Today’s news in brief-14/1/25
JD Sports adjusted its profit expectations for FY24 to £915m-£935m, down from an earlier forecast of £955m-£1bn, citing challenging market conditions during the holiday season. Sales in the nine weeks to January 4 dipped 1.5%, though December saw a 1.5% rise in like-for-like sales. Organic revenue grew 3.4%, driven by strength in Europe and Asia Pacific, despite weaker performance in the UK and North America. Footwear sales outpaced apparel, and stores outperformed online sales.
Ocado reported a 17.5% revenue surge to £715.8m in Q4 2024, boosted by a record-breaking Christmas trading period. Weekly orders increased 16.9% to 476,000, peaking at 500,000 in November. Active customers rose 12.1% to 1.12m, with average basket value inching up 0.2% to £120.85. CEO Hannah Gibson highlighted operational enhancements, such as expanded M&S product availability, pricing adjustments, and improved customer perceptions.
The Very Group achieved a 2.3% YoY sales increase during the seven weeks to December 27, 2024. Excluding Nike, UK retail sales grew 4.5%, with categories like home and beauty jumping 15% and toys, gifts, and beauty rising 7.3%. Fashion and sports sales increased 2.9%, or 11.2% excluding Nike. Key sellers included game consoles, perfumes, air fryers, and Lego.
Card Factory reported a 4.7% revenue rise during November and December, driven by higher average basket values and expanded product ranges. Full-year sales grew 6.2% to £506.6m, with store revenues climbing 5.7% thanks to 32 new openings. Despite a 10% decline in online like-for-like sales, the brand maintained a robust outlook for FY25, with CEO Darcy Willson-Rymer attributing success to strategic initiatives and efficiency gains.
Brunello Cucinelli posted a 12.1% rise in FY24 revenues to €1.27bn (£1.07bn), with retail channel growth of 14% and wholesale revenues up 8.8%. The Americas and Asia led geographical growth with 17.8% and 12.6% increases, respectively, supported by tourism and local loyalty. The group reported digital channel growth and unveiled its AI-driven website in July. Executive Chairman Brunello Cucinelli forecast 10% annual revenue growth through 2026 and a goal of doubling 2024 turnover by 2030.
Authentic Brands Group appointed Matt Maddox as president, leveraging his 20-year tenure at Wynn Resorts, where he spearheaded global expansion and operational excellence. Maddox’s expertise in high-growth businesses positions him to drive Authentic’s diversification across new sectors. Founder Jamie Salter praised Maddox’s leadership, anticipating accelerated growth. The appointment coincides with Authentic’s strategy to expand its global footprint and portfolio, with Maddox highlighting the company’s entrepreneurial spirit and ambition to create enduring market impact.
