Up-to-date coverage of the latest events in UK retail.
07:42am Ted Baker launches joint venture to fuel Chinese expansion
The fashion retailer partnered with Chinese firm Shanghai LongShang to run its stores, concessions and online channels across China, Macau and Hong Kong.
The joint venture has been launched in a bid to expand the business across secondary and tertiary cities across the region.
Ted Baker’s net cash contribution to the deal is expected to be in the region of £3.4m.
Acting chief executive Lindsay Page said “We are very excited about the next stage in the growth of Ted Baker across the significant Chinese market. Over recent years we have invested in introducing the Ted Baker brand to Chinese customers, and we are confident that the creation of this JV will build on this platform and deliver meaningful long-term growth.”
07:30am Dunelm delivers “strong” third-quarter sales growth
Dunelm has recorded a rise in its third-quarter sales as the retailer spurred by an uplift in sales across its stores and online.
The homewares retailer recorded a 6.1% rise in group revenue year-on-year to £284.5m in the 13 weeks to March 30, bolstered by like-for-like store sales growth of 9.8%.
The retailer’s online sales increased 32.1% during the period.
07:22am Tesco full-year profits climb as turnaround bears fruit
Tesco profit and sales rose as boss Dave Lewis says the grocer “has met or are about to meet the vast majority of our turnaround goals.”
The supermarket titan posted a 28.8% jump in pre-tax profit year-on-year to £1.7bn.
The retailer’s profit uplift was spurred by a 11.5% rise in group sales to £56.9bn as like-for-like sales across the UK and Republic of Ireland increased 2.9%.
07:15am Asos profits plunge as expansion costs bite
Asos has reported a nosedive in interim profits which boss Nick Beighton attributes to “major capex” costs which “inevitably involved significant disruption and transition costs.”
The fashion etailer posted an 87% fall in pre-tax profit year-on-year to £4m in the six months to February 28.
Although the retailer posted a 14% uplift in group revenue to £1.3bn, up 12% on constant currency basis, chief executive Nick Beighton said the retailer is “capable of a lot more.”