Lidl Enjoys 'Most Successful Christmas Yet' With Record £1bn Turnover

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GENERAL 

Not-so-golden quarter: Retail footfall slumps in another disappointing year - A dull December marked the end of yet another 'disappointing' year for UK retail footfall as fresh data has revealed 2024 was the second year in a row to see a decline.  UK footfall fell by 2.5% year-on-year during the three months to December, also known as the 'golden quarter' trading period for retail.  The later timing of Black Friday this year meant that it aligned with December's figures, rather than November's, which resulted in slightly higher numbers than expected.  

Nick Clegg , former UK deputy prime minister, leaves Meta - Nick Clegg, Britain's former deputy prime minister and Meta's current president of global affairs, is leaving the company after six years.  'It truly has been an adventure of a lifetime!' Clegg said in a post on Facebook. 'I am proud of the work I have been able to do leading and supporting teams across the company to ensure innovation can go hand in hand with increased transparency and accountability , and with new forms of governance.' 

ON THE UP 

China's BYD closes in on Tesla as sales jump - Chinese car maker BYD saw its sales jump at the end of last year, as it competes with Tesla to be the world's best-selling electric vehicle (EV) maker of 2024.  The company says it sold 207,734 EVs in December, taking its annual total to 1.76 million, as subsidies and discounts helped attract customers.  It comes as Tesla is due to announce its own quarterly sales figures later.  

Lenovo UK sales near £1bn amid Huawei retreat - Sales at the UK arm of Chinese technology giant Lenovo jumped closer to the £1bn mark during its latest financial year.  The division has reported a turnover of £982.8m for the 12months to 31 March, 2024, up from the £969.3, it generated in the prior year.  Newly-filed accounts with Companies House also show that the firm's pre-tax profit increased from £13.3m to £14m over the same period.  

Record profit for Totally Wicked ahead of single-use vapes ban as sales double in two years - Profit at Totally Wicked has surged to a new record level ahead of the sale of single-use disposable vapes being banned in England and Wales later this year.  The Lancashire-headquartered has reported a pre-tax profit of £8.1m for the 12months to 31 March, 2024, up from the £3.3m it posted for the prior year.  Newly-filed documents with Companies House have also revealed that the firm's turnover jumped from £90.4m to £118.1m over the same period - a new record.   

Lidl GB enjoys 'most successful Christmas yet' with record £1bn turnover - Lidl Uk has reported a 7% increase in sales over the four-week period leading up to Christmas, driven by strong demand for holiday essentials.  The surge in festive shopping pushed the retailer's turnover to a record high, exceeding £1bn ($1.25bn) for the first time in its 30-year history in the UK.  

Barbour improves profits despite lower revenue - J Barbour & Sons' accounts for the year to the end of April show falling revenues at the business after it had enjoyed a strong increase in the previous year.  But the company's profit improved, as turnaround from the last year when revenue had jumped but profits had fallen.  Turnover was £321.79m, down from £343.1m last time.  The 2023 financial year had seen a sharp increase from £286.5m in 2022. 

Shares in REVOLUTION BEAUTY jump as settles clash with Chrysalis - The London-based cosmetics retailer said it had reached a 'confidential settlement' with former shareholder Chrysalis, without any admission of liability by either party.  It has agreed to pay Chrysalis a 'non-material sum' which will 'not have a material impact' on the company's financial and cash position.  Shares in Revolution Beauty soared 13% to 15.50 pence in London. Chrysalis Investments fell 0.9% to 107.00p. 

Wizz Air passengers surge despite engine dispute - Wizz Air passengers jumped above five million in December 2024, a 2% increase from last year, even as the company was forced to ground dozens of its planes due to engine issues.  The FTSE 250 carrier reported 5.06m customers throughout last month, despite a 3.1% drop in seats from last December to around 5.8m.  This translates to 86.5% of its seats being filled, up from 82.1% at the end of 2023.  

IN THE DOLDRUMS 

Quiz losses double as it eyes stock market exit - Quiz has revealed its half-year losses have more than doubled as it warns it will run out of cash by early 2025.  The fashion retailer said the 'disappointing level of revenues' in the run up to Christmas has meant the cast headroom available is 'less than previously anticipated' and that it will need additional funding in early 2025.  The warning came as Quiz reported its pre-tax losses had deepened from £1.5m to £4.7m for the six months to 30 September.  

Crown Paints : Losses double as more jobs lost amid DIY downturn - Crown Paints saw its pre-tax loss more than double as it shed further jobs despite sales rising, it has been revealed.  In delayed accounts, the Lancashire-headquartered firm has reported a pre-tax loss of £16.1m for 2023.  The figure comes after Crown Paints made a pre-tax loss of £8m in the prior 12 months.  However, the results also show its turnover increased over the same period from £202.8m to £214.1m. 

Profits at GB News owner Paul Marshall's hedge fund plunge - Profits at the hedge fund co-founded by the GB News and The Spectator owner Sir Paul Marshall plunged by almost two-thirds last year, resulting in significantly reduced payouts for its partners.  Marshall Wace, one of London's most successful hedge funds, has declared profits of £192m in the year to the end of February 2024, a sharp fall of 64% compared with the £538m the previous year.  

Simon Cowell denied huge pay after profit slashed, at Britains got talent owner - Simon Cowell has not repeated the huge £50m pay day he awarded himself after profit was slashed at his TV empire behind Britain's Got Talent.  Syco Holdings did not issue a dividend to the TV mogul in the year to 31 March, 2024, after its pre-tax profit was cut from £21.1m to £11.9m.  Newly-filed accounts with Companies House also show that the firm's turnover fell from £32.6m to £30.2m over the same period.  

ONES TO WATCH 

Laura Ashley acquired by Ben Sherman owner Marquee Brands - Laura Ashley has been acquired by New York-based brand accelerator Marquee Brands, the owner of 17 brands including Ben Sherman, from global asset specialists Gordon Brothers.  The deal will see Laura Ashley's UK-based team retained as part of a strategy to expand Marquee Brands' global footprint.  The move includes the opening of its first European headquarters in London and increases the retail value of Marquee Brands' portfolio to $4bn (£3.23bn).  

Skydance , Paramount dismiss objections to planned $8.4bn merger - Skydance Media and Paramount Global defended their planned $8.4bn merger, urging the Federal Communications Commission to dismiss opposition from critics, calling them 'unwarranted' and 'meritless'.  The Center for American Rights, a non-profit public-interest law firm, petitioned the FCC in December to block the merger, citing concerns about foreign influence on U.S. media stemming from China's Tencent Holdings' investment in Skydance.  

Hammond-backed outsourcer Amey among bidders for £300m Telent - An outsourcing group backed by Lord Hammond, the former chancellor of the exchequer, is among the suitors circling Telent, a major provider of digital infrastructure services.  Amey, which endured years of financial difficulties before being taken over by two private equity firms in 2022, has tabled an indicative offer to buy Telent.  

Nordstrom family will take retailer private in $4bn deal - The Nordstrom family teamed up with Mexican retailer Liverpool to clinch a $4bn deal to take iconic department store chain Nordstrom private, six years after a similar attempt fell short.  Nordstrom and rivals such as Macy's have become enticing takeover targets in recent years as sales have slowed and shares have slumped.  The Nordstrom family has wanted to take the company private in part because it believes it is undervalued in the public markets after a 70% tumble since 2015.    

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