Tesco downgrades forecasts as Christmas trading disappoints January 9, 2014 TESCO admitted yesterday that full year profits could be as much as £150m below expectations as Britain’s biggest supermarket retailer reported another heavy decline in like-for-like sales over the Christmas trading period. The group, which is 21 months into a turnaround plan, said like-for-like sales fell 2.4 per cent in the six weeks to 4 [...]
M&S boss Marc Bolland defends Xmas discounts January 9, 2014 MARKS & SPENCER chief executive Marc Bolland yesterday denied that the retailer had sparked this Christmas’s frenzied discounting as the chain’s clothing sales fell for a 10th consecutive quarter. The high street bellwether said like-for-like general merchandise sales, which include homeware and clothing, dropped by 2.1 per cent in the 13 weeks to 28 December. [...]
Bottom Line: CEO’s survival will depend on a revolution January 9, 2014 YESTERDAY marked a very unwelcome milestone for Marks & Spencer’s boss Marc Bolland. Three-and-a-half years into the job, the former Morrisons chief exec has clocked up his 10th successive quarter of declining clothing sales, leaving investors waiting for his promised turnaround yet again. That they’re giving him more time – as evidenced by yesterday’s 3.6 [...]
Festive boost for Ted Baker January 9, 2014 BRITISH designer clothing brand Ted Baker said it will meet annual profit forecasts after posting an 18.3 per cent rise in eight-week festive sales, helped in part by a 10.9 per cent increase in new space. Unlike many under-pressure retailers during the festive period, Ted Baker said it had not undertaken any significant promotional activity [...]
Uniqlo owner picks up sales January 9, 2014 Asia’s biggest clothing retailer Fast Retailing posted a higher-than-expected first-quarter profit, helped by strong Japan sales at its flagship casual Uniqlo brand which lured thrifty customers with affordable luxury items. The retailer also boosted growth outside Japan, with a weaker yen helping to lift revenues.
Shine comes off jeweller Signet January 9, 2014 Shares in H Samuel operator Signet Jewelers fell over seven per cent on the US market yesterday after the retailer trimmed its profit forecast for the quarter. Like-for-like sales in the UK were up five per cent in the eight weeks leading up to Christmas.
McBride sales suffering as rival brands ramp up special offers January 9, 2014 MCBRIDE, Europe’s biggest manufacturer of retailers’ own-brand household and personal care products, yesterday announced a three per cent drop in revenue at constant currency in the last six months. The group said its decision – announced previously – to wind down selected contract manufacturing business had hit its first half, but that private label revenue [...]
Grafton selling more building supplies in Britain and Ireland January 9, 2014 BUILDERS’ merchant Grafton posted an eight per cent rise in annual revenues to £1.8bn yesterday, as demand for DIY and building equipment started to recover. Grafton, which moved its primary stock listing from Dublin to London in October, said its UK merchanting business posted a 3.2 per cent like-for-like rise in revenues, or a total [...]
London Report: William Hill and retailers weigh the FTSE down January 9, 2014 BRITAIN’S FTSE 100 fell yesterday and underperformed shares in southern Europe, as a rise in the pound against the euro hampered prospects for the index’s exporters and most retailers fell after weak Christmas updates. The FTSE erased gains in the afternoon as the pound rose to its highest in a year against the euro on [...]
Food retailers are getting crushed this morning January 9, 2014 It's not been a great morning for the supermarkets. Food retailers Ouch!!!! pic.twitter.com/OZwHAdNE1P — Alastair McCaig (@AMcCaig_IG) January 9, 2014 Morrisons, the third biggest grocer on the FTSE 100, is leading the index lower after an shock Christmas update – like-for-like sales were down 5.6 per cent. Shares have fallen over five per [...]