News roundup--Robert Dyas, HMV, more

Robert Dyas, the homewares business acquired by Dragons’ Den star Theo Paphitis on 10th July, delivered a sales rise of 2.2 percent in the year ending 31st March. Turnover reached £105.9 million in 2011/12, compared to £103.6 million the previous year, but earnings dropped almost 32 percent, from £4.1 million to £2.8 million, understood to be as a result of poor weather during last summer. Chief executive Graham Coles said in a statement that he looks “forward to reaping the benefits of a much strengthened balance sheet that is completely free of any bank debt”.

Trevor Moore, who announced he was leaving Jessops last month, is joining music and DVD retailer HMV as chief executive on 3rd September. He succeeds Simon Fox, who leaves HMV after six years at the helm.

Avon’s second-quarter financial results are “not good” says chief executive Sheri McCoy, who today announced a total revenue decline of 9 percent to $2.6 billion. “We are working to stabilise the top-line, improve cost structure and cash generation, and instil a more disciplined culture of accountability," McCoy told investors. “It will take time, but I am confident that we can turn the business around and reach a point of sustainable growth.” In the UK, Avon’s revenue was down 10 percent, (7 percent in dollars), due to a decline in active representatives and lower fashion and home sales. Operating profit for Europe, the Middle East and Africa in the second quarter was $71.3 million, a 43 percent slump.