DFS has issued a warning over its full-year earnings as a result of the recent heatwave denting sales and delays in shipments from overseas suppliers. In a pre-close trading update circulated this morning, the furniture retailer said it had seen “significantly” lower-than-expected orders in its fourth quarter so far. READ MORE: DFS promotes Tim Stacey to CEO as Ian Filby steps down Pre-tax profits more than half at DFS thanks to acquisitions It blamed the hot weather putting off customers over key trading weekends.
Matalan has continued to defy the ongoing challenges facing UK retail with a 4.9 per cent uptick in revenue in its first quarter. For the 13 week period ending May 26, the value fashion retailer said total revenue came in at £265.9 million, compared to the £253.4 million recorded in the same period last year. It also recorded an EBITDA of £24.8 million, more than the £22.3 million recorded last year.
Marks & Spencer has decided to ditch its usual trading update when it meets shareholders at its annual general meeting next week.
Primark has continued to defy the doom and gloom plaguing the retail sector by recording an uptick in sales and and improved like-for-likes, which it attributed to increased retail space around the globe. Sales at the value fashion retailer were up six per cent in the 40 weeks to June 23, ahead of last year at constant currency and seven per cent ahead at actual exchange rates
The John Lewis Partnership’s weekly trading update was a tale of two contrasting performances – with Waitrose recording a surge in sales while John Lewis plunged. Overall, sales at the partnership grew one per cent year-on-year to £230.05 million for the week ending July 3.
Topps Tiles has taken a bit of a hit in third quarter like-for-like sales, which the retailer blamed on “weaker consumer environment”. Over the 13 week period ending July 1, like-for-like revenues decreased by 2.3 per cent. Topps Tiles had reported a 3.4 per cent rise in sales in the first three months of this year, but fortunes reversed in the second quarter when revenue dropped 2.2 per cent.
The John Lewis Partnership suffered a slight set back last week, as hot weather had an adverse affect on its weekly sales. Overall, sales dipped 0.8 per cent year-on-year to £226.77 million for the week ending June 23. On their own, Waitrose’s weekly sales grew 0.2 per cent year-on-year, while John Lewis recorded a drop of 2.2 per cent year-on-year
Carpetright has swung to a loss in its 2017-18 year, just weeks after it launched a CVA that will lead to the closure of 81 stores by September in order to stay afloat. The embattled flooring retailer recorded an underlying loss before tax of £8.7 million for the year to April 28, having made profit of £14.4 million the year before and in line with its latest guidance. READ MORE: Carpetright secures £60m equity raise for CVA Carpetright expects £9m loss as its CVA wins shareholder approval Carpetright CVA approved by creditors jeopardising 300 jobs But after taking into account the costs of the CVA deal, Carpetight plunged to a loss before tax of £70.5 million.
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.
H&M Group has reported slightly lower than expected growth for its second quarter, as discounts impacted sales during the Swedish giant’s attempts to reduce its record level of inventory. Local currency sales including VAT during the period ending May 31 were unchanged year-on-year. A mean Reuters poll had forecast for a 0.5 per cent increase.