Including Mothercare restructuring its top level management team.
The Source rounds up some of the key retail stories of the week.
Mothercare is restructuring its top level management, creating chief customer officer and global product officer roles. Matt Stringer, previously UK md, will take on the global product officer position, while the restructure results in the departure of Karl Doyle who had been group product director. Global brand and marketing director Gary Kibble will also leave the retailer in June to become marketing director for Sainsbury’s Argos. On top of this, Mothercare has welcomed Kevin Rusling from Monsoon Accessorise as international md; Kirsty Homer from John Lewis as director of HR; and Keith Basnett from Yodel as global supply chain and business transformation director.
Primark is expecting to post a jump in total sales and like for likes in the UK during its first half. The retailer’s owner – Associated British Foods – said in a pre-close update earlier this week that Primark’s total sales are set to rise 11% in the six months to March 4 (in constant currency). In actual exchange rates, the sales are due to grow 22%.
Poundland has reported a quarterly like for like sales rise in its first quarter ending December 31, 2016. Owner Steinhoff said that the value retailer was ‘ahead of the value creation plan and positive like for like sales were achieved for the quarter’. Steinhoff reported total sales growth of 45% to €5.3 billion. Poundland – together with Mattress Firm, another recent acquisition – contributed €1.3 billion of the total. Sales at Steinhoff’s general merchandise division, which includes Poundland, grew 66% to €1.8 billion.
John Lewis saw its sales dip 3.1% to £74.4 million in the week to February 25. Most divisions took a hit – fashion was particularly affected, with sales down 7.8%. Home sales dropped 4.2%. Both divisions were negatively affected by last year’s price match on a competitor’s promotion which didn’t take place this year. However, electricals and home technology grew by 2.5%.
Sir Philip Green has agreed to pay up to £363 million to fill the black hole in the BHS pension scheme. The deal follows lengthy discussions with the Pensions Regulator and the Pension Protection Fund.
The retail director of Topshop and Topman – Craig McGregor – has left the company to take on the same role at Specsavers.
Luxury e-tailer Yoox Net-a-Porter has reported strong full year profits and sales. Adjusted EBITDA road 17% to €156 million, while sales grew 17.7% to €1.87 billion. All business lines saw good growth – in-season revenues were up 16% and off-season revenues grew 19.5%.
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