Retail news round-up September 9, 2013: Appliances Online eyes float, Primark owner raises profit forecasts and Asda boss calls for free bus passes for young people.
Appliances Online eyes £300m float
AO.com owner DRL is eyeing a listing on the London Stock Exchange after strong sales have driven rapid expansion at the etailer.
Founder John Roberts has hired investment banks Jefferies and JP Morgan to prepare a public listing which could occur before the end of the year, Sky News reported.
Roberts, who is being advised by Rothschild, could earn £60m from his 20% stake in the company if it floats. The etailer is valued at £300m.
Appliances Online rebranded to AO.com last month.
Primark raises profit forecasts after strong finish
Primark owner Associated British Foods has raised its second half profit expectations after sales at the fashion retailer boomed driven by strong like-for-likes and new space.
ABF said it expects full year sales to be 22% ahead of last year while like-for-likes are expected to grow 5%.
Asda boss calls for free bus passes for young people
Asda chief executive Andy Clarke has called for young people to be given free bus passes amid the rising cost of living.
Clarke said people aged between 16 and 24 need extra help to ensure they can travel to job interviews and afford the commute once they are in work, The Times reported.
Clarke said finances are strained on the almost one million young people who are unemployed.