Breakfast briefing: Retail news on Tesco, Selfridges and Ikea

Tesco examines possible partial float of Tesco Bank

Tesco is eyeing a potential sale of a stake in its banking arm as it accelerates plans to raise billions of pounds in much-needed additional capital, The Telegraph reported. The grocer is in the early stages of exploring a possible partial float of Tesco Bank, which could raise between £500m and £1bn. The company’s new boss Dave Lewis has been forced to consider the possible sale of the bank and several other prized assets including its Asian operations after the discovery of a big accounting black hole.

Selfridges’ full-year profits soar 12.3%

UK department store chain Selfridges recorded a 12.3% year-on-year surge in its full-year operating profits to £150m, The Telegraph reported. Sales at the retailer rose 10.4% to £1.2bn for the year to December 2013. Selfridges said it continued to see year-on-year growth in all retail channels. This included its online business, in particular international sales, after the launch of international delivery to more than 60 countries last August.

Ikea UK to make biggest ever price cuts in 2014

The British arm of the Swedish furniture retailer Ikea says it will make its ‘largest investment into lowering prices’ this year. The company said it was spending £27m on reducing prices across its stores.

Blackcircles not to pursue stock market flotation soon

Online tyre retailer Blackcircles has ruled out a stock market listing in the near term but continues to mull funding options, Herald Scotland reported. The company has also strengthened its senior management team with two major appointments. Blackcircles has hired former Royal Bank of Scotland and Green Flag executive Alastair Grier as its commercial director, while Nick Leonard, most recently head of digital at Co-operative Bank, joins as director of digital and customer acquisition.