Today’s latest news as Black Friday deals drive sales online and Travis Perkins reviews options for Wickes.
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1:35pm John Lewis sales crash after Black Friday
John Lewis & Partners sales crashed last week following Black Friday.
Total sales at the department store were down 5.9% with sales at all three division falling. Home sales dropped 8.8%, electrical and home technology sales fell 7.7%. Fashion sales decreased 1.8%. Own brand womenswear and Christmas decorations were two bright spots.
At sister grocer Waitrose & Partners, sales fell 1.9%. Christmas food provided a contrast with confectionary and biscuits sales rising.
Across the partnership, sales were down 4% to £297.05m. This represented a 0.5% slide over the half year to date.
7.25am King to step back from Terra Firma frontline
Former Sainsbury’s boss Justin King will step back from the day-to-day running of private equity firm Terra Firma.
King, who had been vice-chair and head of portfolio businesses, will become a senior adviser, as first reported by Sky News.
A spokeswoman for Terra Firma, which owns Wyevale Garden Centres, said: “All the portfolio companies in which Terra Firma II and III invested are now either sold or in the advanced stages of sales processes. As head of portfolio businesses, Justin’s role was to optimise the performance of our portfolio businesses and position them for exit and this role is now substantially complete.”
7.10am Travis Perkins to ‘review options’ for Wickes
Wickes owner Travis Perkins will “review the options for maximising the value” of the retailer as part of a drive to “simplify” the wider group.
It comes as part of Travis Perkins plans to sell off its plumbing and heating division and “focus on serving trade customers” by driving returns from its “advantaged businesses”.
As part of its strategic review, Travis Perkins said it would focus on “strengthening the performance” of Wickes “in the short term”.
But it said in the medium term it would “look to review the options for maximising the value of Wickes”.
5.00am Black Friday drives sales online in November
A third of all cash spent at retailers in November was transacted online as Black Friday “cemented” its position as “an increasingly digital event”.
Online penetration increased to an “all-time high” of 33.8% during the four weeks to November 24, according to the latest BRC-KPMG retail sales monitor.
It marked an increase from 32.6% during the same period last year.