* Homewares and apparel retailer/cataloguer Next
saw group sales for the first half increase 5 per cent to
£1.59 billion despite “testing” market
conditions. Profits in the first half grew by 15 per cent during
the period, hitting £213 million in the half-year ended July
2010.
Revenues at the company’s home shopping and eCommerce division
Next Directory rose 9.7 per cent during the period, from
£386.2 million to £422.8 million. Profits at the
division were also up, from £83.3 million to £101.3
million-representing a rise of 21.6 per cent. Next Directory’s
growth has been mainly driven by an increase in active customers,
the company said in a statement-up by 11.2 per cent and standing
at 2,650,000 as at July 2010. Next also benefited from opening up
its website to customers who do not want a credit account, it now
has 210,000 customers without a Next credit facility, an increase
of 61 per cent compared with the same period last year.
International online sales grew 250 per cent during the half-year,
but are still just a small part of the Next operation with
revenues of £2.3 million.
* Lipsy, the young fashion brand owned by Next,
made a trading profit of £1.1 million in the half-year ended
July, before amortisation and charges of £800,000, on sales
of £19 million. In the current year, Lipsy expects to open
16 new stores, making 29 in total, and anticipates trading
profits in the region of £3 million.
* Less than a fortnight after acquiring running accessories
retailer
Runners Need, the management team of sportswear
retailer Snow + Rock announced it has completed
a management buyout of the business, led by managing director
Dion Taylor and backed by LGV Capital.
* Sales at TV-shopping business Ideal Shopping
Direct rose 19.3 per cent to £56.6 million in the 26
weeks ended 4th July 2010. The company was also back in the black
after posting pretax profits of £2.9 million compared with a
£1.2 million loss in the same period in 2009. Online sales
increased by 58.2 per cent to £16.3 million and now represent
32.7 per cent of sales. Ideal Shopping is seeing the fruits of its
recent restructure with current trading up 10.3 per cent in the 8
weeks since 4th July.
* Multibrand catalogue group Findel has
appointed Roger Siddle as chief executive with immediate effect.
He succeeds Philip Maudsley, who becomes managing director of the
company’s home shopping division.
* Like-for-like sales at apparel retailer French
Connection’s UK and European business increased by 3
per cent in the six months ended 31st July, largely driven by
growth in menswear and eCommerce. After investment in the
business, the company’s Toast homewares and
fashion catalogue continued to grow, though French Connection
didn’t break down Toast’s performance specifically.
Overall at French Connection, in the six months to 31st July
2010, revenue was £96.2 million, a 4 per cent increase over
the equivalent period last year.
* The Irish Independent profiles Natalie Massenet
and her online luxury-fashion business
Net-a-Porter.com.
* An “IPO would be an unwanted distraction”, Johnnie Boden tells
the Telegraph as he rules out floating his
20-year-old business.
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