Today’s news in brief-11/7/24

The UK economy surpassed expectations with a 0.4% GDP growth in May 2024, boosted by improved weather conditions. The services sector led growth, expanding by 0.3%, while construction grew by 1.9%. Analysts see this growth influencing the Bank of England’s upcoming interest rate decision.

British entrepreneur Mike Jatania is nearing a rescue deal for The Body Shop, aiming to retain its 100 UK stores after its UK operations collapsed into administration. Bids were recently submitted, with Jatania’s consortium, including ex-Molton Brown CEO Charles Denton, among the interested parties.

Despite an 11% revenue increase to £806.1m, Holland and Barrett saw its pre-tax losses widen to £65.3m due to higher administrative expenses. The company attributes its growth to £70m invested in stores, technology, and new products, noting strong sales across global divisions.

Frasers Group has boosted its investment in Hugo Boss, now owning 7.99% of common stock and 13.81% through put options. This move follows a multi-year partnership with THG, incorporating Frasers Plus into THG’s Ingenuity platform to enhance logistics and operations.

Pepco Group reported a 4.3% decline in like-for-like revenues, with Poundland particularly affected by new product introductions. Despite this, total revenue rose to €1.4 bn for Q3, driven by new store openings and strategic improvements aimed at rebuilding profitability.