Abercrombie & Fitch posts higher profit and shares jump

Shares of Abercrombie & Fitch Co soared more than 30 percent in premarket trading after the teen clothing retailer reported improved third-quarter profit Wednesday on demand in foreign markets and a full-year forecast that exceeded analysts' estimates. Still, the improved performance doesn't signal the end of Abercrombie's troubles, analyst Brian Sozzi of NBG Productions said.... Continue Reading →

Ted Baker sees revenue surge

Fashion brand Ted Baker has said that it is "pleased" with its performance in the 13 weeks to November 10th, in which revenue jumped 22.1%. In the period, retail sales were 24.6% up and average retail square footage rose by 13.7%. The group opened opened further concessions in leading department stores in the Netherlands, Ireland... Continue Reading →

Sainsbury's beats forecasts with 5.4% profit rise

Reuters guardian.co.uk, Wednesday 14 November 2012 08.30 GMT Sainsbury's has enjoyed 31 consecutive quarters of underlying sales growth. Photograph: Roger Bamber/Alamy Sainsbury's, Britain's No 3 supermarket, beat forecasts with a 5.4% rise in first-half profit, helped by the development of its online and convenience stores business, the two fastest growing grocery channels in the UK.... Continue Reading →

Apparel Group eyes new fashion brands

Apparel Group, the Dubai retail conglomerate, is in talks to bring several new American fashion brands to the GCC and India, its CEO has told Arabian Business. The retailer, which holds the franchise rights to brands Tommy Hilfiger and Tim Hortons, said it expects to see its business grow up to 32 percent this year... Continue Reading →

Verimark tumbles on half-year loss

Johannesburg - Shares of Direct response retailer Verimark Holdings [JSE:VMK] tumbled 5.6% to 85 cents after the seller of "As seen on TV" goods says it fell to a pre-tax loss of R4.4m in the six months to end-August, hit by unexpected supply challenges and operational inefficiencies. Verimark, whose products include the "Shogun" knife sharpener... Continue Reading →

Stuart Weitzman opens its first boutique in Dubai

Stuart Weitzman opens its first boutique in Dubai Designed by famed Italian avant-garde architect Fabio Novembre, the boutique store features a contemporary retail concept and the iconic Stuart Weitzman interior ribbon design. Unique features include a mosaic tile accent wall and Alphano grey stone floors that add design flare amongst the innovative ribbon shelving. A... Continue Reading →

Foschini to expand African presence

OVER the next two years, the Foschini group will expand its African presence, adding 56 stores in the countries including Mozambique and Ghana, the company said on Thursday after releasing its interim results for the six months ended September. Africa presents a compelling investment case for retailers — the rise in urbanisation and disposable income... Continue Reading →

Truworths sees a rise in retail sales

Truworths sees a rise in retail sales THE share price of Truworths rallied 3.05% to close at R99.89 after the retailer reported on Thursday that retail sales for the first 18 weeks of the 2013 financial period increased by 15.9% to R3.3bn, with credit sales growth of 15.1%. The timing of the update — released... Continue Reading →

Hermès Sales Jump 24.2% in Q3

Hermès International upped its target for sales growth in 2012 after reporting that sales grew 24.2 percent in the third quarter, with all regions posting double-digit growth. The maker of Birkin bags and silk scarves reported sales of 848.6 million euros, or $1.06 billion, in the three month to Sept. 30, compared with 683.2 million... Continue Reading →

Dubai's Landmark Group in $250m Saudi drive

Landmark Group, the UAE-based retail conglomerate, is planning to invest nearly US$250m in opening around 30 Oasis Centres in Saudi Arabia, a senior executive confirmed to Arabian Business. “Since Saudi Arabia, which contributes over 45 percent of the group’s turnover, is a key market for Landmark Group concepts, we are working towards setting up more... Continue Reading →

Dunnes profit halved

PRE-TAX profit at the UK business of Irish-owned retail group Dunnes Stores last year more than halved to £12.3m (€15.3m). Returns lodged by Dunnes Stores (Bangor) Ltd at Companies House in the UK show that revenues at the group declined by 6.5pc from £177.8m (€221.6m) to £166.3m (€207.3m) in the year to the end of... Continue Reading →

