Fashion retailers at both ends of the market bucked the downward trajectory today, with Primark and Burberry both having cause for celebration.
The luxury stalwart said it enjoyed “double-digit growth” in Europe, the Middle East, India and Africa, spearheaded by “exceptional” sales in the UK, although it declined to provide specific figures.
At the other end of the market, Primark posted a jump in profits and sales during its first half, but margins were squeezed as currency headwinds bit and the value giant warned that this would deepen in the second half.
Fellow value outfit Bonmarché did not fare so well. Although it expects to meet its profit expectations, full-year like-for-likes slumped 4.3%.
The value retailer’s final quarter was a bright spot as like-for-like decline slowed amid new chief executive Helen Connolly’s efforts to rejuvenate the business.
Sainsbury’s is the latest retailer to jump on the athleisure bandwagon, Tesco is offloading its opticians to Vision Express and B&Q boss Michael Loeve’s new role has been revealed – he is moving to Netto International.
Quote of the day
“I have been in this chair through four general elections and I don’t think we will see much of an effect on consumer sentiment. I would be surprised if trading was affected.”
Associated British Food finance director John Bason predicts a negligible effect on Primark’s trading
Today in numbers
Lord Wolfson’s total pay package, down from £4.3m the previous year
The number of optician outlets Tesco has sold to Vision Express
Becky Waller-Davies, reporter