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☆ Britain, Italy and Finland Pause Funding for UN Refugee Agency in Gaza
▼ + stars: | 2024-01-27 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

LONDON (Reuters) - Britain, Italy and Finland on Saturday became the latest countries to pause funding for the United Nations' refugee agency for Palestinians (UNRWA), following allegations its staff were involved in the Oct. 7 Hamas attacks on Israel. It helps about two thirds of Gaza's 2.3 million population and has played a pivotal aid role during the current war. The United States, Australia and Canada had already paused funding to the aid agency after Israel said 12 UNRWA employees were involved in the cross-border attack. "We call on countries that announced the cessation of their support for UNRWA to immediately reverse their decision," he said on X. (Reporting by James Davey in London and Gavin Jones in Rome, Editing by William Maclean and Andrew Cawthorne)

Persons: Israel, Antonio Tajani, Hussein al, James Davey, Gavin Jones, William Maclean, Andrew Cawthorne Organizations: Saturday, United Nations, West Bank, UNRWA, Foreign Office, Palestine Liberation Organization, PLO Locations: Britain, Italy, Finland, Israel, Israel's, Gaza, Jordan, Syria, Lebanon, United States, Australia, Canada, Palestinian, London, Rome

☆ Indian Navy Rescues Crew After Attack on Ship off Coast of Yemen
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

The Houthi movement said its missiles had made a "direct hit" on the bulk carrier. U.S. officials said the move was aimed at cutting off funding and weapons the movement has used to attack or hijack ships. On Monday, Houthi forces had struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile. The alternative shipping route around South Africa's Cape of Good Hope can add 10-14 days to a journey compared to passage via the Red Sea and the Suez Canal. Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk premiums for shipments through the Red Sea are also rising.

Persons: Krishn Kaushik, Idrees Ali, Phil Stewart NEW, Yemen's, Houthi, Denmark's, Shivam Patel, Simon Lewis, Pavel Polityuk, James Davey, Terje Solsvik, Keith Weir, Catherine Evans Organizations: Indian Navy, U.S, U.S . Navy, Shipping, Genco, Wednesday, Pepco, Denmark's Maersk, Maersk Locations: Phil Stewart NEW DELHI, WASHINGTON, U.S, Gulf, Aden, Genco Picardy, Iran, Asia, Europe, Israel, Palestinian, Gaza, India, Picardy, States, Yemen, South Africa's, Suez, Ukraine, Africa

☆ Second-hand shopping a $1-bln-plus business for Amazon in Europe
▼ + stars: | 2023-11-29 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/5] Customers visit the Second Chance Store, a new shop selling returned and refurbished products from Amazon's Second Chance programmes in-person in central London, Britain November 28, 2023. Acquire Licensing RightsLONDON, Nov 29 (Reuters) - Consumer demand for refurbished and pre-owned goods in Britain and across Europe has created a billion pound ($1.3 billion) business for Amazon (AMZN.O), its UK boss said. "Customers are telling us that they’re shopping second hand items to save money in the ongoing cost of living crisis and because they want to shop more sustainably," Boumphrey told reporters. He was speaking at the launch of Amazon UK's "Second Chance Store" - a Christmas pop-up shop in London selling returned and refurbished items. Amazon has invested 56 billion pounds in Britain since 2010, including 12 billion in 2022 alone, Boumphrey said.

Persons: John Nguyen, Handout, John Boumphrey, Boumphrey, James Davey, Mark Potter Organizations: REUTERS, Acquire, Amazon, Reuters, Digital Markets, Competition, Consumers, European Union, Thomson Locations: London, Britain, Europe

[1/6] People load up their newly purchased items from Best Buy on Black Friday in Wheaton-Glenmont, Maryland, U.S., November 24, 2023. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. And the rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Leah Millis, Cowen, David Klink, Theresa Forsberg, Michael Brown, Kearney, Jeff Gennette, Jimmy Lee, there's, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, ”, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: REUTERS, Shoppers, Huntington Private Bank, Walmart, Target, National Retail Federation, Garden, Insider Intelligence, Macy's, Adobe Analytics, Wealth Consulting, Amazon, Adobe, Nordstrom, “, Saks, Puma, Israel Football Association, IFA, Thomson Locations: Wheaton, Glenmont , Maryland, U.S, RALEIGH, N.C, New Milford , Connecticut, Paramus , New Jersey, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. Thanksgiving Day discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.

