Today’s news in brief-10/1/24

Sainsbury’s reported a 6.5% increase in retail sales for the 16 weeks ending January 6, 2024. Grocery sales rose by 9.3%, with Christmas grocery sales up 8.6%. General merchandise sales dropped 0.6%, but excluding the impact of Argos’ closure in Ireland, they increased by 1.5%. The company reiterated its full-year profit expectations of £670m to £700m, expressing excitement about the upcoming strategy update. ProCook has announced a 3% year-on-year increase in total revenues over the third quarter, reaching £23.1m. Despite a 0.4% dip in like-for-like revenues during Black Friday and Christmas, the retailer's performance improved compared to earlier quarters. Two new store openings contributed to a 9.5% rise in retail revenues to £14.3m. Online like-for-like revenues dropped by 5.1%, attributed to disruptions from the new website launch in summer 2023. Sosandar celebrated a record quarter with a 23% increase in revenues to £14.3m for the three months ending December 31, 2023. The company experienced robust sales across all categories in the lead-up to Christmas, particularly in party wear, dresses, tailoring, knitwear, and smart trousers. The gross margin also increased from 56.8% to 58.3%, reflecting a planned reduction in promotional pricing. Sosandar expressed plans to open its first UK store in Spring, enhance online sales, strengthen relationships with partners, and expand its international presence. The company remains on track to meet market expectations for the current financial year. Marks Electrical reported a 22% revenue increase to £88.9m for the nine months ending December 23, 2023. However, due to a price-conscious consumer environment, the company reduced its full-year profit guidance. It now expects revenue between £115m and £118m, with EBITDA in the range of £5m to £6m. Despite frustrations about expected margin progression, Smithson remains optimistic about long-term growth prospects and the company's position as a premium electrical retailer. Greggs revealed plans to open between 140 and 160 new shops in 2024 after achieving a 9.6% increase in total sales to £1.8bn in FY23. Like-for-like sales increased by 9.4% in Q4, attributed to brand popularity and enhanced accessibility through digital channels and extended trading hours. The company extended its delivery service with Uber Eats to 710 shops. With a stable cost base anticipated in the coming year, Greggs expects a full-year outcome for FY23 in line with previous expectations. Grosvenor reported Liverpool One's strongest start to a year in over five years, with a 10% increase in visitor numbers in January 2024 compared to 2023. The destination recorded its busiest Christmas ever in 2023, welcoming over 3.9 million visitors and achieving a 5.3% year-on-year sales increase. The opening of 25 brands and milestone launches contributed to this success. Chris Jukes, Grosvenor’s director of Liverpool ONE, highlighted the destination's role in hosting Eurovision 2023 and its commitment to innovation and contribution to Liverpool's city centre and the wider region in 2024.

Today’s news in brief-10/1/24

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