Today’s news in brief-9/11/23

Bridgestone has invested $3m for a 5% stake in Halfords’ Avayler business. Avayler, a software-as-a-service (SaaS) provider, helps automotive companies digitise their services, from online booking to invoicing. Under a 15-year Commercial Agreement, Avayler will provide Bridgestone with access to its software products and related services for use in Bridgestone’s retail and van operations in the USA.

The Works has adjusted its full-year EBITDA guidance to approximately £6.0m due to uncertain trading conditions in the second half of the year. The company reported a 3.4% total sales growth and a 1.6% like-for-like sales increase in the first half of the fiscal year, but online sales declined by 12.2%. The CEO cited cost-of-living pressures and increased uncertainty in the market as contributing factors.

Under Armour reported a 1% drop in revenues in Q2, resulting in a downward adjustment of its full-year revenue forecast. While revenues decreased, gross profit increased by 5% year-on-year to $752m, with a gross margin of 48.0%. Direct-to-consumer revenue saw a 3% increase, driven by growth in e-commerce. The CEO emphasised a balanced approach to profitability and long-term growth.

WH Smith announced a 28% increase in total group revenues to £1.7bn for the fiscal year ending August 31. The travel category saw a significant boost, with trading profits rising to £164m. Revenues also surged in the UK, North America, and other global regions. The retailer has a new store pipeline of over 110 sites, with over 60 planned for North America.

B&M reported a strong first half of the year, with a 10.4% increase in sales to £2.5bn. Profit-before-tax reached £222m, up from £201m the previous year. Adjusted EBITDA rose by 16.1% to £269m. In response to these results, B&M raised its full-year guidance and now anticipates adjusted EBITDA in the range of £620m to £630m. The company also plans significant expansion, aiming to open at least 125 new stores in the UK over the next three years.