Including FY profit for Mothercare and like for like Q1 sales drop for Asda.
The Source rounds up some of the key retail stories of the week.
Mothercare is celebrating this week after reporting full year underlying group pre-tax profits of £19.6 million – an increase of 51%. The retailer also posted its first statutory pre-tax profit in five years – £9.7 million to the year ending March 26. UK like for likes rose 3.6%, although international profits dropped 12%.
Asda has seen its like for like sales drop 5.7% in the first quarter – marking the seventh consecutive quarter of falling sales. According to its parent company, Walmart, investment had been made into price and availability for the 13 weeks ending March 30, but not enough to overcome traffic and food volume declines in its large format stores.
Tesco is to close its F&F clothing website in June, integrating the offer into its Tesco Direct platform. The grocer said the change would make the online shopping experience easier for customers, allowing them to buy clothing and general merchandise products in the same order. The F&F website was originally launched in 2009.
The battle for BHS continues, with Retail Week reporting that Matalan founder John Hargreaves’ consortium has moved into pole position to rescue the department store chain. Administrations have apparently said they will only consider bids for the entire business. Earlier in the week it was reported that Hilco Capital – the owner of HMV – and Poundstretcher had also entered the fray.
John Lewis saw sales increase 4% to £73.1 million for the week ending May 14. Fashion sales grew 2.2%, boosted by sunnier weather, while childrenswear was up 29%. Electricals and home technology enjoyed a sales boost of 8%, with wearable technology up a staggering 352% compared to the same week last year.
Retail sales increased in April, marking the 36th consecutive month of year on year growth. The Office for National Statistics said sales volumes advanced 4.3% during the month. The amount spent across the retail industry reached £28.1 billion in April, up from £27.6 billion in April 2015.
M&S has shelved plans to open a flagship store in Amsterdam. It had been eyeing a space in The Rokin, however Canadian group Hudson’s Bay Company is believed to be taking over the location.
