Up-to-date coverage of the latest events in UK retail.
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11:51am John Lewis sales fall following record Black Friday
John Lewis sales fell 5.1% for the week to 8 December as the department store reduced promotional activity year-on-year.
The fall comes the week after John Lewis reported the biggest sales week in its history after Black Friday promotions drove revenues.
Sister retailer Waitrose recorded a 2.5% sales decrease (excluding fuel) for the week to 8 December as it also pulled back from promotions.
7:30am Carpetright unfurls to a loss in “transitional year”
The specialist retailer recorded an underlying pre-tax loss of £12.4m in the 26 weeks to October 27 from a profit of £1.2m during the same period the previous year.
Overall revenue slid 15.7% year-on-year to £191.1m, while UK like for likes dropped 12.7%.
The retailer, which closed 65 stores during the period after winning approval for its CVA, is on track to deliver £19m in annualised cost savings during the year.
Boss Wilf Walsh said it is “a transitional year for Carpetright” and “the first stage in returning the group to sustainable long-term profitability.”
7:23am Poundstretcher profits and sales slide
The value operator recorded a 24% slump in pre-tax profit to £2.1m in the year to March 31, exacerbated by a 2.5% decline in revenue to £387m.
The retailer opened 44 new stores during the period and closed 35 as it prioritised larger sites in popular retail parks or out of town locations, taking its overall estate to 395 shops.
Poundstretcher said despite the “increasingly competitive and challenging” value sector it was “fully confident that the strategy in place is the correct one.”
7:15am Pepkor Europe posts sales uplift driven by Poundland
The retail group and Steinhoff subsidiary recorded a 10.6% rise in revenue in the year to September 30 bolstered by a 12.6% increase in sales in its fourth quarter.
The group, which operates fascias including Dealz in Europe and value fashion retailer Pep&Co, said growth was driven by strong like-for-like sales uplift at Poundland as the retailer sold Pep&Co clothing across 300 of its stores.
7:00am Watches of Switzerland reports like for like spike
Watches of Switzerland has racked up a 10.4% rise in like-for-like sales, with global revenues reaching £197m in its second quarter.
It opened its first American flagship in SoHo, New York, in November and the company hopes to open two new stores in New York and New Jersey by the end of next year.
Chief executive Brian Duffy said: “Our excellent sales growth - both in-store and online - and increasing customer conversion and average selling price is a testament to our proven strategy.”
