Agenda: M&S, Halfords and Mothercare update the market

Ocado

Ocado shareholders will be meeting on Monday to vote on the £750m joint venture the etailer and technology business signed with Marks & Spencer in February.

At the time, Ocado boss Tim Steiner said the deal would allow both businesses to “grow faster, add more jobs and create more value” and its market value has soared to £8.8bn, making it the UK’s largest listed technology company.

However, shareholders may have been spooked by an HSBC survey of Ocado customers in March, a fifth of whom said they would not shop with the digital grocer if Waitrose products were not available.

Halfords 

The cycling and automotive specialist will update the market on its preliminary results on Tuesday. The City will hope that sales at the retailer have revved up since January, when the business issued a profit warning following sluggish trading over the festive period.

At that time, the retailer said it expected its full-year underlying profits to be in the range of £58m-£62m, and its profits for the following financial year to be flat against this revised estimate.

Topps Tiles

The tiling specialist will report on its interim results on Tuesday. Topps Tiles will aim to improve profitability after recording a sharp drop in full-year profits in the 52 weeks to December 29, during which period sales grew 2.4% to £216.9m.

The retailer recorded a 0.2% uplift in like-for-like sales during its second quarter in April.

Shoe Zone

The value footwear specialist unveils its interim results on Tuesday. Shoe Zone is aiming to build momentum after posting an 18.4% uplift in statutory pre-tax profit to £11.3m in the 52 weeks to September 29. Sales increased 1.8% to £160.6m during the same period.

Marks & Spencer

The department store retailer will report is annual results on Wednesday. In its third-quarter update for the 13 weeks to December 29, 2018, M&S saw total UK sales fall 2.7% to £2.7bn and food sales decline 1.2% overall to £1.6bn.

Despite a relatively poor showing over Christmas, boss Steve Rowe hailed M&S’ “steady” performance in a difficult market. Since then, the department store chain has announced a £750m joint venture with grocery etailer Ocado, which it hopes will double its food business over the next five years.

Pets at Home

The pet specialist reveals its full-year results on Wednesday, merely a week after lifting the lid on its store of the future. Pets at Home is focusing on additional services such as vets and grooming as it bids to differentiate itself from online rivals such as Amazon.

At the half-year mark, the business suffered an 80% slump in statutory pre-tax profit to £8m, driven by almost £30m of exceptional charges. Underlying earnings were down 9.3%.

Mothercare

The nursery retailer publishes its preliminary results on Thursday. Mothercare said last month that full-year profits would be in line with market expectations, despite an 8.8% slump in like-for-likes in its fourth quarter. The business closed 40 stores in that three-month period to March 30 as it continued to shrink its estate as part of its CVA plan.

Boss Mark Newton-Jones hailed Mothercare’s “significant progress” and investors will expect to see signs of that feeding into its bottom line.