Year: 2019

Card Factory profits fall as footfall hits LFL sales

Card Factory has reported in its latest full-year results that profit before tax fell by 8.3% to £66.6m as its like-for-like sales stagnated with a 0.1% decrease. The company attributed the fall in sales to a decrease in footfall across its 972 stores and a “tough consumer environment”. However its…

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Aquascutum halves HQ workforce

Coat retailer Aquascutum has axed half of its headquarters-based workforce as part of a review of the retailer’s operations. More than 30 jobs have been axed by the retailer according to reports by Drapers, with most of the affected roles said to have been made redundant, while other staff members…

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The future of wireless retail technology

Digital transformation, although a term thrown around a lot within all industries, refers to changes made to business models in order to keep up with changing consumer behaviours. This comes as a reaction to digital developments across the board that means businesses can streamline processes, to provide a more effective,…

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Monsoon Accessorize set to close ‘dozens’ of stores

Women’s clothing and accessories retailer Monsoon Accessorize is reportedly preparing to enter a CVA which could see it close dozens of its stores. According to Sky News, the company has appointed Deloitte to draw up a CVA to be launched within the next few weeks. The agreement will allow the…

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JD Sports reports ‘record’ 15.4% profits jump

Sportswear retailer JD Sports has reported a 15.4% increase in pre-tax profits to £339.9m for the year ending 2 February 2019. Total like-for-like sales grew by 6% for global Sports Fashion fascias, against a backdrop of “widely reported retail challenges” in the group’s core UK market. The retailer also recorded…

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Harvey’s scolded over delivery claims

Furniture retailer, Harvey’s has been reprimanded by the Advertising Standards Authority (ASA) over claims of “guaranteed Christmas delivery”. A complainant questioned whether the claims, which were followed by the words “selected items only” in smaller text, were “misleading” and could be substantiated. In response to the claims Harvey’s said it…

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Mike Ashley warned over plans for retail ‘oligopoly’

Former Marks and Spencer boss Lord Stuart Rose has warned Mike Ashley over plans for a retail ‘oligopoly’, following his attempted acquisition of embattled department store chain Debenhams. According to a report by Aol.com, Rose said he would “think twice about building an empire of high street chains”, and he…

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Debenhams CEO expected to step down

Debenhams CEO Sergio Bucher is expected to step down in the next few days, after lenders took control of the embattled department store’s chain last week. A source close to Bucher told the BBC: “Having stayed on and got the refinancing in place, Sergio thinks now would be the right…

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An opportunity for fashion retailers to shine

Almost everywhere we turn there are proclamations of retail doom, high street downfall and talk that things have never been so tough. Just last month, the fashion retailer Select announced that it was preparing to call in the administrators, putting 2,000 jobs at risk. However, there has also been some…

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Intu appoints new independent non-executive director

Shopping centre owner Intu has announced the appointment of Cheryl Millington as an independent non-executive director. The appointment will take effect from the conclusion of Intu’s AGM on 3 May 2019 with Millington becoming a member of Intu’s remuneration, audit and nomination and review committees. Millington is currently a non-executive…

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