Sales

Market report:Trainline ticket sales dive, IG’s revenue jumps, and Next upgrades profits

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Trainline ticket sales dive

The COVID-19 lockdown hit ticket sales at train booking app Trainline (TRN.L) hard in the first half of the year, the company said on Thursday.

Trainline said UK train ticket sales fell by 85% in the six months to the end of August, contributing to a 76% fall in group revenue.

The company said train travel was beginning to recover, “albeit more slowly than previously expected.” Trainline said it was “phasing its operations back to normal” and planned to redouble investment in digital.

“I’m pleased to now see the industry recovering, particularly in our International markets, as well as a faster shift to online reservation and digital ticketing, as anticipated, given the increased customer need for touchless travel,” chief executive Clare Gilmartin said.

Shares were up

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House builder’s profit slumps, losses deepen at Galliford Try and Zara sales slide

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

House builder’s profit slumps

House builder Redrow (RDW.L) saw its profits slump by two thirds last year as COVID-19 disrupted construction and sales.

Pre-tax profit at the business fell 66% to £140m ($180.5m) in the 12 months to 28 June 2020, the company said. Revenue dropped 37% to £1.3bn.

Chief executive John Tutte said the pandemic had “a profound impact upon the Group’s performance in the 2020 financial year but we entered the new financial year in a position of strength.”

“We have a record order book and brought forward very high levels of work in progress,” he said. “This was due in part, to increased investment earlier in the year in anticipation of strong demand for the Help to Buy scheme ahead of changes to the scheme next year.”

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HSBC Life, AIA, BOC Life among Hong Kong insurers expanding online sales channels, medical products as pandemic causes worst slump on record

Hong Kong insurance companies are developing more online sales channels and introducing more medical and retirement products to boost sales as the sector is poised for its worst slump on record, according to industry players.

Mainland Chinese, until now huge spenders on Hong Kong insurance policies, spent only HK$839 million (US$108 million) on them in the second quarter, down 85 per cent from the first three months. In the first half, their spending dropped 76 per cent year on year, according to Insurance Authority data.

Coronavirus travel restrictions have prevented mainlanders visiting Hong Kong to buy the policies.

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“The full-year sales are not looking good. Cross-border traffic has not picked up. The government has tightened social distancing since July due to the third wave of infection. This has stopped the 100,000 salespeople

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Abercrombie (ANF) Falls Back on Online Sales Amid Pandemic

With social distancing becoming the new norm due to the coronavirus pandemic, consumers have taken to digital shopping, which in turn is boosting online sales. Catching up with the current trend, majority of retailers are improving their websites and mobile apps, and omni-channel capabilities to serve customers better. One such retailer is Abercrombie & Fitch Co. ANF, which has witnessed robust digital growth overthe past few months.

Despite a sluggish top line in second-quarter fiscal 2020 owing to pandemic-induced store closures and consumers’ altered shopping habits, a solid online show provided Abercrombie with the much-needed shield. Even as stores reopened after almost seven long weeks following local health guidelines, the company continued to witness solid online performance. Digital net sales surged 56% year over year to $386 million in second-quarter fiscal 2020, representing nearly 55% of the top line. The upside can be mainly attributed to improved traffic, higher

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Coronavirus sparking a ‘focus on relationships’ and boosting Internet sales

Signet Jewelers (SIG), the world’s largest retailer of diamond jewelry, is seeing pent up demand for marriage proposals following COVID-19 lockdowns — with lots of help from soaring online sales.

The parent company of well-known brands such as Kay Jewelers, Zales, and Jared: The Galleria of Jewelry, gleaned this insight from conducting its bespoke jewelry research on consumer trends during the coronavirus outbreak.

CEO Gina Drosos told Yahoo Finance that more than half of couples who were already engaged decided to quarantine together; of that number, nearly half said their relationship had gotten better, according to a Signet survey — and in many cases accelerated timelines to get engaged.

“So, I think, if anything, COVID-19 has made all of us focus on relationships and those who we really care for and want to go ahead and make [a] commitment,” Drosos told “The Ticker” in a recent interview. 

The survey also

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Zara-owner Inditex starts online sales at budget brand Lefties

By Sonya Dowsett

MADRID (Reuters) – Zara-owner Inditex’s <ITX.MC> little-known budget brand Lefties started online sales in Spain and Portugal on Thursday, giving the label a digital advantage over discount fashion chain Primark in its second-biggest market.

