DIY specialist B&Q recorded a 3.6 per cent rise in sales for its second quarter to July 31. Owner Kingfisher on Thursday said its B&Q and Screwfix divisions had experienced a good “sales recovery” for the quarter, “within the context of a continuing weak UK consumer backdrop”.
House of Fraser paid £1 million to landlords in an out-of-court settlement for them to drop the legal challenge to its controversial CVA. According to Drapers , a “sweetheart” deal between the embattled department store and five landlords was reached, which saw them receive £200,000 each just days before it officially entered administration. Landlords are understood to have received £20,000 upfront and will receive a further £180,000 when the CVA was completed.
The Financial Reporting Council has accused PwC of making “incomplete, inaccurate and misleading” statements about BHS’s financial health just before it was sold off for £1.
House of Fraser has collapsed into administration, placing around 17,000 jobs at risk in what could potentially become the biggest high street casualty since the fall of BHS. This morning, House of Fraser said that “discussions with interested investors and its main secured creditors have not concluded in a solvent solution”, forcing the retailer to call in administrators. It comes after talks with potential investors, including Sports Direct’s Mike Ashley and Edinburgh Woollen Mill Group’s Philip Day, failed to lead to a successful rescue deal.
Baird reiterates its outperform rating for Target’s stock, predicting the retailer will report sales above expectations in the second half of this year.
Marks & Spencer has expanded its click & collect service so as to allow customers to now be able to make online returns at its Simply Food stores. While customers could previously collect their online orders in Simply Food stores, items could only be returned at larger-format M&S stores. READ MORE: M&S creates data skills academy to train thousands of employees The new solution, in partnership with Doddle, enables customers to both collect and return their orders in one place at hundreds of M&S food stores.
Tesco has become the first Big 4 supermarket to offer customers water in aluminium cans in a bid to provide an environmentally friendly alternative to plastic water bottles. The CanO Water range will be stocked in 700 Tesco store from July 30 as part of the retailer’s march towards cutting down its plastic waste. READ MORE: Selfridges ditches single-use plastic carbonated drinks bottles It will be offered as part of Tesco’s £3 Meal Deal and unlike ordinary cans, they come with resealable lids.
Zest Labs claims the retailer stole its proprietary information to develop Eden, a management system that can extend the shelf life of fruits and vegetables.
Marks & Spencer has launched a new data academy to train staff from every part of its business in data science.
JD Sports has launched JD-X, a new 24-hour multi-stream music platform that will be featured in-store and on the retailer’s mobile app. JD-X is part of the sportswear giant’s customer experience initiatives and is currently being rolled out to all of JD Sports’ UK stores