Supergroup’s share price is down by almost 40 percent this morning after it released a profit warning. “Arithmetic errors” in its wholesale forecasts amounting to £2.5 million, difficulty in predicting wholesale and franchise demand and a higher mix of sales through the discount outlet on eBay have all impacted earnings. Profit is now expected to come in at £43 million, compared to previous estimates of £52 million.
Care and educational supplies business The Consortium has acquired West Mercia Supplies (WMS), a provider of office stationery, consumables and accessories, from its local authority owners. WMS will operate as an independent business under the leadership of its former deputy managing director Elaine Keogh.
Online jeweller Astley Clarke has secured a second round of investment from Carmen Busquets, taking her total investment in the business to $1.2 million (approximately £747,000). Fashion entrepreneur Carmen Busquets is a founding investor and board director of Net-A-Porter.com; she now joins the Astley Clarke board. This round of investment will be used to further drive brand awareness and expansion to international markets. The funds will also be used to develop new jewellery collections and interactive technologies on the Astley Clarke website to increase customer engagement online.
According to reports, PPR has nine bidders lined up for its Redcats business. If a buyer for the whole business can’t be secured, it is understood PPR will break up the company with La Redoute attracting the highest price.
Together with the Ministry of Defence and British Forces Post Office (BFPO), Royal Mail has introduced UK-style postcodes for 100,000 service personnel and their families in places such as Germany, Cyprus and the Falkland Islands. The development means improved access to online products and services for service personnel based overseas. Currently BFPO numbers are not compatible with many online ordering systems, including credit agencies. However, under the changes, service personnel will now be able to order everyday products online more easily. The new dataset has been integrated into Postcode Anywhere’s suite of address validation software.
*Mandatory fields your email address will not be published. All comments are moderated and may be edited. Comments do not necessarily reflect the views of the Catalogue Development Centre Ltd.