Superdry said extreme weather events across the UK and Europe hurt sales for its spring-summer collection. The fashion retailer posted an annual loss as shoppers opt for lower-cost alternatives. On the flipside, its autumn-winter collection is selling better than usual this early in the season.
Here’s the key business news from London this morning:
In The City
Superdry Plc: The Cheltenham-based firm said a delayed recovery in wholesale markets and the return to normal rent and business rates impacted profitability, resulting in an adjusted pretax loss of £21.7 million in the 12 months ended April 29.
- For the current year, Superdry doesn’t expect to see significant revenue growth as it focuses on cost savings
Barclays Plc: The bank earmarked cash from its balance sheet to hold corporate loans and compete directly with private credit funds, people with knowledge of the matter said. More banks are looking for ways to gain a foothold in the $1.5 trillion market for private debt.
UK House Prices: The downturn gripping the UK housing market steepened in August as the cost-of-borrowing squeeze sapped demand, according to Nationwide Building Society.
In Westminster
Rishi Sunak’s limited cabinet reshuffle left his Conservatives doubting the prime minister’s resolve to reset the direction of his party as a general election looms.
Meanwhile, England is gearing up for its fourth winter with Covid-19 by pulling forward its vaccination booster plan by a month after the emergence of a new variant called Pirola.
In Case You Missed It
British payments app Zilch has spoken with more than 15 banks as it prepares for an eventual initial public offering, though the firm has yet to decide on a location, Chief Executive Officer Philip Belamant told Bloomberg TV. He suggested he would explore London and New York.
Chip designer Arm Holdings Ltd., one of the most anticipated IPOs of the year, is considering pricing its shares on Sept. 13 and the stock will start trading the next day, people familiar with the matter said.
Finally, European aviation regulators have determined that an obscure London-based company supplied bogus parts for repairs of jet engines that power many older-generation Airbus and Boeing planes.
Looking Ahead
For all the talk about London’s equity markets losing some of its depth, an eye-watering number of companies are still scheduled to report results next week. We’ll get updates from the likes of cybersecurity firm Darktrace Plc, Wagamama owner Restaurant Group Plc, and convenience store WH Smith Plc.
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