Up-to-date coverage of the latest events in UK retail.
7:37am Mothercare sales fall as it claims ‘significant progress’
Mothercare like for likes fell in its fourth quarter but the retailer hailed “significant strategic progress and full-year profit in line with market expectations”.
UK like for likes fell 8.8% in the 12 weeks to March 30, though the rate of decrease fell. Over the past year, comparative sales fell 10.8%. Total sales fell 14.5%.
Chief executive Mark Newton-Jones said: “Looking ahead, we expect market conditions in the UK and in some international markets to remain challenging. We look forward to the new financial year and to delivering the next phase of our strategic transformation plan.”
7:23am AO sales peak as Europe drives growth
AO.com expects revenues to rise this year thanks to a growth spurt in Europe.
The electricals retailer said that sales would be around the £900m mark for the 12 months to March 31, a rise of 13%, or up 9% excluding Mobile Phones Direct, which is being integrated into the group.
However it added that adjusted EBITDA was expected to fall at the lower end of market expectations.
UK revenue is expected to rise 9.8% to £748m, or up 5.4% excluding Mobile Phones Direct, while European sales will rise 32% to €174m.
7:11am Intu names new boss
Intu has promoted its chief financial officer to become its next chief executive.
Matthew Roberts will succeed David Fischel, who will leave Intu on April 26.
Roberts has been chief financial officer of Intu since 2010 and previously held the same role at Gala Coral.
Prior to this, he was finance director of Debenhams, managing the company’s IPO in 1998 and sale in 2003.
Intu will now begin a recruitment process for its next chief financial officer.
7:06am Charles Tyrwhit boss exits
Charles Tyrwhit chief executive Michael Stanier will step down after just one year with the business’ president of North America, Luke Kingsnorth, succeeding him.
Chairman and founder Nick Wheeler said: “As a Tyrwhitt veteran of nine years, I am confident that Luke, along with the leadership team, will further build on all the good things already in place in order that we deliver our ambitious goals for the business. I’ve enjoyed working with Michael and wish him every success with his new business venture.”