Debenhams has blamed competitor discounting and market weakness after it issued its second profit warning of the year. The department store retailer said the challenging market conditions resulted in “below plan” trading in May and early June, despite weak comparatives, forcing it to “reassesses” expectations for the remainder of the year.
Iceland enjoyed rising sales throughout last year but reported a drop in profits due to major investments in marketing, prices and store refurbishments. In the year to March 31, sales rose eight per cent to £3 billion while like-for-like sales jumped 2.3 per cent, accelerating from a two per cent rise in 2017. Despite the growing sales, the frozen foods retailer said adjusted EBITDA dipped 1.8 per cent to £157.1 million.
It’s a tradition that an entire generation fondly remembers: browsing through the Sears catalog ahead of the Christmas holiday, circling the highest priority wants with a red pen.
Mothercare’s share prices have seen a slight recovery after it drafted in accounting firm KPMG to help it avoid falling into liquidation. KPMG have been appointed by the embattled retailer to help it negotiate waivers on its loan agreements and secure funds to launch a turnaround
Flooring retailer Carpetright has launched a rescue plan as it sells off equity and plans to launch a company voluntary agreement (CVA). Following speculation earlier this week, the struggling retailer announced that it is seeking to secure an insolvency deal allowing it to continue trading while it negotiated rent reductions and debt restructures.
1999: After entering the online toy market in 1998, Toys R Us endured a disastrous 1999 Christmas period, failing to deliver many gifts in time for December 25.
Analysts predict Next will report a drop in full-year profits next week as the high street endures a gloomy period as a result of a decline in consumer confidence and spending. A consensus of City analysts are expecting an eight per cent fall in annual pre-tax profits to £725 million for the fashion retail giant, despite posting a rise in sales over the crucial Christmas trading period. Next said full-price sales in the 54 days to December 24 increased 1.5 per cent, ahead of expectations, with part of the improvement down to the colder weather leading up to Christmas
Retail footfall continued to fall year-on-year in February across most retail destinations, even before the impact of the snow during the last two weeks. According to the latest Footfall and Vacancies Monitor from the British Retail Consortium (BRC) and Springboard covering January 28 to February 24, year-on-year, footfall decreased by 0.5 per cent. While it is a slowdown compared to the one per cent growth seen in the same period last year, the decline was still less than a third of that recorded in January, lower than the three-month average of -2 per cent decline, and lower that the 12 month average of -0.7 per cent
John Lewis is set to put social media marketing content into the hands of its staff and create 80 new buying and design roles, managing director Paula Nickolds has said. Speaking at a press conference yesterday for the full-year results of the John Lewis Partnership, the parent company of the department store chain, Nickolds said staff – who are all partners in the business – will be able to personalise and share marketing content through their own accounts. It comes after the retailer carried out a trial before Christmas across six stores, involving around 100 partners, who posted bespoke content that was created in-house on their Instagram and Twitter accounts accompanied with the #wearepartners hashtag.
June 26 2014: Rutland partners buys Maplin for £85 million, with a view to “improving” the business through restructuring and investment. It aimed to build on its recently improved performance to “release further potential” and grow what appeared to be a business with an aptitude for growth. Though Rutland partners had experience in investing in underperforming businesses and turning them around, it is likely it underestimated the significance of the online threat despite the warning signs