All articles by Planet Retail – Page 80
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News
Moody’s Investors Service forecasts slowing of same-store sales
Moody’s Investors Service forecasts a slowing of the same-store sales declines that have been affecting US department stores in the second half of the year.Despite the slowdown, it is still likely to be a tough period for department stores, with the sector forced to discount heavily in the holiday season ...
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Quelle secures financing until end of year
The administrator of Quelle, the mail order unit of insolvent German retailer Arcandor, has said that it has secured financing until the end of the year, paving the way for the business to be sold.The insolvency administrator and creditor banks came to an agreement for Quelle’s factoring, in which banks ...
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Office Depot outlines new strategic initiatives for group
Office Depot has outlined a number of new strategic initiatives for the group.In its North American division, the retailer is reviewing its product mix, reducing dependency on low-margin consumer electricals and increasing the provision of high-margin services such as its Tech Depot Services. It has also increased its private label ...
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Carrefour enters Iranian market
Carrefour has entered the Iranian market through its franchise partner in the Middle East, Majid Al Futtaim (MAF).MAF has opened a hypermarket in Tehran, in the western district of Ferdows. Like in Pakistan, where Carrefour has been trading for four months, the hypermarket has not opened under the Carrefour banner ...
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Auchan create new concept in Russia
French retailer Auchan has created a new concept in Russia called Raduga, which translates as Rainbow.The stores, which are between 5,000 and 7,000 sq m, will be price-orientated discount superstores. Two stores are planned to open in Kalouga and Penza by the end of the year.With this new banner, Auchan ...
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The Warehouse announces final results
New Zealand-based retailer The Warehouse has announced its financial results for the 53 weeks ended August 2.The company reported a net profit after tax for fiscal 2009 of NZ$76.8m (£32.5m), compared with NZ$90.8m (£38.4m) in fiscal 2008. Group sales for the year were NZ$1.72bn (£728.3m), down 0.8% on the previous ...
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Amazon’s Japanese unit has to deliver books to customers free of shipping charge
Amazon’s Japanese unit has announced that it will deliver books to customers free of shipping charges through at least early November, regardless of order value, to drive sales.All new books and comics will now be mailed for free, but magazines and used books will carry a delivery fee.Depending on results, ...
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Dollar General reports net sales of $2.9bn
Discount chain Dollar General has reported net sales of $2.9bn (£1.74bn) for its second quarter ending July 31, an 11.2% increase. Same-store sales increased 8.6%.The company reported net income for the quarter of $93.6m (£56.1m), a jump of 237.7%.“The results of our efforts to help customers save time and money ...
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Talbots posts £12.3m net loss
AEON-owned Talbots posted a $20.5m (£12.3m) net loss from continuing operations for the quarter ended August 1, compared with last year’s loss of $12m (£7.2m).Net sales for the quarter were $304.6m (£182.5m), compared with $395.2m (£236.7m) last year. Talbots president and chief executive Trudy Sullivan said: “We are beginning to ...
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Slide in US retailers’ sales performance may be slowing
There were encouraging signs that the slide in US retailers’ sales performance may be slowing as retailers released their like-for-like sales for August.Most notably, Target’s like-for-likes improved from a 6.5% year-on-year decline in July to a decline of 2.9% in August.Like-for-like declines at club store operators Costco and BJ’s Wholesale ...
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Toys R Us has reported on its second quarter
Toys R Us has reported on its second quarter ending August 1. Net earnings increased to $27m (£17m) compared with $13m (£8m) for the second quarter of last year.However, net sales were down, declining 7.4% to $2.57bn (£1.57bn). Like-for-like net sales decreased 7.2% and 3.9% for its domestic and international ...
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Malaysian government moots allowing foreign hypermarket operators to open convenience stores
The Malaysian government is considering allowing foreign hypermarket operators such as Tesco to open convenience stores in the country, domestic trade and consumer affairs minister Datuk Ismail Sabri Yaakob said.Malaysia has eased restrictions on foreign retailers since a 2002 ban on superstores aimed at protecting local traders. While Carrefour, Tesco, ...
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Fast Retailing aims to lift annual sales more than sevenfold
Multinational clothing retailer Fast Retailing aims to lift annual sales more than sevenfold by 2020, to reach ¥5 trillion (£32bn).As well as entering Russia next year with its Uniqlo flagship banner, the retailer wants to add about 100 stores a year in China. The group will also be seeking to ...
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CBD eyes up acquisition prospects
Casino-owned retailer CBD is eyeing up acquisition prospects after receiving a BRL600m (£178m) funding injection.Brazilian bank Itaú Unibanco granted CBD the money after the bank sought to relax a consumer finance venture with the retailer. The bank, which has similar relationships with other Brazilian retailers, wanted to end exclusivity clauses ...
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Auchan has signed an €800m loan
Retail conglomerate Auchan has signed an €800m (£686m) loan after taking double the launch amount.Syndication proved to be straightforward for the supermarket group, which raised more than €1.3bn (£1.1bn) from the market. HSBC, Intesa, Sanpaolo, Natixis and Santander led the transaction.After being increased from €400m (£343m), lenders’ allocations were also ...
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China Resources Enterprise posted a 9.6% turnover increase
Grocer China Resources Enterprise posted a 9.6% turnover increase to HK$18.98bn (£1.5bn) at its retail division for the first half ending June 30, although profit attributable to shareholders fell 27.7% to HK$276m (£21.8m).Managing director Chen Lang said: “We will continue to focus on our core businesses in order to solidify ...
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Shoprite Holdings reports turnover jump
Shoprite Holdings reported that turnover for 2008/09 jumped 24.5% to ZAR59.32bn (£4.68bn), with a 28.1% lift in profits to ZAR2.94bn (£231.9m).Most divisions reported growth, with the notable exception of furniture, which suffered from reduced demand in the face of rising unemployment and high interest rates. The group’s supermarket division ...
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Ikea intends to resume planning for expansion in Russia
Furniture giant Ikea has said that it intends to resume planning for expansion in Russia. The change of heart comes after the retailer won a two-year bureaucratic battle to open a mall in the southern city of Samara.Head of Ikea Russia Per Kaufmann believes that the main stumbling blocks are ...
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D&S results
Wal-Mart’s Chilean subsidiary, D&S, reported second-quarter sales up 8.9% on the same quarter of 2008, with comparable sales also up, by 8.2%. Profit dropped 18.9% to CLP23.51bn (£26.2m).The retailer, which operates under a number of different formats such as hypermarket Hiper de Lider, said that most of the drop was ...
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Carrefour reports larger than expected loss
Carrefour has reported a larger than expected €58m (£51.1m) loss in its first half, compared with a €747m (£655.7m) profit a year earlier.The grocer plans to spend as much as €600m (£528.8m) on discounts and marketing this year to improve sales in France. Revenue fell 1.6% in the first half ...