Today’s news in brief-25/7/24

Burberry is on the lookout for a new chair to replace Gerry Murphy amidst challenging times in the luxury goods market. Following a profit warning and CEO change, Burberry aims to rejuvenate its struggling business, highlighting ongoing difficulties exacerbated by weakened demand from the Chinese market.

Hammerson remains optimistic despite reporting a £517m loss primarily due to asset reclassification, . The company plans to utilise proceeds from recent disposals to deleverage and reinvest, emphasising strong performance in flagship properties and continued growth prospects in retail and leisure sectors.

Howdens achieved a 4.3% increase in sales to £966.3m in the first half of the year. The kitchen supplier maintained its profit before tax at £112.3m, investing in strategic initiatives and expanding its network, underscoring confidence in its full-year outlook amid ongoing market volatility.

Majestic Wine celebrated the opening of two new stores and completed refurbishments across its portfolio with a £1m investment. The move underscores Majestic’s commitment to experiential retail, focusing on enhancing customer engagement through expanded offerings and community presence.

Virgin Wines reported a significant 260% increase in EBITDA to £2.8m for the fiscal year, driven by improved margins and operational efficiencies despite inflationary pressures. The company’s strategic initiatives, including the Warehouse Wines proposition, have contributed to strengthening customer acquisition and retention, positioning it well for future growth.