Marks & Spencer to close 100 UK stores by 2022

Marks & Spencer has so far closed 21 stores in a store estate restructuring program to reduce space devoted to clothing and home it first outlined in 2016. (Reuters)
Updated 22 May 2018

Marks & Spencer to close 100 UK stores by 2022

LONDON: British retailer Marks & Spencer said on Tuesday it plans to close over 100 stores in its home market by 2022, accelerating a program to re-shape its store estate as more sales move online.
M&S has so far closed 21 stores in a store estate restructuring program to reduce space devoted to clothing and home it first outlined in 2016.
It said it had identified a further 14 stores for closure.
M&S also said 15 fewer owned Simply Food stores would open this year as its food opening program is scaled back.


Swiss bank giant UBS posts best Q3 in a decade despite pandemic

Updated 20 October 2020

Swiss bank giant UBS posts best Q3 in a decade despite pandemic

  • The world’s largest wealth manager saw net profit jump 99 percent year-on-year to $2.5 billion

ZURICH: Swiss banking giant UBS said Tuesday it nearly doubled its net profit in its best third quarter in a decade, the latest in a string of global lenders to report better-than-expected results despite the coronavirus pandemic.
The world’s largest wealth manager saw net profit jump 99 percent year-on-year to $2.5 billion, it said in a statement, handily beating analyst expectations for $1.5 billion.
The rise comes after net profit dropped by 11 percent in the second quarter to June as the firm stepped up provisions for bad loans with the global economy in a tailspin due to the pandemic.
UBS’ profits received a one-off, third-quarter boost from the $631 million sale of a majority stake in its fund platform Fondcenter to Clearstream, a subsidiary of the Deutsche Borse group.
Its operating profit increased 26 percent to $8.9 billion, also surpassing analyst expectations.
CEO Sergio Ermotti said he was proud of the third quarter results, his last at the helm, with ex-ING group chief Ralph Hamers taking over as chief executive officer on November 1.
“UBS has all the options open to write another successful chapter of its history under Ralph’s leadership,” Ermotti said in the statement.
But UBS did not give any estimate of its outlook, due to a “high level of uncertainty.”
“Going forward, the pandemic and political uncertainties may lead to periods of higher market volatility and could affect client activity positively or negatively,” it said in the statement.
Other global banking giants to report surging profits this earnings season include Goldman Sachs, JPMorgan Chase and Citigroup.