FTSE LIVE: High Street woe as shop closures hit record high; New Look sees summer sales slide; Galliford Try profits tumble
- New Look suffered a 10.1% fall in like-for-like sales in the three months to June 29
- Builder Galliford Try has seen profits tumble 27% amid construction ‘challenges’
- 1,234 chain stores closed down in the past six months on Britain’s high streets
Store closures hit record levels in the first half of this year as restructurings and the move to online shopping hit the high street, figures show. An average of 16 stores closed a day.
Meanwhile, struggling fashion chain New Look said its summer sales slid by more than 10 per cent amid ‘the most unseasonable May and June on record’ and ‘continued consumer uncertainty’.
And Builder Galliford Try, which yesterday revealed it had restarted talks to merge its housing businesses with Bovis Homes, has seen annual profits tumble 27 per cent after ‘challenges’ in its construction arm.
After a rocky day on Tuesday, the FTSE 100 is in the green at the open – up 0.5% at 7,308