Asda’s turnaround efforts has continued to bear fruit after it reported its second consecutive quarter of like-for-like sales growth. The Big 4 grocer today posted like-for-like sales growth of 1.1 per cent for the 12 weeks ending September 30, while overall net sales climbed 3.6 per cent.
Yoox Net-a-Porter has continued to achieve positive growth throughout its third quarter driven by the success of its UK market.
100 jobs are set to be axed at Speedo, Berghaus and Boxfresh owner Pentland Brands amid a group restructure, according to Drapers. The restructure will see Pentland consolidate its office space, moving its sportswear brands Canterbury and Mitre’s offices into existing space with Speedo in Nottingham. Pentland, which employs around 1700 people across its operation, is reportedly in talks with the those effected aiming to provide flexible working options or secure redundancy packages and recruitment advice.
Marks & Spencer is reportedly considering a more radical approach to its property portfolio as it continues with its store closures as part of a turnaround strategy. According to the Guardian , the advent of turnaround specialist Archie Norman joining as chairman has sparked speculation on whether M&S would make its approach to property even more radical. READ MORE: M&S confirms plans to close Covent Garden store Norman also believes the retailer needs to further slash prices on clothes, address the way too much of it is targeted at over-55s and find a way to bring younger shoppers back
Argos has opened two brand new fulfilment centres in Birmingham and Reading aimed at increasing its Fast Track delivery capabilities. The two new centres means six million additional households will now have access same-day or next-day delivery or collection on a range of around 35,000 Argos products. Each new warehouse is 100,000 sq ft, with 100 new permanent part and full-time jobs created plus another 400 new jobs over peak Christmas season
The co-founder and chief operating officer of online fashion retailer Finery has announced his resignation. Luca Marini said he is due to depart the business, which he co-launched with Nickyl Raithatha and Caren Downie in February 2015, at the end of this month. Less than three years after recording £5 million in sales in its first tear of trading, Finery now rakes in £16 million and operates in 10 countries
Grocers could soon be under threat after wholesale giants Unilever, Mars and Reckitt Benckiser signed up to a new digital shopping service to sell their brands direct to consumers. The new digital grocery service, which is designed by tech firm INS, claims it could cut grocery bills by 30 per cent as it allows wholesalers to sell directly to consumers, without having to deal with grocery retailers as the “middleman”.
The founder of global fashion retailer Uniqlo has announced plans to step down from his chief executive role. Tadashi Yanai – who opened the first Uniqlo store in Hiroshima in 1984 – told Japanese financial publication The Nikkei that while he is due to step down from his chief executive roles of parent company Fast Retailing, he will continue on as chairman. He said this will be effective once he turns 70 in 2019.
Footwear retailer Footasylum is set to list on the London Stock Exchange (LSE) next week with and has been valued at £171.3 million with a price of £1.64 per share. Following last week’s announcement that it will launch an IPO on AIM, GCA Altium acted as financial advisor raising £65.4 million for Footasylum, which will begin trading on November 2.
The frozen food retail sector is now worth over £6 billion for the first time according to the latest figures from Kantar Worldpanel. An increase in premium frozen food items has reportedly led to a 5.4 per cent increase in frozen food sales, compared to a 0.6 per cent decline a year prior.