Thursday, November 26

Retail

Retail

Quick shift online helps Accent Group maintain momentum
Retail

Quick shift online helps Accent Group maintain momentum

Accent Group turned its Platypus, Hype DC and other shoe stores into mini-warehouses during Covid-19. Supplied Strong digital sales throughout FY20 and a sharp increase in the final quarter, helped Accent Group maintain sales and profit momentum despite the impact of hundreds of stores being closed for more than a month in Australia and New Zealand. The footwear giant posted a 1.5 per cent increase in underlying sales to $948.9 million in FY20, and a 7.5 per cent increase in underlying net profit after tax to $58 million, thanks to a significant increase in online sales in the year and a bigger contribution from higher-margin in-house products. EBITDA increased 11.8 per cent to $121.7 million, and EBIT was $87.2 million, up 8.2 per cent. These figures do not include the impac...
Australian dollar strengthens
Retail

Australian dollar strengthens

The Australian dollar has risen Thursday, trading at 72.42 US cents, up from yesterday’s 71.93 US cents. One Australian dollar buys 76.65 from 76.50 Japanese yen; 61.17 Euro cents from 60.93 Euro cents; 54.80 British pence from 54.74 British pence; and 109.14 NZ cents from 109.87 NZ cents. Yesterday, investors erased almost all the gains of Australia’s share market this week and sold-off banks as the main indices finished lower. The S&P/ASX200 benchmark index fell to a session low of 6079.8 points before it finished down 45.0 points, or 0.73 per cent, to 6116.4 on Wednesday. The All Ordinaries index closed lower by 37.5 points, or 0.59 per cent, to 6294.5. While the US S&P 500 and Nasdaq hit all-time closing highs prior to the Aussie market opening, these result...
Mainbrace completes David Jones Elizabeth Street flagship
Retail

Mainbrace completes David Jones Elizabeth Street flagship

Click here to watch a short video capturing the journey Mainbrace Constructions took to deliver David Jones’ vision to build the greatest department store in the southern hemisphere. There are some projects that will forever leave their mark on a business and the iconic David Jones Elizabeth Street, Sydney is one for Mainbrace. Work on this major $200m heritage refurbishment in Sydney’s CBD took over two years. Mainbrace recently handed over the site ready to trade for another hundred years. Mainbrace is well known for its expertise in operating safely in live, busy environments. Keeping this store open for trade throughout the two-year journey is a testament to the team’s diligence and, importantly, their understanding of retail. Over the 770+ days on site, the team completed...
Woolworths profit dips despite strong sales
Retail

Woolworths profit dips despite strong sales

Supermarket giant Woolworths has reported a 1.2 per cent drop in underlying profit to $1.6 billion due to skyrocketing costs and the temporary closure of its hotels business.   The retailer recorded sales of $63.7 billion in FY20, up 8.1 per cent on the previous year, due to strong performances at supermarkets, liquor stores and BIG W department stores. However, one-off costs for the Group ballooned to $591 million. These included $185 million related to staff underpayments, $176 million in supply chain transformation costs, and $230 million for the restructuring of Endeavour Group. In Q4, Woolworths Supermarkets saw like-for-like sales growth of 8.9 per cent. Earnings in the second half increased by 4.6 per cent with Covid-related sales growth somewhat offset by roughly $290...
Scentre Group targets Premier Retail for next wave of shutdowns
Retail

Scentre Group targets Premier Retail for next wave of shutdowns

Scentre Group is seeking to lock out another swathe of retailers in its continued campaign to receive full rent payments. According to a report in The Australian, Premier Retail-owned Just Jeans, Portmans, Peter Alexander and Smiggle have been issued breach notices which could see the sites shut down. Premier Investments’ chairman Solomon Lew may also seek an injunction to halt the process, according to the report. Inside Retail reached out to both Premier Investments and Scentre Group for confirmation and clarification, but hadn’t heard back from either in time for publication, though Scentre Group has previously said it doesn’t comment on individual commercial arrangements.  The move comes a week after the Westfield-operator shuttered over 150 stores nationwide, includin...
6 Young Retailers Who Are Reshaping the Industry
Retail

6 Young Retailers Who Are Reshaping the Industry

Revamping company cultures, expanding sales, adopting new retail innovations and mentoring future leaders are among the many accomplishments of the 2020 Young Retailer of the Year honorees—and they’re just getting started. The North American Retail Hardware Association’s (NRHA) Young Retailer of the Year program annually recognizes outstanding retailers age 35 or younger who have demonstrated how they have improved their businesses, invested in their own career development through industry education and bettered their communities. Honorees are selected from three categories: stores with less than $2 million in sales, stores with more than $2 million in sales and operations with multiple stores. The six retailers NRHA honored this year have stepped up as leaders in the bu...
Six Young Retailers Who Are Reshaping the Industry
Retail

Six Young Retailers Who Are Reshaping the Industry

Revamping company cultures, expanding sales, adopting new retail innovations and mentoring future leaders are among the many accomplishments of the 2020 Young Retailer of the Year honorees—and they’re just getting started. The North American Retail Hardware Association’s (NRHA) Young Retailer of the Year program annually recognizes outstanding retailers age 35 or younger who have demonstrated how they have improved their businesses, invested in their own career development through industry education and bettered their communities. Honorees are selected from three categories: stores with less than $2 million in sales, stores with more than $2 million in sales and operations with multiple stores. The six retailers NRHA honored this year have stepped up as leaders in the bu...
The Original CanCooker
Retail

The Original CanCooker

Hans Cummings August 26, 2020 Products 42 Views The Original CanCooker is a versatile cooking vessel that can be used anywhere from a stove top to a campfire. Using steam, the CanCooker quickly cooks food that would otherwise need to simmer all day in a crockpot. It is lightweight, constructed of high-quality aluminum and uses a silicone-sealed lid with a latch closing system to seal in flavor. It can hold up to 4 gallons of food. CanCooker Inc.cancooker.com Check Also The EcoStreams LED Portable Worklight is ideal for professional contractor jobs or home improvement projects. …
How Sephora prepped for an e-commerce onslaught
Retail

How Sephora prepped for an e-commerce onslaught

Sephora has an annual sale event in the spring. Loyal shoppers plan their hauls, and brands sold by the retailer promote it like Amazon's Prime Day or Nordstrom's Anniversary Sale. But this year, the sale had a significance in ways brands and shoppers may never know. Having the biggest sale of the year in April meant Sephora's supply chain was flexed and ready for surging volume when executives temporarily closed all stores in March, roughly five weeks before the promotion. When the coronavirus pandemic shifted the majority of retail business online, several retailers lamented that they can handle that kind of e-commerce volume — the kind they see in peak season — but only with months of prep. Sephora's April sales event meant the company was at least somewhat...
Nation’s Best CEO Talks Industry Consolidation and Strategic Growth
Retail

Nation’s Best CEO Talks Industry Consolidation and Strategic Growth

There is no doubt we are in an era of consolidation among independent home improvement retailers. Recent research from the North American Retail Hardware Association (NRHA) clearly shows a trend toward fewer owners owning more stores. Accompanying this trend has been the growth of retail holding companies, unencumbered by geographic boundaries, looking to expand their retail presence and apply greater economies of scale to the operation of locally branded home improvement retail. Enter Nation’s Best. Nation’s Best is a retail holding company based in Dallas and run by Chris Miller, the former head of Parker’s Building Supply, one of the largest LBM chains in Texas. Since forming in 2019, Nation’s Best has announced several acquisitions of independent home improvement bus...