Today’s news in brief-20/2/24

Julian Dunkerton is reportedly in discussions with US investor Davidson Kempner regarding a potential deal to take the company private. While talks are in the early stages, Dunkerton aims to acquire the majority stake in Superdry that he doesn't already own. The company has faced challenges, including a YoY sales decrease of 13.1% in H1 2024, attributed to factors like an abnormally mild autumn and exiting its US wholesale operation. Despite considering cost-cutting measures, such as job cuts and a potential CVA, Superdry still carries over £100m in borrowings from Bantry Bay Capital and Hilco. Moody's expressed cautious optimism about Iceland Foods' financial future despite reporting weaker-than-expected results. While Iceland experienced a loss of £17.1m due to unprecedented rises in global energy costs, Moody's believes the company can reduce its debt over the next 12-18 months. Iceland's gross debt increased by £40m in the three months prior to December, primarily due to a store expansion program. Although Moody's did not upgrade Iceland's credit rating, it expects the company to address its debt leverage ratio, notwithstanding challenges like maintaining its market share in the UK grocery sector. The Perfume Shop saw an 18% increase in sales volumes during Valentine’s Day, driven by a surge in sales of classic fragrances and gift sets. Online shopping peaked on February 13, with a 23% increase in fragrance purchases. The retailer's Valentine’s Day campaign also led to a 13% rise in demand for personalization services compared to the previous year. Andrea Rickard, the trading director, credited the positive results to a wide range of products, attractive deals, and personalised services offered by The Perfume Shop. DukesHill Ham Company named Chris Dee, a seasoned professional with three decades of experience in premium food and retail brands, as its new non-executive chairman. Dee's expertise in the luxury sector, coupled with his leadership roles in prominent companies like Harrods and Booths, is expected to have a transformative impact on DukesHill. His appointment reflects the company's ambition to become the leading artisan fine food brand in the UK. Currys witnessed a significant surge in its share prices by 36% following news of a potential takeover bid by Chinese e-commerce company JD.com. This bid competes with a previous offer from US Investment Group Elliott, owner of Waterstones. While Elliott's preliminary offer of £700m was rejected by Currys for undervaluing the company, shareholders suggest a minimum offer of 75p per share. Despite challenges like declining share prices over the past three years and drops in regional sales, Currys remains optimistic about exceeding full-year profit expectations, buoyed by divestments like the sale of its Greek business.