Boots and Majestic Wine have both reported strong sales and pre-tax profits but there has been some disturbing news from both Land of Leather and ScS Upholstery as they seek rights issues to bail them out of trouble. ScS is valued at just £3.5m compared with £190m two years ago. These two companies reflect the torrid time that furniture retailers are currently experiencing as consumers defer from making big ticket purchases.
BRC reported that like-for-like sales for May were up 1.9% on last year. This made welcome reading after two consecutive months where sales had declined on the same period in 2007. London reported strong growth up 8.2%, with Europeans capitalising on the strong euro, whilst US and Japanese visitors are still feeling the exchange pinch.
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