Year: 2019

Debenhams chairman ousted by Mike Ashley

The chairman of Debenhams, Sir Ian Cheshire, has resigned with immediate effect after Mike Ashley and other shareholders voted him off the board at the company’s AGM. It is understood Sports Direct, which is controlled by Mike Ashley and is a 29.7% shareholder in the business, along with Dubai-based Landmark, another…

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John Lewis staff face missing out on bonus for first time since 1953

John Lewis staff could lose their share of the department store giant’s profit for the first time since 1953. Traditionally, John Lewis pays a share of its profit to its 83,000 workers, however this has been brought into doubt after the retailer said it would “consider carefully” whether the bonus…

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Worst Christmas for retail in a decade, says the BRC

The retail sector has seen its worst Christmas performance in 10 years, despite a number of businesses reporting positive trading for the period. According to the British Retail Consortium (BRC), over the festive period retail sales growth was at 0% for the first time in 28 months as “squeezed customers”…

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Debenhams suffers sales struggle over Christmas

Department store chain Debenhams has reported a 3.4% drop in group like-for-like (LFL) sales for the six weeks to 5 January. Group gross transaction value for the period declined by 3.8%, and and overall UK sales declined by 3.6%, with weak store footfall offset by growth in digital. For the…

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Tesco reports strong sales over Christmas period

Tesco has beaten City forecasts with a 2.6% increase in like-for-like sales over the six week period ending 5 January. Tesco attributed the growth to its ‘Festive 5’ vegetable offer which proved popular with customers, selling 19.7 million units over the three weeks to Christmas. It also experienced like-for-like sales…

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M&S sales drop amid ‘difficult’ market

Marks and Spencer has reported a 2.7% drop in its total sales for the 13 weeks to 29 December 2018. Its clothing and home sales saw a 4.8% decline and its food performed slightly better, but still saw a drop with a 1.2% decrease. The retailer said reducing customer confidence…

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Why online retailers must address the checkout process

The retail industry has dramatically changed and continues to do so at a rapid pace. The days of bricks-and-mortar stores being a consumer’s only option are long gone. Easy to navigate web pages, a wide variety of products to choose from and getting items delivered straight to your door all…

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Mothercare sales plunge 11.4% during third quarter

Embattled retailer Mothercare has reported an 11.4% drop in UK like-for-like sales in its Q3 trade update, which covered the 13 week period to 5 January 2019. According to the group the results reflect a combination of the “difficult consumer backdrop” and the “aggressive discounting activity undertaken in the prior…

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Sainsbury’s Q3 sales decline 1.1% due to ‘cautious’ customers

Sainsbury’s has reported a 1.1% decline in like-for-like sales during its third quarter which it has attributed to “cautious customer spending”. During the 15 week period ending 5 January the ‘big four’ grocer experienced a 0.4% increase in grocery sales, however this was offset by a  by 2.3% and 0.2%…

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HMV ‘denied’ £3.35m tax lifeline before administration

Beleaguered music and film retailer, HMV, who officially fell into administration during the festive period, was denied a £3.35m government tax cut before it entered administration new figures have revealed. HMV blamed a “tsunami” of retail challenges, including business rate levels, saying it paid £15m on sales of £277m meaning…

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