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Marks & Spencer posts another fall in profits Tuesday, 21st May 2013
The department store group on Tuesday reported pre-tax profits fell to £564.3 million in the year to 30 March, down from £658 million the year before. Despite group sales rising 1.3 per cent to £10 billion, Marks & Spencer’s general merchandise lines continued to struggle, falling 4.1 per cent year-on-year and dragging down the performance of the business as a whole.
Crunch time as M&S expected to post lowest annual profit in four years Monday, 20th May 2013
One of Britain’s best-known brands is expected to report its lowest annual profit in four years on Tuesday, as sales continue to drag for Marks & Spencer. The department store is forecast by analysts to report a profit before tax and one-off items of £640 million to £670 million tomorrow, with a consensus of £658 million, according to a company poll.
Qatar Holding linked to Versace deal Monday, 20th May 2013
Sources say Qatar Holding is “carefully looking at” Versace as the sovereign wealth fund is linked once more to a fashion industry acquisition. According to financial sources cited by Italian paper Il Sole 24 Ore on Saturday, the Qatar Holding and an Italian state-controlled investment fund are investing in the Italian fashion house.
Marks & Spencer opens new Bahrain store Thursday, 16th May 2013
Marks & Spencer this week celebrated another international store opening at the launch of its new Bahrain City Centre shop. The new 27,630 square feet store features the retailer’s new store format, covering clothing, beauty, footwear, lingerie and food. Speaking at the launch, John Cooper, managing director of Marks & Spencer Al-Futtaim said: “We’re delighted to have opened the 1st new full format store in Bahrain City Centre and believe that Bahrain is a burgeoning market for M&S.
Poundland owners eye £600m sale Tuesday, 7th May 2013
Poundland owners Warburg Pincus are reportedly considering a sale for the budget retailer, in a deal that could be worth £600 million. The Daily Express on Tuesday reported Warburg Pincus, a private equity group which bought Poundland for £200 million back in 2010, is now looking to sell the retailer on the back of a boom in business for value household goods.
John Lewis fetes arrival of spring as fashion sales surge Friday, 3rd May 2013
Hotter climes have helped fashion sales at John Lewis rise 19.6 per cent on the same week a year before. The department store on Friday reported a stronger week with sales up 5.3 per cent in the seven days to 27 April, as fashion sales managed to offset tougher trading at the retailer’s home and electricals and home technology directorates.
Spring brings mixed fortunes for John Lewis Friday, 26th April 2013
Sales at John Lewis came in flat at -0.1 per cent for the week as customers chose to make the most of the sunshine instead of shopping. The department store’s online director Mark Lewis on Friday reported “a number of factors” had contributed into make the seven days to 20 April a “challenging” week for the retailer compared to the same time a year before, with customers reportedly soaking up the sun in their gardens instead of on the high street.
Jones Group announces US store closures Thursday, 25th April 2013
The Jones Group Inc., parent company to Nine West, Kurt Geiger and Jones New York, has announced it will close around 170 of its underperforming US stores by mid-2014. The company will also cut its workforce by 8 per cent as part of the measures announced on Wednesday, which Jones Group Inc said would cost around USD 40 million to USD 60 million over the next 15 months as it looks to turnaround its profits.
John Lewis tops £1bn in annual online sales ahead of schedule Monday, 22nd April 2013
John Lewis reports “unprecedented” rise in online growth as it reaches £1 billion in annual online sales a year ahead of schedule. The department store group on Monday said it reached the milestone on a 52-week rolling basis. John Lewis said it expected to reach the £1 billion mark in 2014, as IT director Paul Coby said the retailer was experiencing “an unprecedented pace of online growth”;
"The billion-pound success of johnlewis.com is a reflection of our strategy to put the customer at the heart of our online operations.
John Lewis’ Oxford St flagship sees 18.5% rise in sales Friday, 19th April 2013
Proving the stores still have it, John Lewis’ Oxford Street flagship reported an 18.5 per cent rise in sales in the week to 13 April. While John Lewis’ stellar rate of sales growth slowed slightly to 6.9 per cent including VAT in the seven days to 13 April, it was the group’s bricks-and-mortar stores that led the way for the week, with Oxford Street, Liverpool, Poole and Aberdeen all well into the double digit figures for growth.