Persons: Shannon Stapleton, Cowen, Theresa Forsberg, “ It’s, ”, Jill Lizzo, she’s, “, I’m, Lizzo, PwC, hasn’t, Naomi Ojomo, Jeff Gennette, Barbie, John Roberts, Apple AirPods, Bergdorf Goodman, Nordstrom, Oscar de, Katherine Masters, Arriana McLymore, Helen Reid, Mimosa Spencer, Corina Pons, James Davey, Siddharth Cavale, Arriana, Deboarh Sophia, David Gaffen, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: Black, REUTERS, Shoppers, National Retail Federation, Insider Intelligence, Barclays, Macy's, Adobe Analytics, Adobe, Walmart, Argos, PlayStation, Apple, Thomson Locations: Westbury , New York, U.S, RALEIGH, N.C, New Milford , Connecticut, . U.S, Harlem, Manhattan, France, Italy, Spain, Zara, Canary Wharf, London, British, Paris, Madrid, New York, Raleigh , North Carolina, Bengaluru

☆ Amazon hit by strikes, protests across Europe during Black Friday trade
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

"Make Amazon Pay", a campaign coordinated by the UNI Global Union, said strikes and protests would take place in more than 30 countries from Black Friday - the day after the U.S. Thanksgiving holiday, when many retailers slash prices to boost sales - through to Monday. In Germany, Amazon's second-biggest market by sales last year, around 250 workers were on strike at a Leipzig warehouse and around 500 at an Amazon warehouse in Rheinberg, trade union Verdi said on Friday. More than 200 workers were striking on Friday at Amazon's warehouse in Coventry, England as part of a long-running dispute over pay. The striking workers were chanting their demand for a pay rise to 15 pounds ($18.69) an hour. Amazon has remained popular in Europe even as rivals like Shein and Temu have seen rapid growth.

Persons: Amazon's, Verdi, Nick Henderson, Amazon, CGIL, CCOO, Helen Reid, James Davey, Phil Noble, Matthias Inverardi, Elisa Anzolin, Corina Pons, Sharon Singleton Organizations: UNI Global Union, U.S, Amazon, Castel, Reuters Graphics, Thomson Locations: Europe, U.S, Germany, Leipzig, Rheinberg, Amazon's, Coventry, England, Castel San Giovanni, France, London, Dusseldorf, Milan, Madrid

☆ Amazon protests in Europe target warehouses, lockers on busy Black Friday
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

On Black Friday, the day after the U.S. Thanksgiving holiday, many retailers slash prices to boost sales. More than 1,000 workers at Amazon's warehouse in Coventry, England, will strike on Friday, according to trade union GMB, as part of a long-running dispute over pay. Many Amazon shoppers use its lockers, which are located in train stations, supermarket car parks, and street corners, to receive their orders. Attac, which calls Black Friday a "celebration of overproduction and overconsumption", said it expects the protest to be wider than last year, when it estimates 100 Amazon lockers across France were targeted. "Make Amazon Pay", a global campaign coordinated by UNI Global Union, said strikes and protests would take place in more than 30 countries from Black Friday through to Monday.

Persons: Pascal, Amazon's, Verdi, CGIL, CCOO, Helen Reid, James Davey, Matthias Inverardi, Elisa Anzolin, Corina Pons, Sharon Singleton Organizations: Workers, U.S, Amazon, GMB, Trade, Amazon's, Castel, UNI Global Union, Thomson Locations: Boves, France, Europe, U.S, Germany, Bad Hersfeld, Dortmund, Koblenz, Leipzig, Amazon's, Coventry , England, London, Castel San Giovanni, Black, Dusseldorf, Milan, Madrid

☆ Retailers hope to draw picky Black Friday shoppers to stores
▼ + stars: | 2023-11-24 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

Originally known for crowds lining up at big-box stores in the U.S., Black Friday has moved online and gone global. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. On average, shoppers in France expected to spend 295 euros ($322) on Black Friday, the survey found. Most U.S. stores were closed on Thanksgiving but opened to shoppers at 5 a.m. or 6 a.m. on Friday. In post-earnings calls this week, retailers from Kohl's (KSS.N) to Nordstrom (JWN.N) told investors they had invested in jackets, cashmere sweaters and Ugg boots to lure Christmas shoppers after an unseasonably warm October.

