High street retailers show their resilience
Wednesday 21 April 2010
Britain's retailers continue to defy predictions of a consumer spending slowdown, with companies at very different ends of the high street publishing positive trading updates yesterday.
Burberry, the fashion giant, said its sales had risen by 6 per cent during the first half of its year, adding that profits were now likely to come in above previous expectations of around £200m. Meanwhile, Primark, the discount retailer, said it was also seeing strong demand continuing, with profits up 18 per cent during the first half to £144m.
The growth of the online sector also appears to be continuing apace, with Asos, which sells fashion over the internet, reporting yesterday that its sales were up 38 per cent over the year to the end of March. Nick Robertson, the company's chief executive, said he had actually been too cautious about stock last year.
The only sour note from retailers yesterday was sounded by Thornton's. It warned that disappointing sales in the run-up to Easter, when it lost out to supermarkets, had forced it to revise profits forecasts.
Higher unemployment, static earnings and the fear of tax hikes to come had all been expected to weigh upon consumer sentiment during the first few months of 2010. But the high street has so far proved more resilient than expected.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...