Including Hamleys hit by fall in profits and Smyths Toys reveals half term activity.
The Source rounds up some of the key retail stories of the week.
Toy giant Hamleys has seen its profits fall following the cost of its Chinese takeover. Almost £1 million was spent in fees during the takeover by C.banner International last October. These costs meant Hamleys pre-tax profits were down to £761,000 for the ten months to December 31, 2015. This compared to profit of £1.7 million in the previous year (which cover a 15 month trading period). Sales at the retailer stood at £56.6 million for the period.
Smyths Toys has unveiled a number of reductions on its catalogue prices for October half term, with up to 25% off brands including My Little Pony, Thomas & Friends and Transformers among others. The toy retailer is also giving away a free goodie bag for every child in all stores on Saturday October 22 from 9am-1pm (while stocks last), including a My Little Pony and Transformers blind bag, plus a tub of Play-Doh. Various activities are also taking place throughout half term, including character appearances and a Jurassic World photo booth.
John Lewis saw its sales grow 8.5% to £90.6 million for the week ending October 15. New product launches helped to bolster electricals and home technology by 19.5%, while fashion sales were up 7.7% compared to the same week in 2015. Notably, sales grew 12% on ‘cool weather lines’ and womenswear was up 16.6%.
Meanwhile, John Lewis has opened the doors of its new flagship store in Leeds. The outlet is part of the £150 million Victoria Gate development.
Fashion etailer Asos has reported a 26% increase in retail sales to £1.4 billion for the year to August 31. The etailer also said that pre-tax profits had grown 37% (excluding exceptional items) to £63.7 million. Sales in the UK were up 27%, in Europe up 28% and in the US up 50%.
Online retail sales grew by more than a fifth last month year on year, according to the Office for National Statistics. Average weekly spending online in September was £931 million, an increase of 22% on the same period last year. Spend online now accounts for 15% of retail sales, with homeware and furniture retailers posting the biggest rise.
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