Up-to-date coverage of the latest events in UK retail.
Joules sales soar as digital powers growth
Joules’ sales rocketed during its full year, the group said in a pre-close update.
Sales at the fashion retailer, known for its preppy aesthetic, rose 17.2% to £218m in the year to May 26.
Profits are expected to be at the upper end of guidance.
Retail sales rose 22.7% to £159.1m, while wholesale rose 2.9% to £57.1m due to some former wholesale accounts now being classified as retail concessions. Licensing revenue shot up 147.3% to £1.8m thanks to new partnerships.
Arcadia CVA decision postponed
Arcadia has delayed the result of its crunch CVA vote until next Wednesday in a last-ditch bid to convince more creditors to back the deal.
Sir Philip Green’s fashion group failed to garner the support of 75% of its creditor base that was required to push ahead with proposed store closures and rent reductions.
Following a day of drama, Arcadia said it wanted to “conduct further dialogue with a few landlords, with a view to securing a final decision” on the seven separate CVAs.
Major landlords were split on Arcadia’s proposal to shut 23 stores and slash rents on almost 200 others, which left the vote hanging dramatically on a knife edge.
The likes of Hammerson and British Land are understood to have voted in favour of the CVAs, but Intu, Aviva and M&G all refused to back the insolvency process.