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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Jun- 2024 -4 June
M&S boss sees pay packet rise 75% as profits surpass £700m
M&S CEO Stuart Machin has seen his pay rise 75% £4.73m following strong full-year results at the retailer. Machin received a fixed pay of £908,000 and £3.82m in performance related pay, which is subject to holding periods and is dependent on future share price growth. Alongside this, co-CEO Katie Bickerstaffe,…
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3 June
‘We should have overtaken Waitrose already’, says M&S boss
M&S CEO Staurt Machin has argued that the company should have “already overtaken” Waitrose following its latest strong results. The company revealed that its profits had risen 41% to £673m while sales increased in both food and fashion departments. In an interview with the The Telegraph, Machin said: “You could…
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May- 2024 -23 May
Smart Toys and Games acquires Wow Toys
Belgian puzzles and games company Smart Toys and Games has announced the acquisition of Wow Toys company (NAD Developments Limited). Wow Toys founded in 1996 by Nadim Ednan-Laperouse is known for its pre-school range of vehicles and figures. The range created with children in mind has no sharp edges, no…
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22 May
M&S sees PBT soar to £672.5m
M&S has revealed that its profit-before-tax rose to £672.5m, up from £475.7m, for the year ended 30 March 2024. Alongside this, the company’s profit before tax and adjusting items was £716.4m, up from £453.3m. Overall, the retailer’s revenue jumped 9.3% from £1.19bn last year up to £1.3bn this year. Its…
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15 May
Angling Direct reports pre-tax profit of £1.5m as sales surge
British fishing equipment retailer Angling Direct has reported pre-tax profits of £1.5m in FY24, up from £700,000 the prior year. It also recorded revenues of £81.7m, up 10.2% in the financial year to 31 January 2024. Store sales increased by 7.6% to £44.4m (2023 £41.3m) and online sales increased by…
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13 May
John Lewis appoints new fashion director
John Lewis has announced the appointment of Rachel Morgans as its new director of finance. Morgans is currently working as creative consultant to brands in the UK and US and will join the company in June 2024. She has almost 30 years’ of experience in the fashion industry and holding…
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10 May
John Lewis cut 3,800 jobs in past year to reduce costs
The John Lewis Partnership has revealed that it cut 3,800 roles across the company in an effort to reduce costs. The number of employees at the Partnership fell to 70,500 at the end of January down from 74,300 the previous year. As first reported by the Telegraph, the job losses…
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7 May
Mike Ashley settles lawsuit against Morgan Stanley
Mike Ashley’s Fraser’s Group has dropped a $50bn (£40bn) lawsuit against Morgan Stanley, with no money exchanged by either parties, after the retail tycoon accused the bank of “snobbery” over a nearly $1bn (£797m) margin call. In a statement to The Financial Times, Morgan Stanley said: “Frasers Group plc and…
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7 May
Tala to debut first physical partnership with Selfridges
Athleisure brand Tala will be debuting its physical all-store partnership with Selfridges from 10 May. The brand will be available to purchase across all four Selfridges stores, including Selfridges Oxford Street, a branded shop in Manchester Trafford, Manchester Exchange Square and Birmingham. According to Tala, launching in Selfridges allows the…
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1 May
Next maintains FY guidance amid strong Q1 sales
Next has maintained its full-year guidance after the group welcomed strong trading in the first quarter of the year. In the 13 weeks to 27 April, total sales rose by 5.7% against the prior year, slightly ahead of its guidance for this period, where sales were forecast to rise by 5%.…
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