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BUSINESS

Danes’ Black Friday spending bounces back after slow start

Danes had spent about 290 million kroner on MobilePay by midday on Black Friday, according to Vipps, the company running the system, a three percent rise on last year.

Danes' Black Friday spending bounces back after slow start
Danish shoppers hit the malls on Black Friday. Photo: Emily Elconin/AFP/Ritzau Scanpix

Between midnight and Thursday and 12pm on Friday, Vipps registered 390,000 transactions on the system, a start that the company described as sløv, meaning “lethargic” or “sluggish”. 

“We expect an overall growth of 5-10 percent by midnight on Sunday,” Lars Green, who is responsible of MobilePay online, told the Ritzau newswire. 

Black Friday, the day of deep discounting and sales that began in America as a Friday between Thanksgiving and Christmas, is now firmly established in Denmark, with many shops offering significant discounts. 

But Green said that this year the spending had been spread more and more around “Black Week”, which stretches from Monday to Thursday. 

“What we are really experiencing this year is that Black Week is taking off as the year’s biggest shopping week,” he said. “The downside of this is that Black Friday flattens out more and revenues shift to the rest of the week.”

During Black Week this year, there were 2.1 million transactions on MobilePay, amounting to a total of 1.35 milllion kroner. 

A survey carried out by DI Handel — the retail branch of the Confederation of Danish Industry — found that 62 percent of the 1,000 people interviewed planned to go out looking for bargains on Black Friday, with 82 percent of those aged 18 to 29 years old likely to hit the shops. 

Shoppers in Denmark expect to spend an average of 2,348 kroner on Black Friday. 

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BUSINESS

Maersk profits plummet as Yemeni attacks close off Red Sea route

Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks are forcing it to avoid the vital Red Sea route.

Maersk profits plummet as Yemeni attacks close off Red Sea route

Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year. Turnover fell 13 percent to $12.4 billion, slightly lower than forecast by analysts surveyed by financial data firm FactSet.

The company, however, raised its outlook for the full year, citing higher demand and increased rates and costs due to the supply chain disruptions in the Red Sea.

It now expects an underlying core profit ranging between $4 billion and $6 billion, up from $1 billion-$6 billion previously.

“We had a positive start to the year with a first quarter developing precisely as we expected,” Maersk chief executive Vincent Clerc said in a statement.

“Demand is trending towards the higher end of our market growth guidance and conditions in the Red Sea remain entrenched,” he said.

“This not only supported a recovery in the first quarter compared to the previous quarter, but also provide an improved outlook for the coming quarters, as we now expect these conditions to stay with us for most of the year.”

Iran-backed Huthi rebels, who control the Yemeni capital Sanaa and much of the country’s Red Sea coast, have launched dozens of attacks on ships since November, claiming solidarity with Palestinians caught up in the Israel-Hamas war.

The United States in December announced a maritime security initiative to protect Red Sea shipping from the attacks, which have forced commercial vessels to divert from the route that normally carries 12 percent of global trade.

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