Persons: Shannon Stapleton, Jessica Ramirez, Jane Hali, Jeff Gennette, Mari Shor, Bergdorf Goodman, Nordstrom, Oscar de, ” Nordstrom, Pete Nordstrom, Katie Wyle, Katherine Masters, Mimosa Spencer, Helen Reid, James Davey, Josie Kao, Miral Fahmy, Frances Kerry Organizations: Black, REUTERS, Retailers, Associates, National Retail Federation, Insider Intelligence, Barclays, Macy's, The New York Police, Nordstrom, Walmart, Columbia Threadneedle Investments, Westfield, Thomson Locations: Westbury , New York, U.S, Europe, France, Italy, Spain, Amazon, Israel, New York City, Kohl's, Mall, Britain, Westfield, Paris, London

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. The rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Cowen, David Klink, ”, Barbara Kahn, Theresa Forsberg, Michael Brown, Kearney, Jimmy Lee, Leah Millis, there's, Jeff Gennette, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry, Leslie Adler Organizations: Shoppers, Huntington Private Bank, Walmart, Target, Ross Stores, The Wharton School, University of Pennsylvania, “, National Retail Federation, Garden, Insider Intelligence, Adobe Analytics, Adobe, Wealth Consulting, Amazon, REUTERS, Nordstrom, Saks, Protesters, Puma, Israel Football Association, Thomson Locations: RALEIGH, N.C, U.S, New Milford , Connecticut, Paramus , New Jersey, Wheaton, Glenmont , Maryland, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

☆ A century after debut, UK music store HMV makes Oxford Street return
▼ + stars: | 2023-11-24 | by ( James Davey | ) www.reuters.com time to read: +3 min

The 363 Oxford Street address hosted the very first HMV store in 1921, opened by composer Edward Elgar, and was central to the development of British popular music and culture. "We feel really good on the future of physical stores for retail," Putman told Reuters in an interview. The store will sell 8,000 different vinyl albums, 12,000 CDs, music merchandise and a wide range of music technology. HMV says its vinyl sales are significantly ahead of UK annual market growth of 18%, and account for half its physical music sales. Councillor Geoff Barraclough of Westminster City Council, which oversees Oxford Street, said the HMV store represented what they wanted to do on Oxford Street: "an experience beyond traditional retail".

Persons: Edward Elgar, Doug Putman, Putman, John Lennon, Cher, Elton John, Michael Jackson, Brian Epstein, Epstein, George Martin, Geoff Barraclough, James Davey, Jan Harvey Organizations: Black, Oxford, HMV, Reuters, Wars, Marvel, Echo, Beatles, Westminster City Council, Oxford Street, Thomson Locations: Britain's, Dublin, Antwerp, Westminster

☆ Amazon hit by strikes, protests across Europe during Black Friday
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +4 min

In England, more than 200 workers were striking on Friday at Amazon's warehouse in Coventry as part of a long-running dispute over pay. The striking workers were chanting their demand for a pay rise to 15 pounds ($18.69) an hour. [1/4]People hold a banner during a Black Friday strike outside the Amazon warehouse, in Coventry, Britain November 24, 2023. Spanish union CCOO called for Amazon warehouse and delivery workers to stage a one-hour strike on each shift on "Cyber Monday" next week. Amazon has remained popular in Europe even as rivals like Shein and Temu have seen rapid growth.

Persons: Amazon's, Verdi, Nick Henderson, Phil Noble, Amazon, CGIL, CCOO, Helen Reid, James Davey, Matthias Inverardi, Elisa Anzolin, Corina Pons, Nick Zieminski, Jason Neely Organizations: UNI Global Union, U.S, Amazon, REUTERS, Reuters Graphics, Thomson Locations: Europe, U.S, Germany, Rheinberg, Leipzig, England, Amazon's, Coventry, Britain, Italy, Castel San Giovanni, Spanish, France, London, Dusseldorf, Milan, Madrid

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

☆ UK retail sales slide again in October in new blow for economy
▼ + stars: | 2023-11-17 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Nov 17 (Reuters) - British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home, official data showed on Friday in a new warning sign for the economy. Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline in September that was worse than first estimated, the Office for National Statistics said. Economists polled by Reuters had forecast that sales volumes would rise by 0.3% on the month in October. Overall the figures fitted with the darkening outlook for Britain's economy, with economic growth stagnant and strong price pressures now fading, albeit slowly. The figures also showed a small downward revision in retail sales for the third quarter.

