Retail news round-up: Mothercare records surge in profits and sales; Sports Direct's Mike Ashley in legal battle; and Jigsaw gives £493,000 to workers.
Mothercare reports surge in sales and profits
Mothercare has reported a 6.3% increase in worldwide sales to £1.2bn in the year to March 25, Drapers reported.
The chain recorded a 1% increase in pre-tax profit to £19.7m.
Clothing and footwear sales accounted for 31.8% of UK sales and 65.7% of international sales.
Sports Direct’s Mike Ashley in £14m legal battle
Sports Direct’s owner Mike Ashley is being sued by former investment banker Jeff Blue over a £15m business deal made in a pub, the Financial Times reported.
Blue claimed that Ashley had promised to pay £15m if he could double the Sports Direct share price to £8 within three years.
Ashley calls the allegations “extremely vague” and denies that any agreement was made.
Blue was paid a discretionary bonus of £1m in May 2014 and claims he is still owed £14m.
Jigsaw hands out £493,000 to workers
Jigsaw has given out £493,000 to 600 employees as part of a profit-sharing deal, This Is Money reported.
Workers with the firm for over a year were given at least one share in the company, along with a dividend of £400 each before Christmas.
Total dividends paid out were £1.6m, with the company’s six directors sharing £1.1m.
Sales at the fashion chain increased 8% to £94.7m last year, while UK profits rose 11% to £6.2m.
Aldi spends billions to revamp its stores
Aldi North is proposing to invest more than €5bn (£4.39m) to revamp its stores around the world, Reuters reported.
The grocery chain is planning to finance its investment from existing cash rather than by taking on debt.
Aldi North was not available for comment.