Lefties sells low-priced clothing for women, men and children and is present in six countries – Spain, Portugal, Russia, Mexico, Qatar, and Saudi Arabia – with over 100 stores.

First set up in 1999 as a way to clear Zara clothing from previous seasons, Lefties now has its own designers and ranges. However, it has little visibility compared to Inditex’s main brands like Zara, Massimo Dutti and Bershka and it does not appear on the list of brands on the Spanish company’s website.

A Lefties store on Madrid’s central shopping drag Gran Vía sells short printed dresses for 12.99 euros ($15.33) and cotton candy-striped shirts for 8.99 euros – a similar price point

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Gap Says Online Growth Helped to Limit Second-Quarter Sales Drop

(Bloomberg) — Gap Inc. tempered the pace of its sales decline in the second quarter, outpacing analysts’ estimates by picking up e-commerce customers.

Sales for the period, which ended Aug. 1, fell 18% from a year earlier to $3.3 billion, higher than analysts’ projection of $2.9 billion. The company, which owns the Old Navy and Banana Republic brands, increased comparable-store sales 13%, but said this excludes days that stores were closed in the quarter. For that reason, the measure doesn’t line up directly with market estimates.

Online sales nearly doubled from a year earlier, mirroring gigantic gains at other U.S. retailers. Chief Executive Officer Sonia Syngal doesn’t expect to keep that pace with most of its stores now reopened. But she said new capabilities, like adding payment platforms PayPal and Afterpay, will help maintain a business that generated half the company’s sales last quarter.

Booming online sales often mean a

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Online Sales a Highlight for Destination XL in 2nd Qtr.

Destination XL Group’s online business provided a bit of a bright spot in an otherwise dismal second quarter.

The largest men’s big and tall retailer in the U.S. said sales on its web site increased 69 percent for the period ended Aug. 1, and coupled with some earlier-than-expected store openings, the company said it is cautiously optimistic about the future.

The Canton, Mass.-based retailer reported that its net loss for the period was $10.7 million, compared to break-even income in the prior year’s second quarter. Adjusted EBITDA for the second quarter was a loss of $4.3 million compared to $7.1 million in the prior-year quarter. Total sales decreased 38 percent to $76.4 million from $123.2 million in the second quarter of fiscal 2019. Because stores were closed for much of the quarter and continue to operate with reduced hours, the company declined to provide comparable-store sales figures, saying they were

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Bed Bath Cuts 2,800 Jobs In Reshuffle To Boost Online Sales

Bed Bath & Beyond said it will cut its workforce by 2,800 employees to generate $150 million in cost savings as the retailer focuses on online sales growth.

BBBY) said the move is part of a broader cost restructuring plan, which also includes planned store closures, and targets annualized savings of between $250 and $350 million, excluding one-time costs. The retailer added that the changes will help fund a number of growth initiatives to improve the shopping experience in store and online, building on the recent introduction of Buy-Online-Pickup-In-Store (BOPIS) and curbside pickup services.” data-reactid=”13″Bed Bath (BBBY) said the move is part of a broader cost restructuring plan, which also includes planned store closures, and targets annualized savings of between $250 and $350 million, excluding one-time costs. The retailer added that the changes will help fund a number of growth initiatives to improve the shopping experience

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EBay Modernizes Platform, Sees Major Uptick in Sales During Pandemic

shopping experience to meet consumers’ needs during the coronavirus pandemic — and now, e-commerce is primed to enter the next frontier. But for older e-commerce brands, such as eBay, that means modernization of its platform and reevaluation of an evolving and growing customer base.” data-reactid=”19″Brands and retailers have swiftly amped up the online shopping experience to meet consumers’ needs during the coronavirus pandemic — and now, e-commerce is primed to enter the next frontier. But for older e-commerce brands, such as eBay, that means modernization of its platform and reevaluation of an evolving and growing customer base.

eBay’s global head of buyer experience, talks to WWD about modernizing eBay’s platform, consumer evolution and how the brand grew during the coronavirus pandemic.” data-reactid=”20″Here, Bradford Shellhammer, eBay’s global head of buyer experience, talks to WWD about modernizing eBay’s platform, consumer evolution and how the brand grew during

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