Marks & Spencer is set to ramp up is clothing store closure scheme and take it easy with food store openings after it posted a 5.3 per cent slump in profits in its half-year report.
Gap’s UK losses have become worse amid falling sales and the closure of its local Banana Republic stores. According to accounts filed at Companies House, pre-tax losses for the US-based fashion retailer increased from £19.4 million to £20.2 million for the year to January 28. READ MORE: Gap announces further losses as Banana Republic winds down trading Meanwhile, total sales across the group slumped by almost 10 per cent from £306.7 million to £276.3 million, high street like-for-likes fell sharply by seven per cent.
Asics has recorded a decline in its net sales across its European markets, but its retail division was a star performer as the sportswear giant continued to make strides in its transformation strategy.
Apple has reported better-than-expected quarterly earnings and profits, easing investor concerns as the iPhone X goes on sale today. The technology giant recorded an 18.9 per cent spike in profits to $10.7 billion (£8.2 billion) in its fourth quarter covering the three months to the end of September. It said this was boosted 46.7 million iPhone sales – the equivalent to more than 500,000 a day
Morrisons has reported another quarter of rising sales as it continues to limit the impact of soaring Brexit-related food costs for shoppers.
The fall in the value of the sterling since last year’s Brexit referendum has impacted Fat Face’s full-year results, with profits dropping by 11.3 per cent. While EBITDA for the fiscal year ending June 3 slimmed down to £29.7 million, Fat Face said on a constant currency basis it inched up by 0.9 per cent.
Liberty has joined fellow luxury department stores Selfridges and Harrods in posting positive results in its last financial year in the face of a tough retail market. READ MORE: Selfridges posts 11th year of record sales Harrods smashes £2bn sales mark for the first time The West End department store raked in total sales of £74.5 million in the year to January 28 – an uptick of five per cent. Meanwhile, gross profit was up five per cent for the year to £38.9 million, and operating profit was up by two per cent to £6.4 million
Amazon’s third-quarter sales have soared to record levels, thanks to a boost from its acquisition of upmarket grocery chain Whole Foods and with shoppers taking advantage of Prime Day promotions during the summer. For the three-month period ending September 30, the online retail giant reported a 34 per cent year-on-year increase in net sales to $43.7 billion (£33.3 billion). This exceeded analysts’ expectations of $42.1 billion
Zalando has posted an uptick in revenues as it reveals plans to enter the beauty market. According to its preliminary figures, the online fashion retailer raked in €1.64 billion (£1.4 billion) in third quarter revenue, an in increase of around 27.5 per cent
A record figure in sales was not enough to lift the full-year profits of Inditex UK, as it underwent a store refurbishment scheme. The British division of the Spanish parent company of Zara raked in a record £602.7 million in sales for the year to January 31, a 13 per cent increase. However, the retailer said an 11 per cent spike in costs as a result of store renovations played a part in the 32.8 per cent drop in full-year pre-tax profits from £58.3 million to £39.2 million.