All International articles – Page 254
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News
Department stores' sales suffer in June
Department stores have revealed lacklustre sales in June.Neiman Marcus reported total sales fell 19.4 per cent during the five-week period. Sales declined to $323m from $401m (£200.7m from £249.1m) the year before. Like-for-like sales at the group, which also includes Bergdorf Goodman, fell 21 per cent.Macy’s posted a 9 per ...
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NewsIkea cost cutting prepares it for renewed success
Ikea has made an unprecedented number of job cuts as it faces declining sales for the first time in its 65-year history. However, industry observers do not believe the world’s largest furniture retailer is on the wane.
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News
Promotion planned for Metro chief financial officer
Metro plans to promote its chief financial officer Thomas Unger to the role of deputy chief executive early next year, according to local reports.Unger will be tasked with overseeing Metro’s restructuring programme “Shape 2012”, which will result in 15,000 job losses and aims to increase profits by €1.5bn (£1.3bn).He will ...
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News
Rakuten chases overseas sales
Rakuten, Japan’s largest e-tail site, is chasing overseas sales as revenue from international shoppers grows at 19.7 per cent a month.Rakuten president Hiroshi Mikitani expects international sales to hit $1m (£621,300) a day by the end of the year. The e-tailer was founded in 1997 and has 47 million members ...
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News
Suning poised to buy stake in Laox
China’s second largest home appliance chain Suning is poised to buy a ¥800m (£5.4m)stake in struggling Japanese consumer electronics retailer Laox. Suning will acquire 66.7 million shares at ¥12 (8p) a share. The deal will give it a 27 per cent holding, making it Laox’s largest shareholder. A formal arrangement ...
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News
Best Denki reveals widening net loss
Electricals retailer Best Denki revealed a widening net loss of ¥1.98bn (£13.4m) in the three months to May 31, compared with a net loss of ¥168m (£1.1m) in the same period last year. Net sales fell 5.8 per cent to ¥79.4bn (£535.8m).Founded in 1953, the retailer sells discount electricals and ...
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News
Carrefour and El Corte Inglés ask staff to delay summer holidays
Carrefour and El Corte Inglés are asking their staff to delay their summer holidays in order to avoid hiring temporary staff over the busy summer months.French retail giant Carrefour wants staff to opt to take holiday in October and November, according to trade union sources.Spanish department store El Corte Inglés ...
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News
Staff recommend Aldi Sud increases branded products
Staff at discount grocer Aldi Sud have “strongly recommended” that the retailer should increase its range of branded products, according to German press reports.The discount grocer – split into two companies in Germany, Aldi Sud and Aldi Nord – is reported to have suffered a 5 per cent fall in ...
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NewsJysk prepares for UK expansion after improving business model
Danish furniture retailer Jysk is poised to roll out more UK stores after resolving teething problems at its operations here and bolsters its management with a head of buying from Next.
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News
X5 Retail Group reports strong first-half sales
X5 Retail Group has reported strong first-half sales, lifted by the performance of its price-led Pyaterochka shops.The grocery group’s consolidated net retail sales soared 46 per cent in local currency to RUR130.91bn (£2.48bn) or 6 per cent in dollars. Retail like-for-likes climbed 12 per cent year on year in local ...
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News
Magnit plans secondary share offering in London and Moscow
Grocer Magnit is planning a secondary share offering this autumn in London and Moscow as it aims to raise more than $300m (£186m). Magnit wants to sell up to 10 per cent of its shares on the London Stock Exchange and Moscow’s MICEX and RTS.Morgan Stanley and Russia’s VTB Capital ...
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News
Kmart launches money-off initiative for the unemployed
Kmart has launched a money-off initiative for the unemployed in its original home state of Michigan.The general merchandiser’s Smart Assist Savings Scheme entitles the jobless to discounts of 20 per cent on own-label basics such as baby products, groceries and toilet roll.Shoppers registered as unemployed are entitled to discount cards ...
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NewsMatalan heads to Jordan for first overseas foray
Value fashion and homewares retailer Matalan has opened its first overseas store in Amman, Jordan.
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News
Luxury goods market falls globally
The luxury goods market is expected to fall 6 per cent globally to €211bn (£130.8bn) this year as the sector heads for one of its toughest ever years.According to a report by Verdict some of the luxury sector’s key markets, including US and Japan – both of which are experiencing ...
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News
Eurozone retail sales decline further than expected
Eurozone retail sales declined further than expected in May, dropping 0.4 per cent month-on-month, worse than the 0.1 per cent fall that was expected.In the 16-country currency area, the European Union statistics office said sales decreased 3.3 per cent year-on-year, compared with the 2.7 per cent fall anticipated.Sales of non-food ...
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News
Wal-Mart customers to vote on what products are stocked
Wal-Mart customers will be able to vote on what products the retail giant stocks as part of a new initiative due to launch in the autumn.Shoppers will be able to vote on non-perishables in an effort to empower customers and ensure it stocks the right products. The customers to vote ...
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NewsThird profit warning puts Carrefour under spotlight
Carrefour, the world’s second biggest retailer, last week issued its third profit warning in just 12 months.
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GalleryStore of the week: Michael Kors, New Bond Street
American fashion brand and retailer Michael Kors has dipped its toe in the distinctly chilly waters of standalone stores with the opening of its first UK shop, in a unit on New Bond Street.
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News
Arcandor receives interest in its mail order division
Insolvent retail and tourism group Arcandor has received interest in its mail order division Quelle, according to its administrator.Joerg Nerlich, who is part of the insolvency administration for Arcandor, said that measures would be taken to restructure the unit, including potential job cuts.Quelle secured a E50m (£43.1m) rescue aid loan ...
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Escada to consider state aid request to secure growth
Luxury fashion house Escada will consider requesting state aid to secure its long-term growth if it is successful in securing refinancing to avoid insolvency.The beleaguered group, a favourite of celebrities such as Demi Moore and Katie Holmes, is asking investors to forego more than half of their investments in a ...