Today’s news in brief-7/1/25
Quiz has announced plans to delist from the London Stock Exchange, citing regulatory costs and financial pressures. The move requires a 75% shareholder majority, with founder Tarak Ramzan and key investors supporting the decision. Quiz reported a £4.7m pre-tax loss in the six months to 30 September, driven by inflationary impacts and weak consumer demand, leading to an 8% revenue drop to £39.1m. Online and in-store sales fell 15.9% and 7.7% respectively. With cash reserves dwindling and a £4m borrowing facility expiring in June, the retailer anticipates needing additional funding by early 2025.
Next has raised its annual pre-tax profit guidance to £1.01bn after strong holiday sales. Full-price sales climbed 6% in the nine weeks to 28 December, bolstered by a 31.4% rise in overseas revenues and a 6.1% jump in online sales. However, the company warned of a £67m tax burden due to higher National Insurance and minimum wage costs, which it plans to offset by increasing prices by 1% and pursuing cost efficiencies.
Kingfisher has appointed Ian McLeod, a retail veteran with leadership roles at Coles, Asda, and Walmart, as a non-executive director effective 20 January. He brings 40 years of experience in international retail markets. Meanwhile, senior independent director Catherine Bradley will step down after the 2025 AGM to focus on other roles. Kingfisher praised McLeod’s expertise and Bradley’s contributions, including overseeing a smooth chair succession process.
Kantar reported record-breaking UK supermarket sales this Christmas, with the average household spending £460. Grocery sales hit £13bn in December, with Tesco leading growth at 5%, followed by Sainsbury’s at 3.5%. Lidl and Aldi achieved record market shares of 7.3% and 10.0% respectively. Online grocery shopping surged, reaching £1.6bn. However, inflation ticked up to 3.7%, driving cautious spending despite festive cheer.
The British Retail Consortium (BRC) warned of declining sales volumes in 2025 despite December’s 3.2% year-on-year retail sales growth. Food sales grew modestly by 1.7%, while non-food sales rose 4.4%, driven by online growth of 11.1%. However, rising costs from tax and regulatory changes, including increased National Insurance and packaging levies, are expected to pressure retailers into price hikes and reduced investments.
B&Q has acquired five UK Homebase stores for £2.5m, expanding its network with over 25,000 square meters of additional retail space. These stores will be converted to the B&Q brand by the end of 2025, offering home improvement products, design services, and online shopping options. Employees at these locations will transition to B&Q. The acquisition aligns with B&Q’s strategy to enhance customer convenience and strengthen its market presence.
