Today’s news in brief-26/09/23
Frasers Group has unveiled a new Flannels store in Nottingham city centre, featuring luxury designer clothing and accessories. The 15,000 sq. ft store houses brands like Gucci, Christian Louboutin, Saint Laurent, and Valentino. The opening is part of Frasers’ commitment to investing in retail and expanding its premium shopping destinations across the UK. This marks Flannels’ expansion to over 60 stores in the UK and Ireland.
Card Factory’s half-year profits have surged by 72.7% to £24.7m, attributed to a 10.5% growth in store sales. The company cited factors like value, quality offerings, store layout improvements, and targeted price increases as contributors. Additionally, sales in gifts and celebration essentials saw a 13.1% rise. Online sales, however, fell by 13.1%, reflecting a focus on in-store sales. CEO Darcy Willson-Rymer expressed confidence in a positive year-end outcome.
Aldi CEO Giles Hurley announced plans to equip staff with body cameras in response to a rise in shoplifting incidents. This measure is part of a broader strategy that includes bag checks at checkouts. Hurley emphasised the importance of creating a safe working environment. Other supermarkets, including Tesco and Morrisons, have also introduced body cameras in response to increased theft.
Oliver Bonas reported a 21% increase in pre-tax profits, reaching £9m for the year ending December 2022. The group’s sales remained resilient, with a 23% rise in revenues to £115m compared to the previous year. Operating profit also saw a substantial jump, rising to £62m. The company attributed its success to strategic store openings, with plans for continued expansion.
Asos adjusted its full-year guidance after experiencing a 15% decline in sales for the three months ending September 3. The company attributed this drop to a weakening UK clothing market in July and August. Despite this setback, Asos expects a profitable Q4 following substantial profit improvement and cost-saving measures. Adjusted gross margins increased by 1.5% due to lower costs, and inventory was down by 30% year-on-year.
