A flurry of retailers released their Christmas trading updates yesterday sending analysts and financial reporters into a tailspin. After ASOS and M&S got things off to a positive start (with a 36% sales rise and, finally, an increase in clothing sales respectively) many more big names posted strong Christmas sales but this is tempered with news that the outlook for retail remains tough.

John Lewis posted total sales up 4.99% up at £998.1m and like-for-like sales up 2.7% in the six weeks to 31 December with its high end supermarket Waitrose achieving similar percentage rises. Chairman Charlie Mayfield said he had been particularly pleased with the performance of its online channel (which now accounts for 40% of group sales) however the outlook was challenging, particularly in light of the pound’s slide in value since the Brexit vote.

Primark also had a good Christmas with sales on a constant currency basis up 11% in the 16 weeks to 7 January. The UK had performed particularly well, it said, but there were small declines in like-for-like sales in Germany and the Netherlands while the US “continued to develop”. Currency again plays a part in Primark’s profit forecasts with the strength of the US Dollar expected to impact full-year operating margin due to higher input costs, but it has hedged its foreign currency for the remaining purchases in this financial year.

Department store Debenhams which has been undergoing a shift in focus away from fashion and has invested significantly in beauty among other areas saw its strategy start to pay off.

Supergroup, owner of Superdry, continued to perform well. Sales were up 14.9% in the 10 weeks to 7 January and it also revealed its interim results for the 26 weeks to 29 October showing group revenue up 31.1% at £334m.

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