Guess cuts forecast as weak euro, discounts bite

Guess Inc slashed its full-year profit forecast as the U.S. clothing maker resorts to discounts to clear excess inventory and a weak euro hurts revenue from Europe, sending its shares plunging 17 percent in extended trade. Morningstar Inc analyst Peter Wahlstrom said the effects of a weak euro were higher than what management had anticipated,... Continue Reading →

Co-operative Group posts 55% drop in pre-tax profits | Business

The Co-operative Group has said it sees no letup in the tough environment for consumers, as it posted a 55% drop in pre-tax profits in the first half of the year. With annual sales of more than £13bn, the group is regarded as a bellwether of the UK's economy because of the broad spread of... Continue Reading →

Shoprite banks R4.7bn profit

Cape Town - Shoprite Holdings [JSE:SHP] on Tuesday posted a 17% increase in trading profit to R4.665bn in the year to June 2012, with turnover increasing 14.4% to R82.731bn. Headline earnings per share rose 19.6% to 607.04 cents. The tading giant declared a final dividend per share of 194c (2011: 165c), an increase of 17.6%.... Continue Reading →

Waitrose is to launch a new apprenticeship scheme

Waitrose is to launch a new apprenticeship scheme in September. The scheme will last 12 months, offering up to 200 apprenticeships throughout the business. Each apprentice will receive a Level Two Retail Apprenticeship qualification once the scheme is completed, which is open to school leavers with “little to no experience”.

Shoprite To Invest $205m On Property In Nigeria

South African supermarket chain Shoprite said yesterday it would spend $205 million on property development in Nigeria to overcome a lack of infrastructure and capitalise on rising consumer spending. Africa’s top retailer, which reported a 20 per cent jump in full-year earnings, is pushing aggressively into underdeveloped, fast-growing markets on the continent, with a focus... Continue Reading →

GAME Oxford Street is closing

On September 8th, GAME will close its flagship Oxford Street store. The shop is closing due to the expiration of the lease and the store's staff have been relocated to other stores on a temporary basis. GAME is exploring 'other retail options' for a new West End store. “We can confirm that we will be... Continue Reading →

Britain's NHS to become global franchise

Britain’s National Health Service (NHS) plans to sell its brand rights around the world, including to the oil-rich Middle East, as part of a new venture to boost income. The venture may see well-known hospitals such as Great Ormond Street become a worldwide franchise. The government will launch Healthcare UK to act as a consultant... Continue Reading →

Apple gears up to distribute in Russia

Apple is about to start selling its products directly in Russia, and will look into opening retail stores at some point in the future, according to a report in today’s Moscow News. In order to expand into Russian territory, Apple as registered a company called Apple Rus and assigned Vitaly Morozk, the company’s local legal... Continue Reading →

Images of Saudis new kingdom tower…

Kingdom Holding, the Saudi firm owned by billionaire businessman Prince Alwaleed, has signed a construction contract to build the world’s tallest tower in Jeddah. US-based Adrian Smith and Gordon Gill are the design architects of the project (All images: © Adrian Smith + Gordon Gill Architecture) The tower’s height will be at least 173m (568... Continue Reading →

Foschini stock tumbles as retailers take a hit

RETAILERS experienced their biggest one-day fall on the JSE in almost a year on Friday, on negative sentiment towards SA following the deadly labour dispute at Marikana, one of the country’s biggest platinum mines. "As it is exclusively South African stocks, it may be that Lonmin has scared a few foreign investors," says Byron Lotter,... Continue Reading →

Poundworld's200th store opens its doors

VALUE retailer Poundworld is celebrating the opening of its 200th store. The shop at Newbury Retail Park in Berkshire is the 44th to open this year. The Yorkshire business claims to be the country’s fastest-growing single-price retailer. It has created 1,000 jobs in the year to date through national expansion. Poundworld, which is owned by... Continue Reading →

Ocado to launch U.K. supermarket price war

LONDON (MarketWatch) -- Online grocery operator Ocado Group PLC will launch a price war against rival supermarkets and pledges that its groceries will be cheaper than other U.K. retailers, The Sunday Telegraph reported. In an interview with the newspaper, Ocado Chief Executive Tim Steiner said the company has plans for price promotions which would be... Continue Reading →

Cash Converters debuts in Dubai

Used goods retailer Cash Converters has opened its first store in Dubai. Located on Sheikh Zayed Road, the franchise store's customers can sell unwanted goods, buy used items from the store or secure an item with the store's layby option. Customers can also use the consignment option whereby the store sells the item on their... Continue Reading →

Fashion retailer Iconic opens in Dubai Mall

Fashion and lifestyle retailer Iconic has opened its doors in Dubai Mall as part of major expansion drive, said a press statement. Inaugurated by Micky Jagtiani, Chairman, and Renuka Jagtiani, Vice Chairperson of Landmark Group, along with Raza Beig, CEO, Splash & Iconic, and Nisha Jagtiani, General Manager, the opening ceremony was attended by customers,... Continue Reading →

Truworths ‘misread trends’ says analyst

The latest figures from retailer Truworths indicate that the group has misread the fashion trends and lost out to Spanish chain Zara, an analyst said yesterday. "I think their customers have deserted them to an extent and gone to Zara. Obviously The Foschini Group probably lost a few customers … ultimately everybody loses. But Truworths,... Continue Reading →

Gap profits surge 29 percent

(CBS/AP) NEW YORK - Gap Inc. (GPS) is reporting a 29 percent increase in second-quarter net income as the fashion retailer's moves to spice up its fashions are attracting shoppers back to its stores. Gap, which operates stores under its namesake, Old Navy, Banana Republic and Athleta, also said Thursday that it's raising its full-year... Continue Reading →

Jumeirah's Noodle House inks Bahrain deal

Jumeirah Restaurants, a unit of the Jumeirah Group, said on Tuesday it has signed a licence agreement to open outlets in Bahrain. The deal with Bahrain-based company Delightful Foods will see three Noodle House restaurants open, the first of which will open in Seef Mall later this month. Delightful Foods is a joint venture between... Continue Reading →

H&M July sales defy consumer gloom

Hennes & Mauritz, the world's second-largest fashion retailer, said sales grew for a third straight month in July, despite gloom in its biggest market Germany, in a sign of robust demand for budget clothes from austerity-hit shoppers. The fast-expanding Swedish budget fashion group, which does not comment on its monthly sales data, said on Wednesday... Continue Reading →

Michael Kors 1st-qtr profit rises, raises forecast

Apparel company Michael Kors Holdings Ltd reported higher-than-expected quarterly profit, helped by rising sales at its own stores and the roll-out of its boutiques at department stores, and raised its full-year profit forecast. Michael Kors, whose founder is a judge on the long-running television fashion show "Project Runway," said on Tuesday sales at its own... Continue Reading →

Spinneys Qatar strikes deal with GWC

Wednesday, 15 August 2012 DOHA: Gulf Warehousing Company (GWC), Qatar's leading logistics company, has been awarded a contract by Spinneys Qatar, one of the leading retail hypermarket chains spreading throughout the Gulf. Under this contract, GWC will be responsible for all warehousing and distribution of temperature-controlled, chilled and frozen storage of Spinneys products to various... Continue Reading →

Wagamama continues UK expansion

Noodle chain Wagamama opens four new sites and looks for 20 more Wagamama has continued its expansion by securing four new sites across London and the UK. It has taken 5,300 sq ft at the Ealing Broadway Centre, 3,500 sq ft at Telford Southwater, 2,800 sq ft at Fulham Broadway Centre and 3,500 sq ft... Continue Reading →

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