Persons: Phil Noble, Spencer, James Davey, William James Our Organizations: Shoppers, REUTERS, National Statistics, Reuters, Investors, Bank of England, Retailers, Britain, Tesco, Thomson Locations: Altrincham, Britain

☆ Mars to buy Britain's Hotel Chocolat for $662m
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Hotel Chocolat products are seen on sale at Rabot 1745, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsLONDON, Nov 16 (Reuters) - Britain's Hotel Chocolat (HOTC.L) agreed to a 534 million pound ($662 million) takeover offer from Mars Inc on Thursday, the specialist chocolatier succumbing to the U.S. food giant with international expansion in mind. Set up twenty years ago, Hotel Chocolat aimed to make chocolate exciting by bringing ethical affordable luxury to the British high street, and joint founder Angus Thirlwell remains chief executive to this day. Thirlwell, who will stay on with the business under family-owned Mars, said growth would be faster under new ownership. By partnering with Mars, we can grow our international presence much more quickly," he said in a statement.

Persons: Peter Nicholls, Angus Thirlwell, Thirlwell, Peter Harris, Sarah Young, Kate Holton, James Davey Organizations: REUTERS, Mars Inc, Thomson Locations: London, Britain, Chocolat, Saint Lucia, Japan

☆ Britain's Burberry hit by slowdown in luxury spending
▼ + stars: | 2023-11-16 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

LONDON, Nov 16 (Reuters) - Britain's Burberry (BRBY.L) said it was being hit by a global slowdown in luxury spending and it would struggle to meet its annual revenue forecast of low double-digit growth, with a knock-on impact on profit, if it continued. Demand in China, however, fell away in the second quarter from a strong bounce back from the impact of COVID lockdowns. Burberry said spending by Chinese luxury consumers had shifted overseas from mainland China. Tourist growth benefited European destinations, it said, with just over half of spending in the region coming from international visitors. But a weak performance in the Americas worsened in the quarter, with comparable store sales down 10%.

Persons: Burberry, Daniel Lee, Louis Vuitton, Tiffany, Yves Saint Laurent, Balenciaga, Richemont, Jonathan Akeroyd, Paul Sandle, James Davey, Kate Holton Organizations: Dior, Bottega, Cartier, Thomson Locations: China, Americas

☆ Britain's Ocado secures first deal beyond grocery retail
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

An Ocado grocery delivery van is driven along a street in London, Britain, March 25, 2023. It also holds a 50% share of Ocado Retail in the UK in a joint venture with Marks & Spencer (MKS.L). The deal with McKesson will see Ocado receive upfront fees during the construction process with the final payment upon final installation. Ocado said the impact of the deal will be minimal on cash flow and earnings in its current financial year. In July, the group reported a return to first half underlying profit.

Persons: Toby Melville, Canada Ocado, McKesson, Tim Steiner, we're, Spencer, Ocado, James Davey, Prerna Bedi, Shilpi Majumdar, Kirsten Donovan, Barbara Lewis Organizations: REUTERS, Kroger, Casino, Marks, Times, Thomson Locations: London, Britain, Canada, Ocado, United States, Japan, France, U.S, Bengaluru

☆ DIY retailer Kingfisher launches AI-powered customer assistant
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - Home improvements retailer Kingfisher (KGF.L), home to the B&Q and Castorama brands, has launched what it says is the sector's first artificial intelligence-powered assistant to support customers with do-it-yourself (DIY) projects. Seeking cost savings and revenue gains, more retailers are using AI to boost personalised shopping experiences for consumers. FTSE 100 group Kingfisher said on Tuesday the virtual assistant would answer customers' DIY queries online and provide step-by-step advice on a range of home improvement projects, as well as product recommendations. As well as conversing with customers via text chat, the assistant will soon be able analyse photos to perform visual searches and answer visual queries. Kingfisher said the virtual assistant, which can operate in multiple languages, is initially launching on the website and app of its Castorama France unit.