Guess management shake-up

Heads are rolling at Guess this fall. After the company replaced Luca Donnini with Gilles Bariguian to run its EMEA region, the group announced another two new departures. COO J. Prince Michael and CFO Dennis Secor have officially tendered their resignations to Paul Marciano, CEO of the group. It seems that the two managers are... Continue Reading →

Tesco non-food boss Terry Price exits

Tesco has today bid farewell to another of its senior executives, after it was revealed Terry Price, commercial director of its non-food business, is leaving after 18 months in the role. Price, a Tesco and Walmart veteran, returned from China to the UK to take up his latest position but general merchandise has been blamed... Continue Reading →

Tesco fined for hiring illegal foreign staff

Authorities who raided one of the company’s warehouses discovered that the students, of almost a dozen nationalities, were working significantly longer hours than their visas allowed. The breaches were revealed after immigration officials swooped on the Tesco building in Croydon, south London, in July. UK Border Agency (UKBA) officials arrested more than 30 of the... Continue Reading →

Primark posts more strong growth

Primark has continued to resist Europe's economic woes after an "exceptional" year in which it racked up £3.5 billion in sales and created 10,000 new jobs. The budget chain, which has 158 of its 244 stores in the UK, grew operating profits by 15% to £356 million in the year to September 15, parent company... Continue Reading →

The Cheesecake Factory opens in Kuwait

America's favourite casual dining restaurant continues Middle East expansion with Alshaya Kuwait, 5 November 2012 -The Cheesecake Factory®, the award-winning and consumer favourite casual dining restaurant in the U.S.A., has made its much-anticipated debut in Kuwait. The occasion was celebrated at an official ribbon cutting ceremony hosted by David Overton, Chairman and Chief Executive Officer... Continue Reading →

Shoprite To Open 6th Store In Nigeria

Shoprite, Africa’s leading retailer, has set the end of November for the opening of its sixth store in Nigeria, Africa’s most populous country. The South Africa-based retailer launched its first Nigerian store in December 2005 at The Palms shopping mall in Victoria Island Lagos, which was co-developed by Persianas and Actis. Shoprite has since opened... Continue Reading →

Ralph Lauren profit beats as sales hold up

Clothing company Ralph Lauren Corp (RL.N) reported higher-than-expected quarterly earnings on Friday as revenue held up despite growing anxiety about luxury sales. Revenue fell 2.2 percent to $1.86 billion, but that decline was less steep than the company's forecast of a mid-single-digit percentage drop, signaling that demand for higher-priced fashion held steady during the quarter.... Continue Reading →

M&S promotes Russell as womenswear director

UK retailer Marks & Spencer (M&S) has promoted lingerie and beauty head Frances Russell as its new director of womenswear as it realigns responsibilities within its general merchandise management team under executive director John Dixon. Russell, who joined M&S four years ago, previously served as brand director of the Burton and Evans chains, which are... Continue Reading →

H&M seeks new lease clauses

Fashion retailer H&M is demanding that new clauses be added to its UK leases as it feels that shopping centres are poorly managed, it has been reported today. The Swedish retailer is seeking additional clauses within its existing contracts, according to The Times, in order to streamline its international portfolio management. It is claimed that... Continue Reading →

M&S profit fall to turn up heat on CEO

LONDON (Reuters) - Marks & Spencer is expected to report lower first-half sales and profits next week, ratcheting up the pressure on its chief executive at a time when the retailer's shares are on the rise thanks to bid speculation. Although analysts expect second-quarter sales at Britain's biggest clothing retailer to show an improvement on... Continue Reading →

Virgin Megastore opens second Abu Dhabi outlet

Abu Dhabi: Virgin Megastore, the regional entertainment, gadget and electronics store, opened its second outlet in Abu Dhabi on Thursday, making it the store’s 14th in Middle East and Gulf region. The new store, located at Al Wahda Mall’s recently opened extension, offers a diverse and exclusive collection of music, movies, books, multimedia and accessories,... Continue Reading →

Ikea bucks retail trend

Ikea has cut the price of home delivery from £35 to £15-£25. Photograph: Action Press/Rex Features Ikea sales are booming in the UK as price cuts, cheaper home deliveries and a bigger online product range helped the world's largest furniture retailer grab a larger market share. The Swedish company said a £30m investment in its... Continue Reading →

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