In the news this morning, shoe retailer Brantano has gone into administration. The company has 73 stores and 64 concessions in the UK. Savills got a boost from its activities in Asia and Europe, however its performance in the UK suffered amid a decline in transactions. Redrow is on track to deliver a 22% rise in profit before tax in the current financial year.
Brantano goes into administration (The Guardian/FREE)
Shoe retailer Brantano has gone into administration, pressured by the sharp fall in the pound and a depressed and competitive footwear market.
Asia, Europe boost Savills (The Telegraph/FREE)
Savills reported a 13% rise in revenue to £1.45bn last year, while pretax profit was up 1% at £99.8m, supported by strong growth for its European and Asian activities.
Redrow on track for 22% rise in profit before tax (FT/£)
Redrow is on track to deliver a profit before tax of at least £306m for the year ending 30 June, the company said in a trading update.
Kingfisher reports higher earnings (The Times/£)
Kingfisher reported an 8.3% rise in adjusted pretax profit to £743m in the year ended 31 January, while total sales were more than 8% higher at £11.2bn, as it met the targets set in its Kingfisher One programme.
Weaker pound lures Chinese shoppers (The Times/£)
Chinese retail tourists doubled their spending in the UK, taking advantage of the fall in the pound since the Brexit vote, the latest figures from tax refund company Global Blue show.
Amazon to buy online retailer Souq.com (FT/£)
Amazon is paying $650m-$750m to buy Dubai-based online retailer Souq.com, in a deal signed this week, according to people with knowledge of the matter.
