Retail Week looks ahead to the next seven days with Sports Direct’s AGM and updates from Home Retail, Dixons Carphone and Steinhoff on the agenda.
The BRC and KPMG unveil their latest retail sales monitor on Tuesday, as the sector looks to continue the momentum it gathered in July. During the first full month since the shock the Brexit vote, like-for-like sales advanced 1.1%, while total sales rose 1.9%.
However, much of the growth was driven by discounts, raising the question as to whether retailers could transfer that success into full-price sales during August.
The South African retail conglomerate posts its full-year results on Tuesday. Steinhoff, which owns Bensons for Beds and Harveys in the UK, is also bidding to acquire value operator Poundland as it expands its retail portfolio, despite missing out on Argos and French electricals retailer Darty earlier in the year.
The under-fire retailer will host its AGM on Wednesday. Sports Direct’s shareholders have been urged to vote against the re-election of founder Mike Ashley as executive deputy chairman and Keith Hellawell as chairman in a bid to drive change at the top.
Following what is expected to be a lively meeting, Sports Direct will throw open the doors of its Shirebrook warehouse to give investors and members of the media a look behind the scenes.
The retailer is bidding to patch up its battered reputation after the Business, Innovation and Skills Committee launched an inquiry into working practices at the warehouse and its use of zero hour contracts.
The electricals giant updates the market with its first quarter trading performance on Thursday. Dixons Carphone revealed in June that full-year pre-tax profits rose 17% to £447m, as UK like-for-likes advanced 6%.
Boss Seb James hailed the group’s “momentous year” and insisted it would “expect to find opportunities for additional growth” despite Britain’s exit from the EU.
The Argos owner will reveal details of its second quarter performance on Thursday, just days after the £1.4bn sale to Sainsbury’s is expected to be officially confirmed. In June, Home Retail said total sales during its first quarter rose 2.6% to £868m – its highest rate of growth for eight quarters – although like-for-likes were flat.
Online sales advanced 16% during the period and accounted for nearly 50% of total Argos sales, illustrating one of the reasons Sainsbury’s was so keen to snap up the business.