Sep 23, 2017 Last Updated 2:27 PM, Sep 22, 2017

New Entry From the Editor :

Rio Tinto commits further $3.15 billion to shareholders in buyback programme

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BHP surges back to profit thanks to increased prices and improved productivity

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Toys R Us to trade as usual in Australia despite filing for bankruptcy

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David Jones’ IT systems hacked

david jonesAusBN – The IT systems of clothing retailer David Jones were hacked into in late September, leaving online shoppers vulnerable.

The hackers gained access to customer names, online shopping orders, mailing and email addresses – but not credit card information or passwords.

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Woolworths chair resigns after profit fall

AusBN – Woolworths chairman Ralph Waters has resigned following the announcement of a 12.5% drop in the retailer’s full-year profit.

The corporation’s net profit for the year to 30 June was $2.15 billion, down from $2.46 billion in the year previous.

Woolworths CEO Grant O’Brien attributed the slump to “subdued sales growth” for food, liquor and petrol in the year’s second half, whose collective before-tax profits grew 2.1% year-over-year.

He said: “The market environment has changed dramatically, with stronger competition and significant shifts in customers’ shopping behaviour.”

O’Brien announced his own resignation in June, when the company announced it was cutting 1,200 jobs, but will only leave when a replacement is found.

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MRP to open first Australian store

AusBN – South African clothing retailer MRP has announced plans to open its first Australian store in Melbourne in October.

Owned by the Mr Price Group, MRP sells low-cost fashion in 440 stores mainly in southern Africa and via its online shop.

The new store in Melbourne Central will sell clothing, accessories, footwear and sleepwear for women, men and children.

MRP CEO Stuart Bird said: “As a business based in the southern hemisphere, we’re able to offer Australians a relevant, seasonal and trend-led assortment.

“While initially we will focus on our MRP apparel stores, there is potential to follow with our MRPHome and MRPSport divisions.”

Parent company the Mr Price Group has 1,150 stores globally and was ranked fourth in the Sunday Times’ Top 100 Companies in South Africa.

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