Department Stores
The latest news, updates and analysis on the department stores 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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Sep- 2024 -11 September
Dunelm PBT rises 6.6%
Dunelm has revealed that its profit-before-tax rose 6.6% to £205m, up from £193m, for the year ended 29 June 2024. Alongside this, the company’s total sales rose 4.1% to £1.71bn compared with £1.64bn in the same period last year. The company also stated it saw an increase in active customers…
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5 September
John Lewis brings back ‘never knowingly undersold’ promise
John Lewis has announced it is to bring back its ‘never knowingly undersold’ price match promise just two years after it was originally scrapped. The department store chain said ‘never knowingly undersold’ is to be “reimagined” from next week (Monday, 9 September), giving customers the John Lewis assurance on quality,…
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4 September
John Lewis submits £80m plan to turn Reading depot into housing
The John Lewis Partnership has submitted plans for an £80m development that would see a disused Reading warehouse turned into new rental housing.The group submitted a planning application to Reading Borough Council with its proposal to transform the former distribution warehouse into 215 energy-efficient homes. The proposed regeneration would also…
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3 September
Harrods sales hit £900m but profits slide £35m
Sales at Harrods have surged to almost £900m in its latest full-year results, as revenues rose by 8% to £898.4m following a continued return in overseas visitors.In the year ended 3 February 2024, initial operating profits rose slightly to £162.9m, up from £158.4m the prior year, according to new filings…
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2 September
John Lewis denies reports of further job cuts
John Lewis has denied that it is considering more job cuts and restructuring its management team, following reports over the weekend. It comes following resorts from The Sunday Times that claimed a revamp of management teams at 34 of its stores would lead to even more cuts to staff, including…
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2 September
M&S urges Angela Rayner to approve Marble Arch shop revamp plans
M&S has urged Deputy PM Angela Rayner to give the go ahead to controversial plans for the demolition of its Marble Arch flagship store. According to This is Money, Rayner is currently reviewing the plans which were previously blocked by the Conservatives. M&S wants to demolish its Marble Arch site,…
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Aug- 2024 -27 August
Over 3,500 Next workers win equal pay claim
More than 3,500 current and former Next employees have won a six-year legal fight for equal pay, with the total amount payable by the retailer estimated to be over £30m.According to Leigh Day, the firm that represented the workers, this marks the first equal pay claim of this type against…
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27 August
Frasers seeks £585m share buyback approval
Frasers Group is seeking approval for owner Mike Ashley to cash in on £585m of shares which could be bought by the company in a private deal, according to reports from The Guardian. Under the plan, the group said it wanted permission from shareholders to buy back the shares privately…
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14 August
John Lewis to cut 150 roles as part of realignment plan
John Lewis is set to cut more than 150 jobs as part of a realignment plan that will see it make a multi-million pound investment to simplify in-store operations, including investments into new technology and realigning staffing. As part of the changes, 153 roles, or 1% of the total workforce, will…
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1 August
Next ups FY profit guidance amid strong summer sales
Next has raised its full-year profit guidance by £20m following a period of strong trading over the summer, as sales exceeded expectations despite the drearier weather. In the second quarter of the year, full price sales were up by 3.2%, exceeding its expectations by £42m. It had initially expected Q2…
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