Apple Sales Fall in Nearly All Countries
Jeannette Linfoot
Corporate CEO turned Entrepreneur, Board Advisor, Mentor and Investor committed to helping Business Leaders, C-Suite Execs and Entrepreneurs to overcome business challenges and scale growth.
There's so much happening in the world of business that it can be hard to keep up. That's the motivation behind my weekly Brave Bold Brilliant ? business news, to keep you informed of what’s happening globally? – the movers, the shakers, the ones to watch and so much more!
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Feel free to let me know if there’s anything specific you’d like me to cover in future updates.
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In the meantime happy reading!
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GENERAL?
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London falls out of the top 20 IPO destinations -?The stagnation in London's IPO scene is part of a broader European trend, although other continents have seen a recovery this spring with significant listings in cities like Amsterdam and Frankfurt.?The LSE's struggle is exacerbated by top companies leaving the city for other markets, such as the United States, and a general disinterest in London shares.
Hospitality sector shows ‘cautious confidence’ as rate of closures slows - Hospitality sector closures in Britain have slowed this year thanks to a “modest revival” in independent restaurants and dining out. There were an average of four closures a day in the first quarter of 2024, according to the latest Hospitality Market Monitor by CGA by NIQ and AlixPartners , which is down from an average of eight a day in 2023.
ON?THE UP?
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The White Company profits rise as shoppers return to high street?- Operating profit for the fashion and home retailer rose 4% to £33.5m in the 52 weeks to 29 July, up from £32.3m the year prior. However, on an adjusted basis taking exceptional items into account, profit slipped 3% to £31.9m.
喜力 to reopen 62 closed pubs and invest £39m in refurbishments across UK sites -?The company said the cash injection into its STAR PUBS & BARS LIMITED chain will create more than 1,000 new jobs. The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending.
British Airways owner IAG sees profits soar as fuel costs cool - International Airlines Group (IAG) said it was continuing to see a rebound in leisure travel. It reported an operating profit for the first three months of the year of €68m (£58.5m), up from the €9m (£7.7m) reported this time last year.
BAE Systems eyes further momentum on US, UK defence spending - BAE Systems plc is on track to meet market expectations this year adding momentum likely to remain strong as defence spending among western countries rises. A recent $61bn supplemental aid package for Ukraine from the US, alongside UK plans to increase defence spending to 2.5% of gross domestic product, will boost revenues, BAE said.
3i Group plc ups dividend as Action's 'remarkable growth' continues - Private equity giant 3i Group upped its dividend as its full year results were boosted by the 'remarkable growth story' of Dutch retailer Action. 3i reported that its?net asset value (NAV) per share was 2,085p at 31 March, up from 1,745p a year ago. Its total portfolio value was £21.6bn, having surpassed £20bn last November thanks to the rapid growth of Action.
亚马逊 to open £500m robot-powered East Midlands warehouse - The new fulfilment centre will create 2,000 new jobs and will be fully operational in 2026. The warehouse will feature three floors of robotics technology, where products will be stowed and customer orders picked. The new warehouse will create 1,400 new jobs at its launch, with roles including engineers, HR and IT, finance specialists, as well as workers to pick, pack and ship customer orders.
Octopus Energy valuation jumps to $9bn as investors double down - Generation Investment Management and Canada Pension Plan Investment Board, already major investors, took even bigger shares in the energy and technology group, pushing its value up 15% on a previous estimate.
J D Wetherspoon eyes top-end profit as drink sales pick up -?Sales climbed by 3.3% over the 13 weeks to April, the pub chain reported, while the figure increased by 5.2% on a like-for-like basis.?Analysts expect the company to report a profit of £50.62m for the year, which would mark an increase on last year’s £42.6m.
