Retail News UK

Jessops has reported like-for-like sales down 4.7% in the 12 weeks ending August 16, against the continuing difficult retail environment.

In a trading update today, Jessops said trade has remained broadly similar to that reported in its interim results for the six months to March 31, which showed like-for-likes down 4.5%. For the eight weeks ending May 24 like-for-likes were down 3.6%.

The Office of Fair Trading has referred Sports Direct's acquisition of 31 stores from rival JJB Sports to the Competition Commission.

The deal had raised concerns about competition in five places where Sports Direct already had shops, and the retailer agreed to divest stores in those areas. However, Sports Direct has made "no significant progress" in shedding the stores, the OFT said.

Marks & Spencer could add £1bn to earnings by 2014, according to a note issued by Goldman Sachs.

The broker turned positive on Marks & Spencer in anticipation of a new management strategy, which is expected to be unveiled mid-October.

Ikea has opened in its first store in the Republic of Ireland with a 339,000 sq ft (31,500 sq m) unit in Ballymun on the north side of Dublin.

Despite opening day enthusiasm from excited shoppers, Ikea was forced to scale back its ambitions for the store as Irish retail sales have slid around 18 per cent so far this year.

The row over the controversial £1.5m loan that Sports Direct founder Mike Ashley lent to JJB chairman Sir David Jones is to come to a head this morning at the JJB AGM. Retail Week reports live from Wigan.

Morrisons has reported that it is confident its full-year results will be ahead of earlier expectations as it has achieved strong trading in its first and second quarters.

The grocer, which reported in its first quarter management statement that sales growth is well ahead of the market despite strong comparative figures, said this growth had been maintained through the second quarter.

Blacks Leisure, the outdoor clothing and equipment retailer, has revealed a 1.8 per cent drop in like-for-like sales in the first 19 weeks of its financial year.

Men's suits specialist Moss Bros has revealed it wants to up its store numbers by 40 per cent as it takes advantage of attractive property deals in the recession.

Finance director Michael Hitchcock said it was a "buyer's market" and had identified 40 "preferred locations" for new stores. He said the retailer was capable of opening eight to 10 stores a year, although he would not specify how many would be opened this financial year.

Primark has continued to defy the retail gloom with a 20 per cent uplift in sales in the 40 weeks to June 20.

Sales since the half-year, in the 16 weeks to June 20, soared 21 per cent. It is an improvement on the 18 per cent growth recorded in the first half, when like-for-likes rose 5 per cent.

JJB Sports is trying to curb another escalating crisis following the revelations that chairman Sir David Jones took a £1.5m loan from Sports Direct founder Mike Ashley.

The board said in a statement this morning that it still had unanimous support for Jones and that it was fully aware of the loan and had viewed the arrangement as a private one "not requiring public disclosure."