Today’s news in brief-11/10/23

Travis Perkins has revised down its full-year earnings forecast due to challenging market conditions and a significant slowdown in new build housing and domestic renovations and maintenance (RMI) activity in Q3. Group revenues fell by 1.8% in the quarter, with like-for-like sales also down by 1.8%. Pricing declined by 3.1%, largely due to deflationary pressures on commodity products. Toolstation, however, saw growth in both the UK and Europe.

Currys is considering offers for its Greek business, Kotsovolos, after commencing a strategic review in June. The tech retailer has been approached by several potential buyers, but the sale outcome is uncertain. Kotsovolos, a leading electrical retailer in Greece and Cyprus, operates 90 stores. The strategic review is ongoing, and Currys will provide further updates in due course.

Luxury goods group LVMH posted reported revenues of €19.96bn in Q3, marking a 9% YoY increase. On a nine-month basis, revenues rose by 10% to €62.2bn. The fashion and leather goods category saw a significant increase in sales, driven by growth in all product categories. The perfumes and cosmetics category reported an 8% increase, while watches and jewellery saw a 3% increase. Wines and spirits, however, experienced a 10% decrease in revenue.

Selfridges reported a narrowed net loss of £38.3m for the year ending January 2023, down from £83.9m the previous year, as consumer visits to department stores increased. Revenues surged by 29% to £843.7m. The improvement is attributed to strong footfall, particularly at its Oxford Street and Exchange Square locations. The retailer benefited from an operating profit of £38.9m compared to a loss of £38.1m in 2022.

The British Retail Consortium (BRC) has endorsed the Labour party’s position on shoplifting and violence against retail staff. Labour intends to establish a new offence of assault against retail workers and revise the policy regarding investigation thresholds for shoplifting. Over 90 retailers expressed concerns about rising crime rates and called for a dedicated offence. The BRC welcomes these initiatives to protect retail workers from violence and abuse.