Persons: Kingfisher, Brico, Tom Betts, James Davey, Mark Potter Organizations: Kingfisher, FTSE, Thomson Locations: France, Britain

☆ M&S echoes UK peers on early Christmas demand, Ahold looks to loyalty
▼ + stars: | 2023-11-08 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] A logo of food and clothes' retailer Marks and Spencer (M&S) is seen at a branch in London, Britain March 10, 2022. "We are definitely seeing good sales performance in our Christmas ranges," CEO Stuart Machin told reporters after M&S reported much better-than-expected first half results. BIGGER FAMILY CHRISTMASM&S's Machin said research showed about 20% of its customers wanted to stock up on Christmas food products "slightly earlier" this year, with most of those customers planning for a bigger family Christmas. Still, the retail bosses are hopeful of strong demand for food, drinks and presents from now until the end of December. Reporting by James Davey; Editing by Sarah Young, Kate Holton and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Marks, Spencer, Toby Melville, Ahold, Stuart Machin, S's Machin, I'm, Machin, James Davey, Sarah Young, Kate Holton, Emelia Organizations: REUTERS, Major, British Retail Consortium, Marks, Tesco, Accenture, Deloitte, PwC, Thomson Locations: London, Britain, Europe, United States

☆ M&S shares soar as first-half profit smashes forecasts
▼ + stars: | 2023-11-08 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummaryCompanies First-half profit up 75%Cautions second half won't be as strongDividend restoredShares up 10%LONDON, Nov 8 (Reuters) - Marks & Spencer (M&S) expects full-year profit to leap more than 30% after an overhaul of its food, fashion and supply chain helped the British retailer smash first-half forecasts, sending its shares soaring on Wednesday. First-half profit jumped 75%, the dividend was reinstated as promised, and the company said shoppers were already snapping up its Christmas ranges. It now expects analysts' consensus forecast for annual profit to rise to 640 million pounds ($785 million) from 575 million pounds currently, versus 482 million pounds in 2022/23. M&S reported profit of 360.2 million pounds for the six months to Sept. 30, versus analysts' average forecast of 276 million. As flagged in May, M&S restored its dividend with a 1 pence interim payout, its first since 2019/20.

Persons: Spencer, Ian Lance, Stuart Machin, Dylan Martinez, Peel Hunt, James Davey, Kate Holton, Mark Potter Organizations: S's, Reuters, REUTERS, Revenue, Peel, Thomson Locations: British, Redwheel, Marks, Spencer, Hempstead Valley, Gillingham, Britain

☆ Britain's M&S cautious on outlook after first-half profit beats expectations
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Jeans are seen for sale at Marks and Spencer, Hempstead Valley branch at the soon to be opened clothes branch of the store in Gillingham, Britain, June 1, 2020. But it cautioned the economic outlook remained uncertain and flagged the impact on the consumer from the highest interest rates in 20 years, deflation, geopolitical events, and erratic weather. "Therefore, against more challenging comparatives, we expect profit before tax and adjusting items to be weighted towards the first half, as we remain laser-focused on our long-term ambition to reshape M&S for future growth," it said. M&S reported profit before tax and adjusting items of 360.2 million pounds ($442 million) for the six months to Sept. 30, versus analysts' average forecast of 276 million pounds and 205.5 million pounds made in the same period last year. ($1 = 0.8149 pounds)Reporting by James Davey; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeans, Dylan Martinez, Spencer, MKS.L, James Davey, Kate Holton Organizations: REUTERS, Marks, Thomson Locations: Marks, Spencer, Hempstead Valley, Gillingham, Britain

☆ UK grocery inflation in single digits for first time this year -Kantar
▼ + stars: | 2023-11-07 | by ( James Davey | ) www.reuters.com time to read: +3 min

