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Today’s news in brief-28/6/24

Walgreens Boots Alliance (WBA) has decided to shelve plans for a £7bn sale of Boots for the second time, citing a reduced profit outlook and the closure of 700 US stores. Despite this, Boots reported a 6% sales increase in the third quarter, highlighting growth across all categories. CEO Tim Wentworth expressed commitment to investing in Boots’ future, indicating potential interest in a future sale or IPO.

Nike’s fiscal year revenues edged up 1% to $51.4bn, with fourth quarter revenues declining 2% due to challenges in Nike Brand Digital and owned stores. Converse saw an 18% revenue drop, primarily in North America and Western Europe. CEO John Donahoe emphasised addressing near-term challenges while focusing on innovation and marketplace growth, despite revising their Fiscal ’25 outlook.

Boots UK reported its 13th consecutive quarter of market share growth, with retail sales up 6% and digital sales increasing by 3.8% in the most recent quarter. CEO Sebastian James highlighted strong performance across retail and healthcare divisions, including a notable uptick in pharmacy sales and successful airport business refurbishments.

Music Magpie’s revenues fell to £53.8m for the first half of 2024, impacted by competitive pressures in the second-hand market and strategic shifts in its US operations. Despite challenges, CEO Steve Oliver noted resilience in UK consumer technology sales and efforts to streamline operations, aiming for profitability through diversification and cost-saving initiatives.

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Tesco has entered a significant partnership with GroupM to enhance retail media capabilities across its platforms. The collaboration aims to leverage data-driven solutions and innovation within Tesco’s Connected Store, offering strategic advantages in retail media. The agreement includes access to Tesco’s insights and a framework for mutual growth and industry influence.

Shoe Zone confirmed a cyber incident resulting in unauthorised access to its online systems and data. The company swiftly enacted security protocols and engaged third-party consultants to investigate and manage the incident. While actions have ensured business continuity, Shoe Zone has reported the incident to regulatory bodies and reassured stakeholders of ongoing operational stability.

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