Retail news round-up on April 28, 2015: Former Morrisons chief to get further £1.1m payoff, Dunhumby ends US joint venture, M&S to unveil Lulu Kennedy collection, and more.
Former Morrisons chief to get further £1.1m payoff
Morrisons ex-boss Dalton Philips has doubled his pay last year to £2.1m and will be handed a further £1.1m payoff in 12 monthly instalments despite being ousted after a decline in sales and profits at the grocer, The Guardian reported. Philips has received a £1m annual bonus in cash on top of his £850,000 salary, £213,000 in pension payments and £28,000 in benefits including a car allowance and private health insurance, according to the retailer’s annual report.
Dunnhumby ends joint venture with US partner
Tesco’s customer data business arm has said it was free to work with new clients in the US, in a bid to attract potential buyers, Reuters reported. Dunnhumby and its US partner The Kroger Co have entered into an agreement to change their exclusive joint venture deal, allowing the former to work with other retailers and consumer goods companies in North America.
As part of the deal, Kroger would take on a licence to use Dunnhumby’s technology and retain 500 staff to continue to find customer insights in its customer data. Under the deal, Dunnhumby will no longer have access to Kroger’s data.
Apple’s quarterly profits leap 33%
Apple recorded 33% jump in its quarterly profits to $13.6bn (£8.9bn), driven by strong iPhone sales. The US tech giant reported three-month revenue of $58bn (£38bn), up from $45.6bn in the same period the year before, Sky News reported. The company sold more than 61 million phones in the first quarter, which delivered two thirds of its revenue and marked a 40% spike on the corresponding period in 2014.
M&S to unveil Lulu Kennedy collection
Marks & Spencer is to launch its design collaboration with the London Fashion Week tastemaker Lulu Kennedy on May 14, the Telegraph reported. The 19-piece collection includes floor-length printed dress, tie-dye splashed across light scarves and dresses, denim essentials and off-the-shoulder dresses in crisp white cotton. The range from Kennedy’s Lulu & Co label is priced at £55.