Up-to-date coverage of the latest events in UK retail.
11:19 Flannels to open more stores
Mike Ashley’s upmarket fashion chain Flannels is set to open six more stores over the next four months with more to follow in the second half of the year.
Stores in Oxford Street, Newcastle, Chester, Ipswich, Sutton and York will open by June.
7:31am Zalando profits and sales recover
Zalando has posted rocketing sales and profits ahead of analyst expectations for its fourth quarter following two profit warnings last year.
The etailer said that it expected sales to be stable during 2019 after fourth quarter sales, which rose 25% to €1.7bn buoyed its 2018 performance. Adjusted operating profit was €118m. Over the full year, sales rose 20% to €5.4bn and adjusted EBIT was €173.4m.
7:23am Consumers “stoic” as Brexit nears
Consumers are taking a stoic approach to the uncertainty surrounding Brexit, with consumer confidence rising in February.
GfK’s consumer confidence index rose by one point during the month to -13, with consumers feeling marginally more confident about the general economic situation than in the previous month.
The measure for the UK’s general economic situation during the last year increased two points to -33 although this was four points lower than at the same point last year.
Expectations for the country’s general economic situation over the coming year was up one point to -38, 12 points lower than in February 2018.
7:06am Philip Green dropped by PR firm
Philip Green’s financial PR firm will drop him as a client today just days after Karren Brady quit as Arcadia owner Taveta’s chair.
It is the latest blow to hit the scandal-engulfed Green, who is accused of allegations of sexual harassment and racial abuse towards employees.
Both he and Brady have been summoned to parliament to give evidence on the NDAs reportedly used to suppress harassment claims against Green.
“You judge a company by the company it keeps. Green has proved now with all the stuff that has come out that he is simply more trouble than he’s worth. No one in the industry envies Maitland with the job they’ve had,” a senior financial agency director told City A.M, which first reported the news.