Clouds over High Street stores

RETAILERS face another turbulent week as they deliver Christmas trading statements. Boots is expected to announce 1,000 more job cuts as new boss Richard Baker makes his mark and investors are braced for a slump in clothing sales at Marks & Spencer.

Some 15% of the 7,000 staff at Boots' Nottingham headquarters will be axed as part of a cost-cutting exercise by Baker, who joined from Asda in September.

The cull is part of the firm's Getting In Shape initiative, which aims to save the retailer £100m over three years.

The company would not comment on whether an announcement on jobs would be made when it delivers its Christmas trading statement on Friday, saying only that it would 'talk to our people first'.

Boots is likely to reveal an increase in sales at the end of a long week of Christmas trading statements.

Among them will be M&S, where industry sources point to a slump in womenswear sales of as much as 9%. The City expects an overall fall in clothing sales of between 2% and 5%. However other divisions of M&S are likely to have performed better.

The retailer is looking for a new head of clothing to soften the blow and has already sounded out Belinda Earl, former head of Debenhams, and Stephen Sunnucks, chief executive of New Look.

Headhunters have also approached Kim Winser, who left M&S four years ago to head Pringle.

J Sainsbury will kick off the announcements and deliver Christmas trading figures today. Tesco - which follows tomorrow - is believed to have had a bumper Christmas after growth in sales of non-food items such as CDs and DVDs.

Other companies due to release trading statements include Matalan, GUS, HMV and Dixons.

Internet trading was more consistent than on the High Street, showing a 53% rise in Christmas sales, according to Retail Decisions, a payment card fraud prevention service.

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