MAIL ORDER and leisure group Littlewoods celebrated a 79% increase in first half profits with news that it also plans to trim £50m from costs over the next three years. Observers speculate that such a bearish move in bullish circumstance is intended to prepare the group for a flotation inside the next eighteen months. This was refuted by a company mouthpiece. Announcing pre-tax profits of £65.2m (£36.4) for the six months to 31 October, Littlewoods reported it had spent £1 million on set-up costs for Shop! , its Internet home shopping service. The company is committed, said chairman James Ross, ‘to developing a leading position in electronic shopping. Other opportunities in this field are being explored.’
© Copyright 2017
All rights reserved including database rights. This electronic file is for the personal use of authorised users based at the subscribing company's office location. It may not be reproduced, posted on intranets, extranets or the internet, e-mailed, archived or shared electronically either within the purchaser's organisation or externally without express written permission from WARC.