Tag: Hit

Primark revenue and profits hit by store closures

Primark revenue and profits hit by store closures

Image: Primark

Primark has reported a drop in half-year sales and profit as Covid-19-related store closures continue to impact the retailer.

The fast-fashion giant’s revenue fell 40 percent to 2.23 billion pounds for the six months to February 27, with the majority of its stores closed for more than half of the period. Unlike many of its rivals, Primark doesn’t have a webstore to offset sales losses from its physical stores.

Adjusted operating profit plummeted 90 percent to 43 billion pounds.

Primark’s parent company, Associated British Foods (ABF), reported a 17 percent drop

Read More

Retail sales increased, but clothing stores and shoe stores were hit hard in the fourth quarter

Clothes stores have been hit hard. Photo: DutchNews.nl

Despite the coronavirus crisis, Dutch retail sales increased by nearly 6% annually, according to new figures from the national statistic agency CBS.

This means that retail sales have increased for the seventh consecutive year, CBS said.

However, there are significant differences depending on the type of retail. In addition, shoe and clothing store sales fell 27% year-on-year during the last three months of the year, when some non-essential stores were closed.

In contrast, Internet shopping surged 55% in the previous quarter, CBS figures show.

The overall increase is due to grocery stores,

Read More

Stocks hit fresh record highs, extending November rally

Stocks rose Tuesday, and each of the three major indices hit fresh intraday records, as traders looked to extend November’s sharp advance.

[Click here to read what’s moving markets heading into Wednesday, Dec. 2]

Both the S&P 500 and Nasdaq each also hit record closing highs after jumping by more than 1.1% each. The tech-heavy communication services and financials sectors led the day’s advances in the S&P 500.

Equities kicked off the final month of 2020 with momentum from a record November, during which each of the three major indices made fresh record highs, and the Dow posted its

Read More

Holiday shopping expected to hit records amid COVID-19

The pandemic looks poised to deliver one of its biggest and most surprising beneficiaries of the year — the holiday shopping season.

Retail experts are predicting record-shattering spending during the crucial Christmas stretch, citing robust trends so far and the fact that many consumers are sitting on bigger piles of savings after spending most of the year hunkered down.

“We are seeing exceptional growth in spending which has not let up in November and we think it will be a much better holiday than expected,” Craig Johnson, president of Customer Growth Partners told The Post.

CGP estimates that retail spending

Read More

California theme park closures hit jobs, shops, budget

Disneyland

Chris Carlson / AP

In this March 18, 2020, photo, one of the normally bustling entrances to the Disneyland resort is vacant due to the coronavirus closure in Anaheim, Calif.

California’s amusement parks have been pining to reopen for months, hoping to bring back thousands of workers sent home in March when the coronavirus pandemic forced them to close their gates.

Now that state health officials announced strict new rules for reopening the parks, attractions spanning from Disneyland to Universal Studios are bracing for an even longer shutdown

Read More