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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.
E-commerce giants Alibaba see profits triple from last year Wednesday, 8th May 2013
China’s biggest e-commerce group, Alibaba, has seen its net profits almost tripled according to regulatory filing by Yahoo. In the three months through December, net profits rose from USD 642m (GBP 415m), 80 per cent higher than the previous year. Yahoo currently has a 24 per cent stake in the company after the Chinese group bought back some of its shares last year.
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.
Kering has “great ambitions” for new Pomellato acquisition Thursday, 25th April 2013
After much speculation, luxury goods conglomerate Kering has confirmed the acquisition of a majority stake in the Pomellato group. Having recently undergone a rebranding from its previous incarnation as PPR, Kering said it had “great ambitions” for the Pomellato group, which covers its namesake label and sister brand Dodo.
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.
Debenhams reveals new expansion plans Friday, 19th April 2013
Debenhams is reported to have identified up to 70 high streets and shopping centres where it hopes to open outlets and expand its UK store portfolio. After reporting back this week on a tough half which saw profits fall 5.4 per cent, Debenhams is now thought to be re-evaluating its presence on the high street, looking to add up to 70 new stores to its current portfolio.
Debenhams H1 sales up 3.5% Thursday, 18th April 2013
Debenhams focuses on second half after 5.4 per cent fall in profits for the first half of its financial year. The department store group, which has 165 locations across the UK and Ireland, on Thursday revealed a fall in first-half profit in line with expectations after the retailer issued a profit warning in March.
JD Sports' full year profits fall 20% on back of Blacks Leisure acquisition Wednesday, 17th April 2013
JD Sports Fashion plc on Wednesday posted a 20 per cent fall in full-year profit, as the retailer focused on turning around its Blacks Leisure operations. Profit before tax and exceptional items for the year fell to £60.5 million in the 53 weeks to 2 February, in line with analyst forecasts for the period.
Tesco hit by first annual fall in profit in 20 years Wednesday, 17th April 2013
Britain's biggest retailer on Wednesday announced its first fall in annual profit in 20 years, after taking a USD 1.5 billion writeoff on its loss-making Fresh & Easy business in the US. Shares in Tesco fell 2.8 per cent in early trade as the supermarket giant reported pretax profit of £1.96 billion in the year to 13 February, down 51.5 per cent.