Today’s news in brief-3/5/24

Asda, following strong FY23 financial results, has successfully refinanced £3.2bn of debt, pushing maturities into the next decade. This included issuing significant high-yield bonds and extending its revolving credit facility to October 2028. The refinancing reflects Asda’s robust performance and investor confidence after Moody’s recent upgrade.

The Works has completed its transition from the main market to AIM, citing reduced costs and regulatory benefits. The move is expected to deliver substantial savings, particularly in audit fees, and make shares more attractive to AIM-focused investors.

Apple’s fiscal Q2 results show a 2% decline in profit and a 4% decrease in revenues, attributed to a 10% drop in iPhone sales. While Europe saw increased sales, declines were noted in China, the Americas, Japan, and Asia Pacific. Apple remains optimistic, highlighting record revenue in services and announcing plans for new product launches.

Fashion retailer Mango is set to open over 20 stores in the UK by year-end, focusing on London, Scotland, and entering Northern Ireland. This expansion includes Mediterranean-themed store concepts and reflects Mango’s international growth strategy.

UK footfall dropped by 7.2% in April, with declines across High Streets, Retail Parks, and Shopping Centres. Poor weather and Easter timing affected comparisons. While most areas experienced declines, Edinburgh saw positive footfall, emphasising the importance of local investment to boost retail centres.