Market researcher Kantar said annual grocery inflation was 9.7% in the four weeks to Oct. 29, down from 11% in last month's report. The Kantar data provides the most up-to-date snapshot of UK grocery inflation. Kantar said grocery sales in the four weeks to Oct. 29 rose by 7.4% compared with last year. Spending on promotions hit 27.2% of total grocery sales – the highest level since Christmas last year. UK supermarkets' market share and sales growth (%)Source: Kantar($1 = 0.8061 pounds)Reporting by James Davey Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Kantar, Fraser McKevitt, Rishi Sunak, James Davey, Mark Potter Organizations: REUTERS, Bank of England, Barclays, Thomson Locations: Altrincham, Britain

☆ Primark owner AB Foods expects growth in new year after profit rises 5%
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

It said lower material and freight costs should result in a "substantial recovery" in Primark's gross margin and overall it expects Primark's adjusted operating profit margin to recover strongly from the 8.2% made in 2022/23. "At this early stage we believe that the adjusted operating profit margin will be above 10% with further improvement dependent on levels of consumer demand," it said. For the year to Sept. 16, 2023, it made an adjusted operating profit, its key profit measure, of 1.51 billion pounds ($1.86 billion), up from the 1.44 billion pounds made in 2021/22. Primark's adjusted operating profit fell 3% to 735 million pounds. The group announced an additional share buy back of 500 million pounds after concluding a programme of the same amount last month.

Persons: James Davey, Sarah Young, Miral Organizations: British Foods, Foods, Revenue, Thomson

☆ BT maintains 2024 outlook after Q2 core profit beat
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - BT Group (BT.L), Britain's biggest broadband and mobile provider, posted second quarter earnings slightly ahead of forecasts putting it on track to meet 2024 guidance, in one of the outgoing CEO's final announcements. Strong cost controls helped BT post a 3% rise in adjusted core profit (EBITDA) to 2.06 billion pounds ($2.51 billion) for the three months to the end of September, beating the 2.03 billion pounds consensus forecast. "These results show that BT Group is delivering and on target: we're rapidly building and connecting customers to our next generation networks, we're simplifying our products and services," Jansen said in a statement on Thursday. The quarterly result meant BT maintained its outlook to grow revenue and profits for its current 2024 financial year, and the group said it expected free cash flow towards the top end of its 1 billion to 1.2 billion pound range. ($1 = 0.8215 pounds)Reporting by Yadarisa Shabong in Bengaluru and Sarah Young in London; Editing by Savio D'Souza and James DaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Allison Kirkby, Sweden's, Philip Jansen, Jansen, Yadarisa, Sarah Young, Savio D'Souza, James Davey Organizations: BT, Britain's, Sweden's Telia, Thomson Locations: Bengaluru, London

☆ UK's BBC, ITV among TV firms investigated over freelance contracts
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

The BBC logo is displayed above the entrance to the BBC headquarters in London, Britain, July 10, 2023. "ITV is committed to complying with competition law and to cooperating with the CMA's inquiries," it said in a statement. The probe also includes Hartswood Films, Red Planet Pictures and Sister Pictures, the CMA said. In July the regulator said it was investigating suspected breaches of competition law in relation to the purchase of services from freelancers in sports content by the BBC, BT Group, ITV, Sky UK and others. Reporting by Paul Sandle; Editing by Kate Holton and James DaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Hollie Adams, Paul Sandle, Kate Holton, James Davey Organizations: BBC, REUTERS, ITV, Markets, CMA, Hartswood, Red Planet Pictures, Sister Pictures, BT Group, Sky, Thomson Locations: London, Britain

A signage is pictured at Travis Perkins, a timber and building merchants yard in St Albans, Britain October 22, 2020. The group said it now expected 2023 adjusted operating profit to be in the range of 175 million pounds ($215 million) to 195 million pounds, down from the 240 million pounds it had guided to in June, itself a 12% downgrade. Shares in Travis Perkins sunk by as much as 12% in early deals, hitting their lowest level for over three years. Travis Perkins said it remained confident in its longer-term outlook because Britain needed to build more homes and existing infrastructure would need to be decarbonised. Separately, Forterra (FORT.L), a British company which manufactures clay and concrete building products, said demand for its products has softened since July.

Persons: Travis Perkins, Paul Childs, Nick Roberts, Travis, Peel Hunt, Sarah Young, William James, James Davey, Emelia Organizations: REUTERS, Britain's, Peel, Thomson Locations: St Albans, Britain, British

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