Allders boss upbeat on festive sales

ALLDERS chief executive Terry Green predicts his chain's Christmas sales will be 'up there with the best of them', pooh-poohing reports of dismal trading.

The retailer says Allders' cut-price promotions are not a panic signal, adding: 'Following a disastrous November for retailers, we have made a great recovery.'

His confident words come just 24 hours after Allders' owner Minerva said it was putting the company up for sale.

Terry Green refuses to talk about his hopes to get backing for a management buyout, saying only: 'We have already made lots of improvements in the business, which have yet to come through to the bottom line. We are confident we will deliver results over time.'

Some think Allders, which lost £27m last year, should be broken up and sold off piecemeal to rival retailers such as Debenhams, Bhs and House of Fraser but Terry Green appears keen to remain at the helm.

Bhs owner Philip Green (no relation) joined the High Street discounters yesterday by launching a Mega-Day sale which gave shoppers an extra 10% off everything, including sale items. Even GUS's catalogue shopping chain Argos has launched a Toy-tastic sale, offering 20% off all toys for three days.

John Lewis said that its sales during the week to 4 December were down 4.2% on last year, and down 3.5% on 2002. It reckons customers are 'carrying out their Christmas shopping much later this year'.

Analysts say the rampant price-cutting shows most retailers are having a tough time. Henk Potts, equity strategist for Barclays Private Clients, says: 'I suggest when we get the numbers coming through in January, the retailers will have had a very poor Christmas.'

Philip Green said: 'It's challenging, but we are relaxed. We are not having a panic.' He reckons the Mega-Day sale 'will be better than last year' and plans to jet off to the Caribbean for a long holiday next week.

? Woolworths said finance director Christopher Rogers is leaving at the end of March to become finance director of Whitbread. It is a blow for the High Street retailer and a big promotion for Rogers, as Woolworths has a market value of £626m but Whitbread is valued at £2.5bn.