Retail news round-up: Tesco to reveal annual increase in profits, Primark owner seeks new chairman, and UK spending increases.
Tesco to reveal annual increase in profits
Tesco is expected to report an increase in operating profits to be approximately £1.3bn on Wednesday, according to City analysts, The Times reported.
The increase in profits will provide some reassurance to investors about the company’s financial health and will impress investors to keep the Tesco-Booker deal on track.
Primark owner seeks new chairman
Primark owner Associated British Foods (ABF) has selected headhunter Spencer Stuart to search for a chairman to replace Charles Sinclair, Sky News reported.
Mr Sinclair, former boss of Daily Mail & General Trust, has led the company since 2008.
ABF declined to comment.
UK spending increases slowly
British consumer spending increased 0.9% annually in the first quarter of 2017, with the slowest annual pace in more than three years, Reuters reported.
According to Visa’s UK Consumer Spending Index, spending in March decreased 0.7% compared with February.
Visa’s UK and Ireland managing director Kevin Jenkins said: "Our data suggests that consumer spending is beginning to slow from the strong levels seen in late 2016, as rising prices increasingly squeeze household purchasing power."
Retailers to benefit from Easter
Britain’s high-street footfall may increase 8.8% during Easter, The Telegraph reported.
According to forecasts from the EY ITEM Club, Britain’s economy is set to increase 1.8% during the festival.
Springboard’s Diane Wehrle said: “Mild spring weather is forecast for this Easter, which falls after the national payday.
“This strongly indicates that more shoppers will visit retail destinations over the weekend compared with last year”.