5p. The 127-year-old retailer which sells clothes, food and homewares said general merchandise [...]
Retail sales fell last month – by a bigger than expected 0.8% on a monthly basis, the Office for National Statistics (ONS) has reported today. The fall followed a downwardly revised gain of 1.5% in January. Sales growth for January was attributed to heavy discounts and a rush to beat the VAT hike, which came [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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