Today’s news in brief-1/11/24
Boohoo has appointed Debenhams CEO Dan Finley as its new chief executive, rejecting calls from Frasers Group owner Mike Ashley to assume the role. Finley, who has led Debenhams for two years and previously spent a decade at JD Sports, is praised by Boohoo’s board for his digital retail expertise and leadership. Boohoo deputy chairman Alistair McGeorge commended Finley for transforming Debenhams from a failing department store to a modern, capital-light marketplace.
Selfridges’ parent company, Cambridge Retail Group, posted significant losses of £340.3m for FY24, though sales rose 95% to £1.5bn. The UK luxury retailer Selfridges, which saw individual losses grow to £41.9m, attributes these results largely to accounting standards under IFRS 16, which amplified depreciation and finance costs. Revenue for the broader group, which includes Brown Thomas Arnotts in Ireland and de Bijenkorf in the Netherlands, decreased by 1% to £834.9m, while operating profit reached £27.7m.
Amazon’s Q3 financials surpassed expectations, with revenue increasing 11% to $158.9bn (£123.3bn) and net income hitting $15.3bn (£11.9bn), a substantial improvement from $9.9bn (£7.7bn) in the prior year. North American sales rose 9% to $95bn (£73.5bn), while International sales increased 12% to $35.9bn (£27.8bn), and AWS sales grew 19% to $27.5bn (£21.2bn). Amazon projects Q4 net sales between $181.5bn (£140.7bn) and $188.5bn (£146.1bn), with anticipated operating income ranging from $16bn (£12.3bn) to $20bn (£15.4bn).
British sportswear brand Castore swung to a pre-tax loss of £28.8m for the year ending February 2024, after a prior profit of £14.7m. Despite the challenging economic climate, Castore’s sales surged 65% to £190m, driven by strong growth across its mainline and partnership divisions. UK turnover rose from £79.8m to £106.1m, and European revenue nearly doubled from £25.3m to £59.6m.
