Today’s news in brief-18/1/24

Sainsbury's general merchandise commercial director, Paula Nickolds, is departing to become CEO of The White Company. During her three-year tenure, she strengthened brands like Argos, Habitat, and Tu. Sainsbury's also announced a focused restructuring of its Operating Board. Graham Biggart will assume commercial responsibility for General Merchandise and Clothing, with Matt Leeser expanding his role. The strategic review of the Financial Services division sees Jim Brown retiring, succeeded by Robert Mulhall. N Brown reports a 9.3% decline in group revenue to £226m for the 18 weeks ending January 6, 2024. Despite the drop, full-year adjusted EBITDA expectations remain unchanged. The Q3 decline follows a trend but is mitigated by an increase in unsecured net cash. CEO Steve Johnson expresses satisfaction with the business transformation, highlighting upcoming milestones like the new Jacamo website and continued strategic progress. Dunelm has seen strong sales growth, with total sales increasing by 4.5% to £872m for H1, ending December 30, 2023. Q2 shows a 1.0% sales increase and a gross margin rise of 160bps. CEO Nick Wilkinson attributes success to the company's value proposition and operational efficiency. Profit before tax is expected to align with forecasts despite market volatility. Plans for store openings remain on track, and the CEO expresses confidence in the business's growth potential. Currys projects surpassed profit expectations despite a 3% decline in UK&I revenues during the 10 weeks ended January 6. Strong sales in mobile devices offset weaker trends in TV and computing. The Nordic region reports a 6% decline in like-for-like sales, with Greece experiencing a 4% drop. CEO Alex Baldock highlights the company's successful peak trading period, robust profits, and a healthy financial position. The sale of its Greek business contributes to a net cash position. The Works records a pre-tax loss of £7.8m in H1 due to persistent market challenges. Total revenue grows by 3.1% to £122.6m, while online sales fall by 12.2%. LFL sales declined by 4.9% in the 11 weeks ending January 14. CEO Gavin Peck acknowledges the tough consumer environment and vows to focus on cost reduction and profitability. Despite challenges, he remains confident in the company's long-term growth strategy.

Today’s news in brief-18/1/24

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