Retail news round-up: Sports Direct in financial loss, Tesco Ireland halts Aldi's expansion, Style Group Brands may be put up for sale, and high street reports drop in footfall
Sports Direct warns of financial loss
Sports Direct has admitted that its import costs could increase owing to the devaluation of euro against dollar, The Times reported.
Sports Direct buys its product in dollars.
Its existing hedging contract that has protected it from the weakening euro will expire next at the end of April.
The company has no hedge in place for the following financial year.
Tesco Ireland stops Aldi’s expansion
Tesco Ireland has currently stopped further expansion plans on Aldi in Ireland, the Irish Independent reported.
Tesco has made an appeal to the decision by Dublin City Council to provide developer Dunmull the signal for a new Aldi store and a nursing home on the Malahide road Clare hall in north Dublin.
In its appeal to An Bord Pleanála, the Tesco said the proposal does not accord with the zoning objective for the site as it does not provide a suitable mix of uses that will provide a benefit to the area.
The final decision on the appeal is due to be made in June of this year.
Style Group Brands explores sale options
Sun European Partners has hired KPMG to explore a sale or restructuring options of Style Group Brands amid tough trading conditions, Sky News reported.
Style was initially developed from collaborating Jacques Vert and Irisa Group and trades from more than 1,850 outlets in 470 separate locations in the UK, Europe and Canada, including Debenhams, House of Fraser and John Lewis's online operation.
A Sun European spokesman declined to comment.
High street reports drop in footfall
High street reported a 12.5% decrease in footfall between January and February, according to the Ipsos Retail Performance Retail Traffic Index, the Belfast Telegraph reported.
The customer numbers in February were down 6.5% compared with last year.
The North of England reported 8.9% decrease in year-on-year footfall, while South East England and London recorded 16.2% of the monthly drop.