Today’s news in brief-25/9/24

Asos, facing significant financial challenges, has initiated consultations to potentially cut over 200 jobs at its head office. The move comes amidst a restructuring aimed at reversing recent heavy losses, including a £120m increase in half-year losses and an 18% decline in sales. Asos plans to streamline operations and focus on hiring more software engineers and product managers to drive innovation.

Co-op has reported a turnaround, achieving a £58m profit in H1 despite rising shoplifting costs and increased wage expenses. The company’s revenue slightly grew to £5.6bn, supported by strong membership growth and strategic investments in pricing and staff development.

DFS faced challenges with a £1.7m loss for the year due to market downturns and logistical disruptions. The furniture retailer saw a 9.3% drop in revenues and cited increased costs from higher Bank of England rates for providing interest-free credit. Despite these setbacks, DFS remains optimistic about market recovery and aims to achieve medium-term revenue targets.

The Advertising Standards Authority (ASA) banned a ‘misleading’ Nike trainers advertisement, which falsely implied a significant discount without disclosing limitations on product availability. Nike, through a partnership with The Sole Supplier, clarified that the ad’s creation and publication lacked their oversight but emphasised consumer awareness of size limitations.

Boots has partnered with Just Eat to offer on-demand delivery of beauty and healthcare products across major UK cities. This marks Just Eat’s first collaboration with a pharmacy-led retailer, expanding convenience for customers seeking essential items. The initiative plans to scale up with 100 more Boots stores by spring 2025, enhancing accessibility and service reach nationwide.