15 JULY 2024
Highstreet retailer Primark has today announced the appointment of Nigel Jones to Chief Operating Officer. In his new role, Jones will have global responsibility for the Technology function, Supply Chain & Logistics and the Business Transformation function.
Nigel Jones joins from Whitbread, a multinational hospitality business where he spent seven years as Group Operations and Transformation Director. Before this, he worked at Tesco for over 25 years. At the supermarket chain, Jones started his career as a Store Manager and held several senior roles across stores, technology, supply chain and procurement.
Paul Marchant, CEO at Primark, said: "Nigel joins us with a wealth of experience in running international operations of significant scale across multiple markets including the UK, Europe, and Southeast Asia.
theindustry.fashion/ |
Retail getting smashed today |
Retailers are down, with JD Sports , Marks & Spencer Group plc, Primark owner Associated British Foods PLC among the biggest morning fallers.
This follows a disappointing BRC Retail Sales Monitor print for June. Poor weather conditions caused a 0.5% plunge in year-on-year retail sales in the month. |
Phil, I've added a few fwiw.
Yes Shein is having some impact. |
Not sure what happened this morning.
Poor numbers from QUIZ shouldn't have bothered but the H& M profit warning probably has .
Downtrend continues. |
Primark invests €40m in Portugal retail presence
Associated British Foods’ retail arm, Primark, will invest €40m in its Portuguese expansion, including four new stores, creating more than 500 new retail jobs. |
The sunshine will hopefully bring out the Primark shoppers.
Suet |
Retail sales jumped 2.9pc in May as shoppers returned to the high street with a vengeance after a wet April.
Clothes sales particularly drove the monthly improvement, with sales up 5.4pc.
Compared with May of last year, sales rose 1.3pc, the Office for National Statistics said, marking the strongest annual increase since early 2022.
Oliver Vernon-Harcourt, head of retail at Deloitte, said: “The tide could be finally turning for retailers, with more consumers releasing their purse strings and spending on discretionary items such as clothing and furniture.”
“The summer of sport has kicked off, and with warmer days upon us, the retail sector will be hoping to see spending momentum continue,” he said.
“Consumers are feeling more confident about their disposable income, but the next step for retail recovery will be seeing this translate into sustained levels of spending.” |
Doesn't seem to have done the retail sector any harm so far. MKS opened well too. |
Shein will have their eyes on Primark that's for sure! |
Online fashion giant Shein to file prospectus for £50bn London float
Shein, which was valued at $66bn in its last fundraising, will file a confidential prospectus with the City regulator this month as it nears a blockbuster City listing, Sky News learns. |
Added. Could possibly be available nearer £24. |
 Today's fall
Result of placing of ordinary shares in Associated British Foods PLC
Howard Investments Limited ("Howard"), a wholly owned subsidiary of Wittington Investments Limited ("Wittington") has agreed to sell approximately 10.3 million ordinary shares (representing approximately 1.4% of the issued share capital) in Associated British Foods PLC ("ABF") to institutional investors by way of an accelerated bookbuild process (the "Placing") at a price of 2,550 pence per ordinary share, raising gross proceeds of approximately £262 million.
Following completion of the Placing, the combined shareholding of Wittington and Howard in ABF is expected to be approximately 56.1%. Once the remainder of the £500 million share buyback programme announced by ABF with its last full year results in November 2023 (the "FY24 Buyback") has completed, the combined shareholding is expected to be broadly in line with its level prior to the commencement of the FY24 Buyback, which was 56.4%.
Wittington has agreed that neither it nor Howard will sell any further shares in ABF for the remainder of ABF's current financial year ending 14th September 2024 without the consent of UBS AG, London Branch ("UBS"). Wittington is committed to maintaining a majority stake in ABF.
UBS acted as Bookrunner in connection with the Placing. |
The though of a Labour government and pension changes was the reason why I hit the cash in pension button a couple of weeks ago :-) |
Well done tl , I'm just about in full ISA mode now. Just a couple more to 'Bed+ISA' before Labour stroll into Number 10 ;-)
"Primark opens its first store in Hungary to mark its 17th international market" |
I'm now in full on dividend mode for my pension. The price isn't as critical to me on a weekly/monthly basis anymore.
Just keep those dividends coming in :-) |
Fairly big hit today.
xd thursday for the 20.7p dividend |
Shein suppliers still work 75-hour weeks - report |
The Sunday Times:
Fast-fashion chain Shein is accelerating its plans for a record-breaking £53bn float in London, after turning away from New York amid tensions between China and the US. |
Expect back above £27 this week. |
Just back from Malaga. Primark has a large store there and eleven in total in Andalucia |
Added a few. |
FWIW :- RBC raises AB Foods price target to 2,900 (2,700) pence - 'outperform' |
FWIW :- Goldman Sachs raises AB Foods price target to 2,920 (2,680) pence - 'neutral' |
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