News roundup--Pumpkin Patch, Shoedazzle, Ikea, more

Pumpkin Patch, the New Zealand-based childrenswear retailer, has put its lossmaking UK division into administration following a review of its operations. At the same time, the company says it “will be ramping up” its existing online activities in the UK. Administrators at Deloitte have so far closed five of Pumpkin Patch’s 36 UK stores, with the loss of 60 jobs. 

Fashion website ShoeDazzle, which was cofounded by celebrity Kim Kardashian, is closing down its UK business to focus on the core operation in the US. Launched in the UK in September 2011, the site operated a “shoe subscription” model that promised to offer customers a personalised shopping experience for £39.95. A statement on its website said, “Despite the tremendous support that we've received here in the UK, we ultimately decided that at this time it was in our best interests to focus on the opportunities in our home market”.

A total of £68 billion was spent online in 2011 in the UK, of which more than 11 percent was spent in December alone. According to figures from the IMRG and Capgemini, British consumers spent £7.9 billion online in December 2011, a 16.5 percent year-on-year growth.

Furniture retailer Ikea saw profits soar 10.3 percent to €2.97 billion (£2.5 billion) in the year ended August, while revenue grew 6.9 percent to €25.17 billion (£21.07 billion), writes the Guardian.

The Telegraph reports that electricals retailer Comet delivered a 14.5 percent drop in like-for-like sales in the three months to 8th January. Its current owner Kesa expects to complete its divestment to OpCapita on 3rd February.