Up-to-date coverage of the latest events in UK retail.
02:04pm Sports Direct reiterates call for Debenhams meeting
Sports Direct has today repeated calls for a general meeting of Debenhams shareholders to oust its board and install Mike Ashley.
Today’s statement to the stock exchange replaces Sports Direct’s original call to remove the entire board of the embattled department store chain, bar chief financial officer Rachel Osborne, which it first issued on March 7.
The sportswear retail said its initial statement had been invalid, as Sports Direct had been then holding its Debenhams shares “through a third party nominee”.
Sports Direct owns a nearly 30% stake in Debenhams.
07:44am Game profits increase driven by cost-cutting programme
Game has posted an increase in profits at the half-year mark despite falling sales, in what boss Martyn Gibbs described as “a challenging retail environment”.
The specialist retailer posted a 20.3% increase in pre-tax profit year-on-year to £14.8m in the 26 weeks to January 26, with adjusted group EBITDA up 22% to £25.8m.
The retailer’s revenue declined 4.7% to £493m during the period.
07:28am Ted Baker full-year profits slide as sales rise
Ted Baker has posted a steep decline in its full-year profits despite increased sales, which acting boss Lindsey Page attributed to “difficult trading conditions”.
The fashion retailer posted a 14.1% fall in profits before tax and exceptional items to £63m in the 52 weeks to January 26 as pre-tax profit slumped 26% to £51m.
Group revenue during the period was up 4.4% to £617.4m bolstered by a 20.4% rise in online sales to £121.7m.
07:15am Next full-year profits edge down as store sales decline
Next has recorded a dip in pre-tax profits in its full-year results as falling sales in its stores were offset by rises across its online and brand sales.
The fashion retailer posted a 0.4% decline in pre-tax profits year on year to £722.9m in the year ending January 2019, with total group sales up 2.5% to £4.2bn and full-price sales up 3.1%.
The retailer’s in-store sales declined 7.9% to £1.9bn, with full-price store sale down 7.3%.
Online sales increased 14.7% during the period to £1.9bn, with full-price online sales up 14.8%.
06:55am Superdry founder Dunkerton ‘disappointed’ by ISS opposition
The fashion retailer’s co-founder and former executive Julian Dunkerton’s bid to be reinstated on the board of the business following a poor business performance has been opposed by the Institutional Shareholder Services (ISS) advisory firm.
In a joint statement with co-founder James Holder, Dunkerton said: “Naturally we are disappointed by the ISS recommendation. However, we acknowledge that it is extremely rare for ISS to support shareholders who propose changes in corporate strategies.
“The strategic and leadership failings at Superdry remain clear and the financial and operational impacts are obvious and profound: we know how to fix these issues.
“We continue to engage productively with shareholders, and we are hugely encouraged by the positive response to our proposals.”