It seems like retail is in a bit of a mess.
This morning’s news indicates that Marks & Spencer shares are on the slide, while John Lewis profits have dropped, putting staff bonuses at risk.
Of more pertinence to Bude which has one, Card Factory shares have slumped by 20% after a record low following a challenging festive period.
The big picture is that the High Street is in trouble, including some very popular, well-established household names.
Of the chains, Next did OK due to strong sales of winter coats and knitwear, while M & S invested too much in mince pies and skinny jeans, it seems. Sales for the John Lewis group fell 1.8% over the key Christmas period with a 2% slide at the department stores.
Morrisons plans to cut costs to maintain profits, while Argos at Sainsbury’s lost toy sales, despite the supermarket food sales rising. Tesco and Aldi dd OK, while Greggs employees will receive a decent bonus due to the success of their vegan sausage rolls.
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