Clothing & Shoes
The latest news, updates and analysis on the clothing and shoes segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Mar- 2022 -3 March
Victoria’s Secret lowers FY22 forecast despite 25% sales surge
Victoria’s Secret and Co. has lowered its Q1 FY22 operating income forecast to be in the range of $80m (£59.78m) to $110m (£82.19m), compared to $225.7m (£168.65m) in 2021, amid supply chain cost pressures and anniversarying last year’s federal stimulus benefits. Overall, its operating income increased to $869.5m (£649.73m) in…
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2 March
Asos cuts ties with Russia
Asos has announced that it has made the decision to cut ties with Russia following its invasion of Ukraine last week, stating that it was not “practical nor right” to continue trading in the country. Alongside this announcement, the group said it has also suspended all sales in Ukraine immediately…
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1 March
Asos extends partnership with Microsoft
Asos has signed a new cloud agreement with Microsoft that will see the business continue to use the Microsoft Cloud as its cloud platform for the next five years. Asos uses Microsoft Azure and its AI capabilities to power its digital platforms and support new data-led workstreams. Over the past…
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Feb- 2022 -28 February
Primark H1 sales surge 60%
Associated British Foods (ABF) said it expects sales and adjusted operating profit to be ahead of the pre-Covid levels that were achieved in H1 of FY20 for the 24 weeks to 5 March 2022, driven by an expected 60% increase in sales at Primark. Like-for-like sales improved compared to Q4…
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28 February
Asda confirms £27.8m pay bonus for staff
Asda has confirmed that 103,000 hourly-paid store colleagues across the UK will share a £27.8m bonus pot in February’s pay packet, after working through what the company called ‘challenging circumstances’ during the pandemic. While the amount each colleague receives depends on their individual circumstances, the average bonus for a store…
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25 February
Farfetch revenues hit $2.3bn
Farfetch Limited, the global platform for the luxury fashion industry, has reported its revenues increased 35% year-on-year to $2.3bn (£1.71bn) for the full-year ended December 31 2021 (FY21). In the fourth quarter (Q4) revenues also increased 23% year-on-year to $666m (£497.66m) and profit-after-tax hit $97m (£72.48m) in Q4, including $217m…
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25 February
Frasers Group acquires Studio Retail
Frasers Group has announced that it has acquired digital retailer, Studio Retail Limited and certain other assets of Studio Retail Group, following news the retailer fell into administration. It follows yesterday’s news that it formally appointed Teneo as administrations to handle its collapse, according to The Times. Its request for…
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23 February
Ted Baker Q4 sales jump 35%
Ted Baker Plc has announced its group sales increased 35% year-on-year in the 12-week period from 7 November 2021 to 29 January 2022 (Q4), and up from 18% reported in Q3, despite Omicron headwinds. Compared to pre-pandemic levels for the period, retail sales were running at -10% before Omicron warnings,…
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18 February
JD Sports delays annual release but lifts outlook
JD Sports has announced the release of its annual results for FY22 are set to be delayed, however it added it expects the results to come in “slightly ahead of expectations”. JD revealed it has agreed with its auditors, KPMG, to delay the announcement to ensure that KPMG have “sufficient…
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17 February
Mango brings forward sustainability targets
Mango has announced that it is bringing forward its sustainability targets after revealing that 80% of all the garments it sells have hit the company’s sustainability goal. In just one year, Mango has almost doubled the percentage of sustainable garments in its total production. The company, one of the leading…
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