Today’s news in brief-27/9/24
Amazon’s UK division has resumed paying corporation tax for the first time since 2020, ending a period of tax credits due to the conclusion of a government tax break. The company paid ยฃ18.7m in “current tax” on sales totaling ยฃ27bn last year. This move follows criticism over Amazon’s tax contributions compared to its UK operations’ scale, with high street retailers claiming unfair competition due to differing tax burdens.
Morrisons reported a 2.1% increase in Q3 sales excluding fuel, reaching ยฃ3.9bn. Like-for-like sales, excluding fuel and VAT, rose 2.9%, driven by increased volume and strategic product expansions. The supermarket chain also boosted staff pay to ยฃ12 per hour starting October 2024, marking an annual investment of ยฃ151m.
Tesco expanded its partnership with The Trade Desk, granting advertisers access to its Clubcard data for targeted campaigns across multiple channels. This move aims to enhance advertising precision by leveraging customer shopping behaviours without relying solely on third-party cookies.
Castore announced plans to open a new store at Braehead Shopping Centre, expanding its retail footprint. Founded in 2015, Castore has seen significant growth, doubling its revenue to ยฃ115m last year. The new store aims to broaden its audience reach and enhance customer engagement with its premium sportswear range.
Bravissimo has been acquired by Wacoal Europe. Despite the acquisition, Bravissimo will continue operating independently, retaining its UK stores and leadership under CEO Leanne Cahill. The acquisition by Wacoal Europe, known for brands like Freya and Fantasie, is expected to strengthen both companies’ positions in the market for larger cup size lingerie and swimwear, aligning with shared values of product quality and customer satisfaction.
