Retail news round-up on March 11, 2016: Harrods managing director to depart this summer and Ikea doubles its annual profit in Ireland.
Michael Ward to quit as managing director of Harrods
Harrods’ managing director Michael Ward is poised to depart this summer after spending 10 years with the upmarket department store, according to Sky News.
The staff were informed internally about his exit.
It is still not clear whether the retailer has found a replacement to fill his position at the firm.
Ward joined Harrods in 2006 when it was owned by Mohamed Al Fayed.
Ikea posts pre-tax profit of €13.2m in Ireland
Ikea Ireland’s full-year pre-tax profit almost doubled to €13.2m from €7.2m in 2014 helped by the recovering economy.
Sales at the furniture specialist soared 17% to nearly €132m in the 12 months to the end of August 2015.
The retailer also confirmed that it will be paying its staff the compulsory national living wage from April. The headcount grew only marginally last year and wages actually dipped slightly over the 12-month period.
Home Retail chief asks Sainsbury’s and Steinhoff to decide quickly on formal bid
Home Retail Group boss John Walden has called on the suitors, Sainsbury’s and South African retail group Steinhoff, to quickly decide whether to make a formal bid for catalogue chain Argos.
Walden claimed the uncertainty was hitting his business and must be sorted out soon.
He said: “Everybody is interested to see this come to an end one way or another, but we have to let the process run its course. The activity in the business … hasn’t been without distraction.”