Agenda: Tesco, Ted Baker and Boohoo update the market

Quiz

Quiz posts its prelim results on Tuesday.

The online fashion retailer slashed its full-year profit forecast for the third time in six months in March and expects EBITDA to come in at £4.5m, compared with the previous forecast of £8.2m.

Following a disappointing Christmas trading period, the fast-fashion retailer had cut its EBITDA from £11.5m.

The first profit warning was back in October, when its share price crashed 35%.

Ted Baker

Ted Baker posts its first-quarter results in time for its AGM on Tuesday.

The fashion brand posted a 14.1% decline in its full-year profits before tax despite increased sales during the 52 weeks to January 26.

Group revenue during the period was up 4.4% to £617.4m, bolstered by a 20.4% rise in online sales to £121.7m.

Pre-tax profits slumped 26% to £51m.

Boohoo

Boohoo posts its first-quarter results on Wednesday.

The fast-fashion brand’s full-year profits surged as pre-tax profits grew 38% to £59.9m in the 52 weeks to February 28.

Group sales rocketed 48% to £856.9m for the same period.

Boohoo owns online fashion brands Boohoo, PrettyLittleThing, Boohoo Man and Nasty Gal.

In its outlook, Boohoo described trading in the first few weeks of this year as “encouraging” and said its different brands “will continue to generate economies of scale, allowing us to target sales growth of 25% per annum, with an adjusted EBITDA margin of around 10% over the medium term”.

Arcadia 

Wednesday will bring the Arcadia CVA verdict after being postponed to allow for Sir Philip Green to continue negotiations with landlords.

Green’s fashion group failed to garner the support of 75% of its creditor base that was required to push ahead with proposed store closures and rent reductions.

Following a day of drama, Arcadia said it wanted to “conduct further dialogue with a few landlords, with a view to securing a final decision” on the seven separate CVAs.

In a bid to gain approval, the retailer is understood to have reduced the rent cuts it had sought from 70% to 50%, while properties it was previously seeking a 30% reduction on will now be in line for a 25% cut.

Majestic Wine

Majestic Wine posts its full-year results on Thursday.

The wine retailer posted a pre-tax loss of £1.5m for the year to April 3 compared with a £4.7m profit the previous year; however, it registered a 15.8% increase in sales during the period.

The booze specialist announced in April that the Majestic Wine name will be disappearing and rebranding as Naked Wines so the group is under “one model and one management.”

Tesco

Tesco posts its first-quarter results on Thursday alongside its AGM.

The grocer posted a 28.8% jump in pre-tax profit year on year to £1.7bn in April.

The retailer’s profit uplift was bolstered by an 11.5% rise in group sales to £56.9bn as like-for-like sales across the UK and Republic of Ireland increased 2.9%.

Tesco and Booker’s like-for-like sales were up 1.7% and 11.1% respectively across the UK and Republic of Ireland during the period.