Britain has won the Brexit referendum, and the FTSE has soared to a near two-year high, leaving Brussels in shambles.
The FTSE has recovered to near pre-pandemic levels, which is a major victory for Brexit Britain.
Despite the challenges facing retail, JD Sports announced today that like-for-like sales increased 10% in the 22 weeks leading up to January 1 compared to the same period last year.
According to the company, the increase in demand has made it “confident” that profits will exceed current expectations this year.
“A high-quality business and well-positioned to consolidate the market, with a strong management track record and ‘trusted partner’ relationships with premium brands such as Nike and Adidas,” Amisha Chohan, Head of Small Cap Strategy at Quilter Cheviot, said.
JD Sports CEO Peter Cowgill, however, has expressed concern about the “imposition” of higher National Insurance and corporation tax on businesses this year, telling the Evening Standard today: “I would certainly question it, very much so.”
Marks and Spencer reported record sales yesterday, cementing its position as the UK’s fastest-growing grocer in the run-up to Christmas.
Sainsbury’s today announced that its Christmas sales were higher than expected, with food and drink sales up 6.8% from pre-pandemic levels.
The UK’s second-largest supermarket has raised its full-year profit forecast to “at least” £720 million, up from £660 million previously.
With customer purchasing power expected to be impacted by inflation this year, Sainsbury’s is increasingly attempting to compete with discount supermarkets like Lidl and Aldi.
“Offering great value will be more important than ever this year,” said Chief Executive Simon Roberts, “and we’ve just launched our bold new Sainsbury’s Quality Aldi Price Match campaign, which targets 150 fresh products that customers buy most frequently.”
“Holding on to market share is a bit like trying to catch a wriggling fish,” Sophie Lund-Yates, Equity Analyst at Hargreaves Lansdown, explained.
“To counteract this, Sainsbury’s is lowering its prices to appeal to budget-conscious shoppers.”
“It’s reassuring to see the group focusing on a narrower market, and this approach could certainly help in an inflationary environment where incomes are stretched.”
Aside from inflation, the pandemic has been a major source of stress for businesses, with few industries being more affected than others.
“News from the Brinkwire.”