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03rd of July 2011
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News Tag: retail sector

June 30, 2011

HMV profits and sales fall

by Kay Mitchell
Music, books and games retailer HMV has today reported a pre-tax profit of £28.9 million in the 12 months to the end of April – a fall of 61% compared with the £74.2 million in the same period a year earlier. Furthermore, like-for-like sales have dived 11% over the past year as it struggles with tough competition from supermarkets and internet companies, such ...

Debenhams reports rise in half-year sales

by Kay Mitchell
Debenhams, which is Britain's second largest department store after John Lewis, today brought some much-needed good news to the retail sector after reporting an increase in second half-sales. The retailing giant said sales at stores open more than a year, excluding VAT sales tax, were 1.5% higher in the 17 weeks to June 25. It also said it would meet forecasts for full-year ...

June 28, 2011

TJ Hughes on verge of administration

by Kay Mitchell
Department store chain TJ Hughes has today revealed it is set to enter administration. The Liverpool-based store has more than 50 outlets across the UK and has a headcount of 4,000 – which are all at risk. The company said it will be appointing an administrator over the next week or so, unless a buyer can be found for the business. In March, the ...

Carpetright profits hit by challenging conditions

by Kay Mitchell
Carpetright has today added to the doom and gloom surrounding the retail sector by announcing a 70% fall in annual profits. The company blamed "very challenging trading conditions” after profits for the year to 30 April came in at £6.6 million – down from £22.3 million a year ago. Meanwhile, annual revenues were down 6% at £486.8 million. The figures come on the same ...

January 9, 2011

US unemployment rate falls to 9.4%

by Kay Mitchell
The Labor Department has revealed the unemployment rate in the US has fallen from 9.8% to 9.4% in December - representing the biggest one month drop since April 1998. The US economic recovery has been stuttering of late due to stubbornly high unemployment. According to the Labor Department, just over 100,000 jobs were created in December, albeit this was lower than the forecast ...

January 8, 2010

Scottish textiles mill enters administration

by Kay Mitchell
Borders-based JJ&HB; Cashmere Mills, which employs 176 people, has been put into administration. The Italian-owned firm, based in Innerleithen in the Borders, is one of Scotland's oldest cashmere manufacturers and also has operations in Coatbridge and Galashiels. However, there are hopes that a buyer can be found after joint administrator, James Stephen of BDO LLP, said there has been an "expression of interest" ...

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