Retail news round-up on May 19, 2014: M&S set to record 8% dip in annual profits, UK high street footfall in April falls 0.1% despite Easter break, Hotel Chocolat unveils plans to snap up £10m worth of bonds
M&S set to record 8% dip in annual profits
Marks & Spencer is likely to post an 8% fall in full year profits tomorrow - the third consecutive year of decline - as its fashion overhaul fails to win over shoppers, The Sunday Times reported. The clothing retailer’s underlying pre-tax profits are set to plunge to £615m for the year to the end of March from £665.2m a year ago. Sales are expected to total £10.3bn.
UK high street footfall in April falls 0.1% despite Easter break
Footfall across the UK high street in April fell 0.1% in spite of the Easter bank holiday period, according to data compiled by Springboard and the British Retail Consortium. London’s stores were badly hit, recording a 3.4% footfall drop. Footfall in out-of-town locations continued to increase, up 4%, the fourth successive month footfall in retail parks has jumped.
Hotel Chocolat unveils plans to snap up £10m worth of bonds
UK confectionary chain Hotel Chocolat has plans to raise £10m of development capital through a bond issue. One way in which investors will be rewarded is via a monthly chocolate box. The fresh capital will be used to boost manufacturing capabilities and its UK Cocoa Bar-Cafes, chocolate boutiques and restaurants. It also plans to use the money to fund international expansion and develop its St Lucia operation.