Today’s news in brief-22/1/25
River Island has engaged AlixPartners to manage cost reductions ahead of impending tax hikes in April. Despite a £33.2m pre-tax loss and a 19% drop in turnover to £578.1m for 2023, the retailer plans no formal restructuring affecting its 250+ stores.
Waterstones reported a substantial rise in pre-tax profits to £42.9m, up from £11.2m, and a 16% sales increase to £528.4m. Benefiting from renewed interest in physical bookstores, including from returning office workers, the retailer expanded to 317 sites and enhanced its online presence.
Boohoo shareholders voted against Frasers Group’s proposal to remove founder Mahmud Kamani as director, with 63.17% opposing the resolution. This follows accusations of destabilisation by Boohoo and reaffirms Kamani’s integral role in the company’s leadership.
Asda named David Lepley as chief supply chain officer, returning after 15 years with Morrison’s. This appointment aligns with Asda’s focus on enhancing grocery logistics to meet customer demands amid leadership changes aimed at maximizing value.
Adidas achieved a 24% revenue increase to €5.97bn in Q4 2024, with a gross margin up to 49.8%. Full-year revenues rose to €23.68bn, driven by double-digit growth across regions and divisions, resulting in an operating profit of €1.34bn, marking significant improvement over the previous year.
