Retail Week looks ahead to the next seven days, with full-year results from John Lewis and Morrisons, The Budget and Retail Week Live all on the agenda.
Retail Week Live
The UK’s premier festival of retail and consumer commerce kicks off on Wednesday. Retail Week Live attracts more than 1,200 retail chiefs and leading business personalities for two days of networking, inspiring content and innovative ideas at London’s O2 InterContinental hotel in Greenwich.
The eyes of the business world will be on Philip Hammond on Wednesday as the contents of the Government’s famous red suitcase are revealed in Parliament.
Retailers will be hoping for some good news on business rates, with the first revaluation in seven years due to come into effect from April 1.
A number of high profile names from across the industry, including Morrisons chairman Andy Higginson, Ann Summers chief executive Jacqueline Gold and Fat Face chief executive Anthony Thompson have hit out at the plan, with retailers in London’s West End in particular set to be stung by mammoth surges in their tax bills.
John Lewis Partnership
The Partnership unveils its full-year results on Thursday, having provided a stark reality check earlier this year about the difficulties that lie ahead for the business.
Despite revealing like-for-like increases of 2.7% and 2.8% at John Lewis and Waitrose respectively, Partnership chairman Sir Charlie Mayfield warned that profit was “under pressure” as a result of “greater changes taking place across the retail sector.”
As a result of the “challenging market outlook”, the retailer said its company bonus is likely to be “significantly lower than last year.”
The supermarket giant updates the City with details of its full-year financial performance on Thursday. Morrisons is gaining momentum under the stewardship of former Tesco executive David Potts, who has presided over four consecutive quarters of like-for-like sales growth.
The turnaround in its performance – built around lower prices, better availability and improved customer service – sparked a 13.5% uplift in reported pre-tax profit to £143m at the half-year stage. The Bradford-based grocer has also extended its partnership with Ocado and penned a supply deal with Amazon as it explores new revenue streams.
Hear the thoughts of our grocery expert Luke Tugby: Why Morrisons is firmly back in fashion.