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Posts Tagged ‘John Lewis’

Private groups spent $5.8 million to send Congress members on some 1,600 trips last year, according to data gathered by LegiStorm.

This tab –  75% up from the year before – is the largest amount since ethics reforms were enacted in 2007 in the wake of the Jack Abramoff scandal.

While lobbyist are banned from sending Congress members on trips, groups that don’t lobby can legally sponsor educational and informative trips. But the motives of these organizations may be questionable as many former lobbyists and other people with interests often serve on their boards.

Here are some of the findings by LegiStorm about privately-funded Congressional travel in 2011:

• 555 trips (out of 1,600) were international.

• The average international trip cost $8,595.

• Overall, the average trip lasted more than four days and cost $3,638.

• The travel sponsor with the deepest pockets in 2011 was the American Israel Education Foundation, which paid more than $2 million for 145 trips to Israel.

• The seven most-traveled members of Congress in 2011 were all Democrats, led by Rep. Jim McDermott (D-Wash.) who took 10 trips. Rep. John Lewis (D-Ga.) was second, with nine.

• Rep. Jim Cooper (D-Tenn.) was the biggest spender, taking six trips worth $47,035, including an Aspen Institute trip to Barcelona in September worth more than $18,000.

• The most expensive trip was sponsored by the International Conservation Caucus Foundation, which paid $30,708 to send Rep. John Carter (R-Texas) and his wife to South Africa and Botswana.

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Payments business Visa has reported a 2.3 per cent fall in spending on credit and debit cards over the four weeks to 27 November, compared with the same period in 2010.

Last week, which is traditionally one of the UK’s biggest Christmas shopping weeks, spending on cards fell both on the High Street and online, with sales 6.2 per cent lower than in the equivalent week last year.

John Lewis also reported slower trading, supporting Visa’s figures and suggesting that consumers are cutting down what on Christmas spending this year.

In the week to 26 November, the retailer’s sales fell 1.2 per cent compared with a year earlier.

Retailers have been hit by a fall in consumer confidence due to uncertainty over the economy, rising unemployment and an increase in household costs, including steep rises in the price of energy.

This week, John Lewis’s sales were up 10.5 per cent in the four days to 20 November, compared with last year, however this time last year the UK was covered in heavy snow which caused shoppers to stay at home.

Visa, which accounts for one in every four pounds spent, said that the poor trading figures may just indicate that shoppers are leaving it later to do their Christmas shopping than last year.

Despite signs that shoppers are tightening their purse strings, recent research by MoneySupermarket.com found that 25 per cent of people in the UK expect to go over budget this Christmas.

Based on an average expenditure of £437 on Christmas presents, food and alcohol, and an average credit card APR of 18.44%, MoneySupermarket.com warns that Christmas spending could cost an extra £70.20 in interest by Christmas 2012.

The comparison site is encouraging shoppers to make sure their credit card is appropriate for their needs.

Debenhams, which is Britain’s second largest department store after John Lewis, has today exceeded market expectations after reporting growth of 0.4% in the nine week period to the end of August on a like-for-like basis.

The retailing giant said aggressive summer discounting and promotions had helped increase its market share.

The company said growth came from its Danish subsidiary, Magasin du Nord, acquired two years ago, while the company has benefited from strong online sales throughout the year.

Chief executive Michael Sharp said helping to keep prices competitive had helped.

He said: “It’s not just about starting the sale early. Customers are liking what we are doing and our Designers at Debenhams ranges.

“There will be winners and losers and we think we are well positioned to be one of the winners.”

The news was well received by the market after shares in the company increased 3.5% in early trading today – outperforming the rest of the market.

In the meantime, the retailer said it has leased 145,000 sq ft at the Regent’s Place office, located near Regent’s Park, for 25 years, for its new headquarters.

The site is currently under development and completion is expected in the summer of 2013.

However, the figures come at a time when the British high street is struggling. Last week, the Office for National Statistics (ONS) revealed UK retail sales fell by 0.2% in August.

Households continue to be squeezed by higher inflation, rising unemployment and sluggish wage growth and this is affecting retailers.

Also last week, the John Lewis Partnership, which is regarded as a barometer of British retailing, reported a marginal increase in sales and said trading conditions are “extremely challenging”.

The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July.

However, across the group, first-half pre-tax profits slumped by 18% to £90.4 million.

The John Lewis Partnership, which is regarded as a barometer of British retailing, has reported a marginal increase in sales and said trading conditions are “extremely challenging”.

The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July.

However, across the group, first-half pre-tax profits slumped by 18% to £90.4 million.

The company has bucked the trend when it comes to retail sales over the last few months but today’s figures highlight ongoing concerns about spending as consumers cut back due to high unemployment, rising inflation and spending cuts.

In the meantime, Waitrose said sales were 8.7% higher at £2.6 billion but profits were down 13.8%.

However, it highlighted that 300,000 more customers shopped at Waitrose each week and its market share had risen by 0.2% to 4.1%.

Chairman, Charlie Mayfield, said trading conditions were set to remain challenging for the remainder of the year and into next year.

He comments: “We are not simply waiting for the recovery, but instead we have increased the pace of investment and innovation across the Partnership putting us in the best possible position to seize the opportunity created by a rapidly changing retail environment.”

The figures come shortly after other British retailers have reported tough trading conditions.

Home Retail Group announced a drop in sales at both its Argos and Homebase chains last week, while electrical goods chain Dixons Retail posted a fall in sales.

Many High Street retailers continue to struggle as consumers’ cutback and the British Retail Consortium (BRC) highlighted this in its retail sales report for August.

According to the BRC, like-for-like sales (which exclude the impact of sales at new stores) fell 0.6% last month on an annual basis.

Accountancy firm BDO recently warned Britain’s retailers should prepare themselves for some tough times as pressure builds on consumers in the run-up to Christmas.

Several retailers are under severe financial strain as the face their quarterly rent deadline at the end of this month.

Earlier this year, the rent deadlines at the end of March and June resulted in a series of retailers entering administration including Focus DIY, Habitat, TJ Hughes and fashion chain Jane Norman.

The John Lewis Partnership, which is regarded as a barometer of British retailing, today reported weaker sales, fuelling fears about consumer spending. The renowned employee-owned chain said sales in the week to 28 May fell 0.8% to £55 million. The company has bucked the trend when it comes to retail sales over the last few [...]