Retail news round-up: Timpson owner reports surge in profits and Honey Birdette plans UK expansion.
Timpson owner reports increase in revenue
Offerhappy, the business behind Timpson, has posted a £10m revenue boost to £205m, The Telegraph reported.
Pre-tax profit increased £5m to £20.1m in the year to October 1.
The shoe repair business made up less than 10% of the total sales.
The company said dry weather is linked to fewer shoe repairs.
Honey Birdette plans UK expansion
Honey Birdette is set to expand in the UK with 50 stores by end of 2018, Drapers reported.
The Australian luxury lingerie retailer has revealed plans to open seven new shops this year, including at Westfield Stratford, Newcastle and Liverpool.
High street had more store closure than openings
The high street has experienced 5,430 outlets being closed compared with 4,534 openings – a net fall of 896, the Daily Mail reported.
The increase in shop closures was owing to customers spending more on food, gyms and clothes online.
Around £1 in every £4 of non-food retail spending is done online.
DSG reports increase in losses
DSG Retail Ireland Ltd has reported an increase in losses to €24.84m (£21.10m) despite an increase in revenues from €152.16m to €155.65m, The Irish Independent reported.
According to the director, the property rationalisation costs and challenging economic environment caused the losses.
Property rationalisation, associated with the Carphone Warehouse merger, cost the business €19.9m.