领英推荐
IN THE DOLDRUMS
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Losses at Coventry arena revealed after Mike Ashley’s takeover as turnaround continues - The Coventry Building Society Arena lost more than £4m in the first six months after being acquired by MIKE ASHLEY , it has been revealed. The billionaire retail tycoon took over the venue at the end of 2022 for £17m after the three companies that ran it fell into administration. Mike Ashley beat Coventry City’s owner Doug King, who made a £25m bid, after a court decided that his move came too late.
苹果 sales fall in nearly all countries - The company said that demand for its smartphones dropped by more than 10% in the first three months of this year, while overall sales fell in every geographic region except for Europe. Apple said that overall, revenues across the company declined by 4% to $90.8bn (£72.5bn), which was the biggest drop for more than a year. This week Apple apologizes for iPad 'Crush' ad after backlash.
bp reports profit drop in Q1 as lower oil prices hit earnings -?The UK oil major reported underlying replacement cost profit of $2.7bn (£2.2bn) in the first quarter, compared to $3bn (£2.4bn) in the fourth quarter of 2023 and $5bn (£4bn) in the first quarter of 2023.?The group also saw net debt increase to $24bn (£19.1bn) from $20.9bn (£16.7bn) in the fourth quarter of 2023.
Martin Sorrell’s S4Capital places hope in AI as revenue slumps across the board -?For the first quarter, the company reported a like-for-like net revenue decline of 11.7%. On a reported basis, revenue declined 14.9%. The company said the decline reflected “continuing client caution” and an anticipated “reduction in technology activity services.”
John Lewis axed 3,800 jobs over the past year, filings reveal - The number of workers for the John Lewis Partnership fell to 70,500 at the end of January, from 74,300 the previous year. The cuts coincided with the retailer saving roughly £26m in employment costs during the year, while its finances were also aided by its decision not to pay workers a bonus last year. The job losses were largely down to attrition across the company, with bosses choosing not to replace workers who left the business.
Mothercare PLC ‘marginally’ maintains profit despite sales decline - The nursery retailer said its adjusted EBITDA for the year ended 30 March was marginally above the £6.7m seen in its previous year, remaining in line with market expectations. Draft figures for its unaudited net worldwide retail sales by franchise partners reached £281m for the period, marking a 13% drop from last year.
Selfridges cuts jobs and blames loss of tax-free shopping - The department store’s CEO Andrew Keith claimed the new set of redundancies had been caused by the government ditching tax-free shopping for international tourists. Around 70 jobs will be lost, nine months after its previous set of redundancies. It claimed that store workers will not be impacted by the job losses.
ITV advertising slump persists, but streaming hours surge - ITV PLC's total revenue for the first quarter was £887m, a decrease of 7% compared to the same period last year. This decline was attributed to a 16% drop in ITV Studios’ advertising revenue, which stood at £382m, reflecting the phasing of deliveries and the impact of the US film industry strikes.
boohoo struggles continue with earnings and sales down – and losses mounting - Online fashion retailer Boohoo’s full-year results painted a grim picture as its earnings, revenue and sales all dropped – while losses swelled to £159m. The company said its annual core earnings fell by 7%, revenue fell by 17%, and the total value of goods sold fell by 13%, after a tumultuous year in which it made multiple acquisitions. In spite of the disappointing results, its bosses claimed things are not on quite the same downward slope as they were in 2023. The year on year decline in sales was only 4%, against 9% the year before.
ONES TO WATCH
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Frasers Group closes in on Ted Baker deal - The retail giant is set to be named the preferred partner for the retailer’s UK business following the collapse of its existing licensing partner No Ordinary Designer Label (NODL). Industry sources said that Frasers and NODL’s administrators hoped to reach a deal in the coming days.
Private equity firms circle Peloton Interactive for potential buyout - The connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses. Peloton?has had talks with at least one firm as it considers going private, people familiar with the matter said. The firm’s current level of interest in acquiring Peloton is unclear. A number of other private equity firms have been circling Peloton as an acquisition target, but it’s unclear if they have held formal discussion
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that's a bold move! thanks for the update. are there any cool trends you're excited about lately? Jeannette Linfoot