Today’s news in brief-28/3/24
AO expects to meet profit guidance, anticipating adjusted profit before tax to be at the top end of £28-£33m for the 12 months ending 31 March. Revenues are projected to reach £1.04bn, driven by positive trading in the core business through Q4 and the return of revenue growth for AO.com. CEO John Roberts highlights the company’s focus on profit and cash generation, expressing confidence in future growth prospects.
JD Sports reaffirmed its profit guidance amidst a challenging market, expecting a profit between £915m and £935m for the full year. Despite a modest increase in like-for-like sales in Q4 and FY24, CEO Régis Schultz anticipates difficulties due to reduced product innovation and heightened online promotional activity.
Quiz announced the departure of founder and CEO Tarak Ramzan as UK sales continue to suffer from subdued traffic levels. Sheraz Ramzan, the current chief commercial officer, will take over as CEO, tasked with implementing a turnaround strategy. Peter Cowgill, non-executive chairman, will provide support during the transition. Despite declining sales, Quiz remains proactive in mitigating revenue impact through cost-saving measures and operational efficiencies.
The Perfume Shop bolstered its leadership team with the appointment of two female directors, Karen Harris and Laura Wilkinson. Harris will serve as customer director, overseeing marketing, PR, and customer-related functions, while Wilkinson will assume the role of online business director, focusing on digital evolution. The company also released its 2023 Gender Pay Gap report, demonstrating a median Gender Pay Gap of 0.95% in stores and a mean gender pay gap of -3.97% in the head office, reflecting a commitment to gender equality and diversity in the workplace. Managing director Gill Smith expresses satisfaction with the appointments and improvements in gender pay gap results.
