Today’s news in brief-23/9/24
Frasers Group is facing audit issues with two brands, I Saw It First and Choice, revealing significant payroll data discrepancies. Auditors struggled to verify £7m in payments for I Saw It First due to lost data during system transitions. Similarly, Hart Shaw encountered missing crucial information for Choice. These revelations raise concerns about Frasers Group’s corporate governance, echoing past scrutiny by the Financial Reporting Council.
Hugo Boss reported a sharp profit decline to £12.3m in FY23, attributed to heavy investments under their Claim 5 strategy. Despite a 3% turnover drop to £392m, the brand expanded with new stores and e-commerce growth, focusing on productivity and profitability enhancements.
Oliver Bonas saw profits fall to £6.8m amid inflation challenges but achieved an 18% turnover increase to £136m. The company expanded store presence and digital capabilities while reinforcing commitments to charitable initiatives and sustainability goals.
SGS Group refinanced four major UK shopping centres with a £445m loan, highlighting their strong performance and tenant roster including Next and H&M. The move reflects investor confidence in prime retail assets amidst retail sector challenges.
American Golf reported a 1.8% sales increase despite adverse weather affecting golf rounds nationwide. Strategic store refurbishments contributed to growth, with standout performances from renovated stores like Thurrock and Norwich, showcasing a 35% to 65% sales uplift post-refurbishment. CEO Nigel Oddy emphasised ongoing investments in customer experience and store enhancements.
