Sainsbury’s expected to report profit rise
Sainsbury’s staff are expected to share an estimated £70m bonus pot as the supermarket reports this week that profits have risen from £519m to more than £600m.
M&S finance chief steps down
M&S finance chief Ian Dyson stepped down two days after Marc Bolland joined the firm as CEO. Dyson will join Punch Taverns as chief executive.
Simon Wolfson, chief executive of high street retailer Next has backed a potential VAT increase to help tackle Britain’s debt crisis. He is an adviser to the Conservative party.
From The Sunday Times
DVD sales drop following collapse of Zavvi and Woolworths
DVD sales fell 5.6%, in the first decline since 2005 as they are impacted by the collapse of Woolworths and Zavvi and cash-strapped consumers opt to rent rather than buy the latest movies.
Morrisons growth levels off
Supermarket chain Morrisons blames growth slowdown on tough comparatives in previous quarters and end of food price rises as grocery competition catches up.
From The Guardian
SuperGroup sales up 17%
Urban fashion group SuperGroup reported sales up 17% as its young customers maintain spending on fashion. The group is still searching for a flagship West End store.
From The Evening Standard
Stores tackle physical and virtual realities
The launch of the iPhone and “mobile connectivity” it brings has shaken up the way retailers do business online and in stores.
Direct sellers boosted by recession
Sales from face-to-face selling have risen as companies use social occasions to sell directly to consumers, bypassing big retailers and eCommerce.
Paperchase concessions go into Waterstones
Waterstones, the bookseller owned by HMV, has struck a deal with modern stationers Paperchase to put concessions in 20 of its stores. Paperchase previously had concessions in Borders before the bookstore chain collapsed.
Still room for Wal-Mart to expand in US
Head of Wal-Mart’s US operations Eduardo Castro-Wright argues that even with more than 3,000 stores, there is still room for the retail chain to expand in the US.
From The Financial Times