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Discount retailer Poundland has said today that its profits will be at the lower end of the scale for the year due to a quieter high street, despite its purchase of rival the 99p Store. Figures show that with the help of the 99p Store, overall sales rose 29.4% in the...
The editor of renowned trade journal Drapers has commented on rumours that the publication is to cease its printed publication and move online as part of a wider group restructure. Keely Stoker told the Retail Appointment that there are no immediate plans to cease printing Drapers: “The direction of travel for...
The chief executive of Marks & Spencer, Marc Bolland, has announced his retirement from the retailer he will be replaced by Steve Rowe. Mr Rowe was previously head of food at M&S and recently took over as head of general merchandise following the sudden departure of John Dixon. Mr Bolland will stay...
Disappointing sales over the Christmas holidays have prompted swathing cuts at US department store giant Macy’s. The company is expecting a 2.7% drop in annual same-store sales to January, more than the previously predicted 2.2% drop. "In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become...
John Lewis has announced that its like-for-like sales chain rose in the six weeks to January 2nd by 5.1%. Its total sales were also up by 6.9% to £951.3 million. Shops sales fell by 1.2% reflecting poor footfall pre-Christmas, however improved by 16.2% for the first week of the clearance sale,...
Luxury retailer Harvey Nichols reported a 30% decrease in profits last year as it looks to put an “aggressive refurbishment” in place, which will see the ground floor, which includes accessories and beauty, completed by Christmas 2016. In the year to 28th March 2015, figures showed that pre-tax profits fell to...
Key retail industry publications Drapers and Retail Week will cease publishing their print editions as the parent company looks to restructure. Top Right, which publishes 17 titles across trade journals, has said that it will “retire” Emap, the publishing house which has been an industry bulwark for 70 years and re-position...
Supermarket Sainsbury’s has revealed that it launched a £1 billion bid for Home Retail Group-owned Argos in November. Although the proposal was rejected, Sainsbury’s has until February 2nd to make a formal offer. The two companies have grown closer in the last year, with trials of Argos concessions in Sainsbury’s stores. Sainsbury’s commented:...
Fashion chain Jigsaw has announced a 19% rise in sales over the festive period. The fashion clothing retailer reported a 12% lift in like-for-like sales in the five weeks to January 2nd, with the demand for faux-fur trimmed coats and cashmere pyjamas taking total sales to £14.2 million over the period. Chief...
Fashion retailer Next has reported that it is disappointed with its sales over the Christmas period and has blamed the warm weather and stock shortages. Figures show that sales dropped 0.5% in the 60 days before Christmas, despite its Directory business seeing a 2% rise in revenue, bringing the company’s total...
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