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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Gas use up 18%, says British Gas

Category : Business, World News

Centrica, which owns British Gas, says gas use in the first four months of this year was almost a fifth higher than last year because of the cold weather.

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UK retailers suffered sales drop in April, BRC report shows

Category : Business

British Retail Consortium’s three-month average, which irons out distorting effect of Easter, shows growth slowed to 2.6%

Retailers suffered a 2.2% drop in sales last month compared with a year ago, thanks to the timing of Easter and wintry weather, according to industry figures.

The British Retail Consortium’s three-month total growth average, which irons out the distorting effect of Easter falling in April last year and March this year, was 2.6%. That was a slower pace of growth than in the three months to February and March and the BRC said a recovery in consumer spending remained elusive.

“There’s a sense that people are more prepared to spend than they were but chief executives are telling me that’s volatile. A convincing trend towards revival is hard to spot and competitive pricing is still critical to generating sales,” said the BRC’s director general Helen Dickinson.

But April was not all bad, she stressed, noting that for non-food sales it was better than March once the Easter distortion was taken away.

“Wintry weather, followed by the arrival of sun, had a big influence on some retailers,” she said. “Fashion sales were weak early in the month but that was almost entirely made up later when signs of spring arrived. While health and beauty gained both ways with strong sales of cold and flu remedies and then of bronzing and skin care products.”

Simply Smarter Grilling

Category : Stocks, World News

MISSION, KS–(Marketwired – Apr 25, 2013) – (Family Features) Nice weather means it’s time to fire up the grill. To enjoy dining al fresco any time, make your kitchen grill-ready with essentials for your pantry, fridge and freezer.

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Retail sales slip on icy March weather

Category : Business

Retail sales in March were 0.7% lower than in February because of bad weather, according to the Office for National Statistics (ONS).

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Firms count cost of cold weather

Category : World News

Both retailers and small businesses say the exceptionally cold weather in March damaged business activity.

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Cold weather payments’ record March

Category : World News

Cold weather payments hit a record level for March, with 642,900 households receiving £16.1m in help towards energy bills, the government says.

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Cold weather hits March retail sales

Category : Business

Retail sales slowed in March as the cold weather hit demand for summer clothing, the British Retail Consortium says.

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Springwear, anyone? Clothes shops feel the chill

Category : Business

March fashion sales down 3.4% on same month last year, as some stores ask for deliveries of summer stock to be delayed

Retail grandee Sir Stuart Rose famously said “weather is for wimps”, but even the most hardened shopkeeper would have struggled to sell the current crop of springwear, which has sat motionless on clothes rails across the country as Britain endured a chilly early 2013.

High street fashion retailers have resorted to one-off sales and suppliers say some stores have asked for deliveries of new summer stock to be delayed while so many spring dresses, skirts and tops remain unsold.

In March fashion sales slumped 3.4% compared with the same month last year, according to accountancy firm BDO’s monthly high street sales tracker. Analysts believe Marks & Spencer, Rose’s former company, has suffered a larger drop. Visa’s UK expenditure survey suggests the clothing and footwear sector saw a 2.6% year on year fall in March.

Don Williams, head of retail and wholesale at BDO, said: “The weather can have a significant impact on fashion retail, and has undoubtedly had an impact on sales in the last month.”

Williams said the cold weather has had its perks – it helped retailers to shift any remaining winter stock, helping to offset poor demand for spring clothing.

On Thursday, Marks & Spencer will be the first of a handful of retailers updating the City in the next few weeks. Marc Bolland, Rose’s successor, is expected to say clothes sales were down by up to 5% in the past three months.

However, some analysts have suggested the poor weather could help Bolland, already under pressure to improve M&S’s fortunes, because the freezing temperatures have also affected rivals.

The company is already processing its summer offerings, with lead times of around six weeks, meaning current stocks need to be sold to make room. M&S has held flash sales online in an attempt to boost demand. The danger is that consumers could skip spring, and wait to update their wardrobe with summer clothing.

Williams explained: “Retailers fear shoppers will now hold out for summer lines, forcing them to clear spring stock by discounting, hitting even those stores that have continued to maintain tight stock levels and introduce greater flexibility into the supply chain.”

It appears suppliers are starting to suffer, with anecdotal evidence that some retailers are asking them to hold off on deliveries. John Miln, chief executive of the UK Fashion & Textile Association, which represents about 2,000 suppliers, said some of his members had been approached, but there was only so much space to store unsold clothes.

He warned: “The danger is all this extra stock could clog the system and the retailers are clearly planning for that blockage to not be terminal, because if there’s too much stock then it simply becomes worthless, and that’s no good to anyone in the chain.”

However, while the high street has suffered, the internet appears to have captured shoppers who would have been outdoors but for the weather.

The website BrandAlley, which sells discount designer label clothes, has snapped up last season’s leftover winter stock at a discount. Chief executive Rob Feldmann said: “As an online business we are able to move fast to react to the changing, and unpredictable weather conditions. This time last year we had very strong sales across swimwear and sandals.

“By contrast the last two weeks have seen sales of outerwear soar. We are up 63% on sales of coats and jackets in the last two weeks alone. Sales of sweatshirts and hooded tops have soared over 300%.”

Bad weather hits British wheat crops

Category : Business, World News

Britain will become a net importer of wheat for the first time in a decade this year because of bad weather, the National Farmers’ Union says.

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Forecast Calls for Fun

Category : Stocks

Get Kids Outdoors No Matter the Weather

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