Retail news round-up: Lego reports boost in revenue, Blue Inc plans shop closures, and sales on UK high street decreases.
Lego posts increase in revenue
Lego reported a 6% increase in revenue to 37.9bn kroner (£4.42bn), the BBC reported.
Net profit increased 2% to 9.4 billion kroner.
Lego’s chief executive Bali Padda said that the company has seen "supernatural" growth in the past 10 years.
He also added that the company has continued to “see strong potential in China”.
The toymaker sold more than 75 billion parts, 3,700 shapes and launched 335 new sets last year.
Blue Inc to shut shops
Blue Inc has filed a company voluntary arrangement (CVA), allowing it to shut unprofitable stores, reducing rents and cutting debts as a part of a rescue plan, The Belfast Telegraph reported.
It is understood that 33 out of 127 stores could be shut under the plan.
If this plan is approved by creditors, there will be job losses.
Besides CVA, the company is also planning to outsource its warehouse and logistics operations.
UK high street reports drop in sales
High-street retailers have reported a 2.2% decrease in like-for-like sales, according to the BDO High Street Sales Tracker, The Belfast Telegraph reported.
Sales of homewares fell 1.4% year-on-year.
Online sales grew 19.9% in February.
BDO’s head of retail and wholesale Sophie Michael said the figures showed the pressure on consumers' spending.