Agenda: John Lewis, Primark, JD Sports and Morrisons update

Primark

Primark owner Associated British Foods will provide the City with a pre-close trading update on Monday.

In its most recent update covering the 40 weeks to June 22, ABF revealed that Primark sales rose 4%, driven by the acquisition of new space, including its new stores in Birmingham and Manchester.

The retailer said margin was challenged because of a strong dollar but still expects its margin to increase this year. It improved from 9.8% the previous year to 11.7% in the first half thanks to strong buying and fewer markdowns.

JD Sports

JD Sports will post its interim results on Wednesday.

The sports retailer posted a 15.5% boost in pre-tax profit before exceptional items to £355.2m in the 52 weeks to February 2, while EBITDA rose a record 26.8% to £488.4m.

The retailer’s revenue spiked 49.2% year on year to £4.7bn.

JD Sports’ ongoing success stands in stark contrast to competitors, such as Mike Ashley’s labouring Sports Direct.

Superdry

Wednesday will bring the AGM of struggling fashion retailer Superdry.

The chain plunged into the red in the year to April 27, with a pre-tax loss of £85.4m, having issued a profit warning in May.

The return of founder Julian Dunkerton in the role of chief executive has yet to steady the brand’s flagging fortunes.

Sports Direct

Sports Direct is also holding its AGM on Wednesday.

Mike Ashley’s group also finds itself in rocky waters, having been stretched thin by the acquisition of a number of flailing retailers, not least of which was embattled department store chain House of Fraser.

Three proxy advisors for the retailer have called for shareholders to vote against Ashley’s re-appointment as chief executive of Sports Direct at the upcoming AGM.

Institutional Shareholder Services said supporting Ashley is “not considered warranted in light of ongoing operational, governance and risk oversight concerns”, including the retailer’s auditor Grant Thornton stepping down following an eleventh-hour €674m tax bill that delayed the retailer’s full-year results.

John Lewis

John Lewis Partnership posts its interim results on Thursday.

In March, JLP posted a steep fall in full-year profits as tough trading conditions took a toll on its eponymous department store business.

Profits before bonus, tax and exceptionals slid by 45.4% to £160m in the year to January 26, while gross sales inched up 1% to £11.72bn.

Partnership chair Sir Charlie Mayfield said at the time: “In line with expectations set out in June, our partnership profits before exceptionals have finished substantially lower in what has been a challenging year, particularly in non-food.”

Morrisons

Big four grocer Morrisons will publish its interim results on Thursday.

It unveiled positive like-for-like sales in the first quarter for the fourth consecutive year, which it said was driven by the strength of its wholesale business.

At the time, boss David Potts said he was “confident” in the retailer’s outlook and it has “many sales and profit growth opportunities ahead”.