Retail news round-up: New Look directors leave the company; Tesco to report continued growth in sales; and Charles Tyrwhitt's parent company reports surge in profits.
New Look directors leave the company
New Look's women’s footwear, accessories and beauty director Amanda Wain and menswear director Christopher Englinde have left the fashion retailer, Drapers reported.
Wain had joined New Look in December 2013, while Englinde joined in August 2015.
Englinde is set to join menswear brand Ljung in July, as interim managing director.
New Look declined to comment.
Tesco to report growth in sales
Tesco is expected to report continued growth in sales during the first quarter of its financial year, This Is Money reported.
According to analysts at Bernstein, the grocer may report a 2.2% rise in like-for-like sales, up from 0.7% in the previous quarter.
Jefferies analyst James Grzinic said: “Tesco's first-quarter sales update could provide some relief, with inflationary support driving improved UK like-for-likes.”
Charles Tyrwhitt's parent company reports surge in profits
The White Company and Charles Tyrwhitt’s parent company has reported an increase in annual profits from £8.7m to £15.8m, The Sunday Times reported.
The White Company, which sells homeware and clothing, has reported an increase in profits to £17.2m on sales of £184.3m in the year ending March 2016.
Profits at Charles Tyrwhitt, the menswear retailer, decreased to £4.6m from £18.6m, though sales edged up 2% to £176.2m.
UK consumer spending decreases
UK consumer spending has decreased for the first time in almost four years, according to data from the credit-card firm Visa, Reuters reported.
Spending reduced 0.8% year-on-year in May, following a 0.3% increase in April.
Sales declined 1.9% in monthly terms.
Visa managing director Kevin Jenkins said: “Our index clearly shows that with rising prices and stalling wage growth, more of us are starting to feel the squeeze.”