Retail News UK

Consumer confidence has returned to growth after an all time low last year as shoppers started to believe that their own financial situation would improve.

HMV Group delivered an 11.5 per cent rise in pre-tax profit to £63m in its full year results.

Waitrose sales have been lifted by its value range as cash-strapped shoppers seek out lower prices in the recession.

The grocer launched Essential Waitrose in March - its first ever value range - to counter perceptions that it was more expensive than its rivals on everyday items.

Birthdays' administrator Zolfo Cooper has accepted two offers for a total of 210 stores. The deals safeguard 1350 jobs but 800 will go as the remaining 132 shops will shut.

Group sales at the UK's largest retailer rose 12.6 per cent for the 13 weeks to May 30.

The supermarket chain's UK sales rose 4.3 per cent like-for-like, with an additional 2.8 per cent coming from new stores and Tesco Personal Finance adding a further 2.2 per cent, bringing total UK growth to 9.3 per cent.

Iceland chief executive Malcolm Walker has declared that the retailer is "not taking part" in the recession after revealing record sales and profits.

Revenues at the frozen foods specialist soared 16 per cent to £2.08bn in the year to March 27. EBITDA jumped 36 per cent to £163m, and net profit before tax rocketed 84 per cent to £113.7m. Like-for-like sales rose 16 per cent.

Home shopping retailer Ideal Shopping Direct has reported a 2 per cent rise in sales for the 21 weeks to May 24.

Halfords pre-tax profits rose 2.4 per cent to £92.4m in the 52 weeks to April 3 as the retailer maintained a tight grip on costs and benefited from consumers holidaying at home.

Group like for likes declined 3.3 per cent while total group sales slid 0.3 per cent to £794.7m - the first time in 20 years that the retailer has experienced a decline in sales.

Updated: Alliance Boots has confirmed it will hire former HBOS boss Andy Hornby as its new chief executive.

Hornby will join on July 1.

Debenhams has revealed plans to raise £323m in a share placing to slash its debt pile and said profits were growing at the department store chain.

The retailer said it would raise the money via a placing and open offer of new shares. It is selling 40 per cent of the stock in a firm placing and the remaining 60 per cent will be offered to the market today.