Morrisons is en route to outperform its rivals once again with amid predictions it would report an increase in full-year sales and profits next week. Ahead of the release of its annual report on Wednesday, City analysts have said they expect the grocery giant to post a 10 per cent rise in underlying pre-tax profits to £371 million and a like-for-like sales uptick of 2.7 per cent
A growing customer base and investment in technology has helped flash sales retailer MySale to record a surge in profits and revenues in its half-year results. The Australian-based online retailer, which also trades in New Zealand, south-east Asia and the UK, saw revenue spike by 11 per cent from AUD $137.7 million to AUD $151.9 million (£85.1 million) in the six month period ending December 31. Gross profit also surged 19 per cent from $38.4 million to $45.6 million (£25.5 million), and underlying EBITDA skyrocketc 80 per cent from $3 million to $5.5 million (£3 million).
Steinhoff has unveiled its first trading update since an accounting scandal plagued the company throughout December and January, posting a five per cent drop in total group revenue for its first quarter. The South African retail company said that total revenue for the quarter ended December 31 was €4.86 billion (£4.3 billion), down from the €5.10 billion recorded in the same period the year prior. The company, which owns UK retailers Poundland, Harveys and Bensons for Beds, added that it has appointed six new independent members to the supervisory board after the resignations of Len Konar, Claas Daun, Bruno Steinhoff and Theunie Lategan
Wickes and Toolstation parent company Travis Perkins has blamed soaring inflation and dwindling consumer confidence for the hit it took in its full-year profits for 2017. In its full-year results, the DIY and home improvement firm reported pre-tax profits of £330.6 million before exceptionals, which was a nine per cent dip from the £364.7 million recorded in 2016. Travis Perkins attributed this to rising costs resulting from the depreciation of the pound since the Brexit referendum in June 2016, and inflation, which it said was still working its way through the supply chain
Westfield Corporation has insisted that Unibail-Rodamco’s proposed £18.5 billion takeover was on track amid a rise in sales, profit and footfall in its annual report. In an investor call, co-chief executive Peter Lowy reaffirmed that the board and the Lowy family were “committed to this transaction” and that there was “no plan B”. Lowy added he was confident the proposed deal would become a reality, despite speculation over its fate after currency volatility and sharemarket volatility hitting valuations
The executive director for buying and design at House of Fraser, Maria Hollins, has stepped down while David Walker-Smith has been hired for the new role of chief product and trading officer.
Levi Strauss & Co’s direct-to-consumer revenues surged 15 per cent throughout 2017, allowing the company to achieve one of its best revenue gains in a while. The annual uptick in retail sales was boosted by a 20 per cent spike in the fourth quarter ending November 26, thanks to the opening of 53 directly-operated stores throughout the year and 13 per cent growth in its Asian market. READ MORE: Levi’s records 4th consecutive year of profits Big Interview: Claudia Roggenkamp, VP Ecommerce Europe, Levi’s Meanwhile, the wholesale arm of the US-based fashion company – which operates Levi‘s stores around the UK and trades online – saw growth of 10 per cent for the fourth quarter and a five per cent uptick for the full year.
The parent company of luxury retailer Coach has posted a 35 per cent jump in quarterly net sales, boosted by rising sales across its brands and the recent acquisition of Kate Spade. Tapestry, the US-based owner of Coach, Stuart Weitzman and now Kate Spade, raked in net sales of $1.79 billion (£1.28 billion) for its second quarter, compared to $1.32 billion in the prior year. READ MORE: Coach Inc to be rebranded as Tapestry Inc Gross profit for the period also came in at $1.18 billion (£846 million) on a reported basis, but Tapestry did not provide a comparative figure for the same period the year before
New Look has continued its run of poor financial results with further loss and another plunge in sales in most revenue streams. In its third quarter update released this morning, which detailed the embattled retailer’s year-to-date performance for the 39 weeks to December 23, overall group revenue dropped 6.3 per cent to £1.07 billion while group like-for-likes plummeted 10.6 per cent
House of Fraser’s chief operating and information officers are set to depart the business as a result of a restructure of the executive team. READ MORE: House of Fraser poaches Reiss’ digital boss for buying & merchandising director role House of Fraser struggles as Christmas sales dip House of Fraser appoints Paddy Earnshaw as marketing chief Big Interview: Dorothy Maxwell, Head of Sustainability, House of Fraser Peter Gross, chief operating officer since 2008, and Julian Burnett, chief information officer since 2015, are leaving the department store chain to make way for Gary Slattery, who has been promoted to the newly created role of executive director for retail, and Gary Monk, who has been promoted to executive director for operations. Slattery, who has been House of Fraser’s transformation director since last year, will focus on developing the customer experience in stores in his new role