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- 2020 -20 March
TK Maxx closes UK stores amid Covid-19 virus outbreak
Discount store TK Maxx has become the latest retailer to take the decision to temporarily close its stores amid the recent outbreak of coronavirus. TK Maxx has announced all stores in the United States, Canada, Europe and Australia have will close for two weeks. The company has also announced it…
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19 March
Zara closes almost 4,000 stores globally amid coronavirus outbreak
The parent company of Zara has closed almost 4,000 of its stores across the globe amid the recent outbreak of the coronavirus. Inditex warned the pandemic has had a “significant impact” in certain markets resulting in temporary closures of 3,785 of its stores, as the group was forced to close…
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18 March
Superdry to miss 2020 targets amid coronavirus outbreak
Embattled clothing retailer Superdry has said it expects its online sales to decline and to miss its 2020 targets amid “unpredictable challenges” caused by the coronavirus outbreak. Superdry reported a 25% decrease in footfall week-on-week despite stores in the UK and the US “remaining largely open”. Prior to the outbreak…
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17 March
Laura Ashley enters administration as coronavirus claims first casualty
Embattled home and fashion retailer Laura Ashley has fallen into administration after it revealed that the coronavirus outbreak has had an “immediate and significant impact on trading”. The company revealed that, while trading had improved by 24% year-on-year for the seven weeks up to 13 March, as well as directors…
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17 March
H&M sales increase despite being ‘negatively impacted’ by Covid-19
Fashion retailer H&M has reported a rise in sales in its first-quarter results, despite being “negatively impacted” by the outbreak of Covid-19. For the period ended 1 December 2019, H&M reported an 8% increase in net sales to SEK 54,988m (£46,609m) compared with £51m in the year prior. H&M said…
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16 March
Primark owner shares dive after it warns of coronavirus impact
Primark owner Associated British Foods (ABF Foods) has seen its shares dive in early trading after it announced that the closure of its European stores due to coronavirus could leave a hole of £190m in sales. Shares in the company dropped by 100% this morning (16 March) to £0.01p per…
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13 March
Gap sales increase despite ‘challenging year’
Fashion retailer Gap has reported a 1% increase in net sales to $4.7bn (£3.7bn) in its fourth quarter results, despite a “challenging year”. Interim CEO Bob Fisher said the company began to see “stabilisation” in Q4, driven “primarily by improvements in Old Navy’s performance”. However, Gap, the parent company of…
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12 March
Adidas and Puma Chinese sales hit by coronavirus outbreak
Sportswear retailer Adidas has warned sales in its first quarter of its financial year would decrease as much as €1bn (£870) in Greater China, amid the recent impact of the coronavirus. Adidas reported sales would be down by about €100m (£88m) in Japan and South Korea, which will result in…
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10 March
Stella McCartney reports £11m loss
Fashion retailer Stella McCartney has reported an £11m loss in pre-tax profit for its full-year results, attributed to flat sales and a significant increase to its costs. For the year ended 31 December 2018, the British fashion brand reported a 219% decrease in operating profit to £10.8m compared with £9.1m…
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10 March
French Connection posts £3m loss as it warns of continued tough trading
French Connection has revealed it has swung to a £2.9m loss for the full-year period ending 31 January 2020 and has warned of “continued difficult trading conditions”. The underlying loss comes after a restated underlying profit of £0.8m the previous year. Group revenue was also down 11.4% to £119.9m compared…
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