Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
-
Aug- 2022 -9 August
Sharon White: Gov needs to get over 50s back into work to curb inflation
The boss of John Lewis has said the large number of over 50s who left the workforce during the pandemic is helping to fuel the current high levels of inflation across the UK. Speaking to the BBC, Dame Sharon White said that the government must “think really hard” about how…
Read More » -
8 August
Women’s Euro and summer heatwave reduce online retail sales decline
Online retail sales growth dipped -2.3% year-on-year (YoY) in July 2022 as the Women’s Euro final and the summer heatwave helped reduce the decline, according to the latest IMRG Capgemini Online Retail Index. While this is a continuation of the negative growth that has been consistent across 2022, it was…
Read More » -
5 August
Tax cuts won’t solve economic crisis, says Next CEO
Simon Wolfson, the chief executive of fashion retailer Next, has claimed that inflationary pressures can only be tackled by increasing the supply of goods and workers as tax cuts will not solve the challenges facing the British economy, according to The Telegraph. The Telegraph reported that Wolfson also predicted that…
Read More » -
4 August
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
Read More » -
4 August
Footfall declines in July as north-south divide grows
Footfall weakened in July to -14.2% below 2019 from -12.3% in June 2022 with the month’s performance also highlighting the growing divide between the north and south of the country, according to the latest data from Springboard. July saw a -17% decline compared with 2019 in high streets, a -18.6%…
Read More » -
4 August
Zalando to return to growth in H2 despite Q2 profit fall
Zalando, the online fashion retailer, has revealed it expects to return to growth in H2 despite seeing a 58% drop in its Q2 operating profits to €77.4m (£64.7m), down from €184.1m (£153.3m) in the same period last year. However, the Q2 performance marks a rebound from a Q1 loss of…
Read More » -
4 August
ScS ups FY guidance as orders rise by 3.9%
ScS has upped its full-year guidance after its like-for-like order growth rose by 3.9% in the 52-week period ended 30 July, 2022. In its latest training update, the board said it was “pleased” with its positive trading, strong margin, and effective cost management during the year and therefore expects its…
Read More » -
3 August
Hugo Boss hails strongest Q2 in its history
Hugo Boss has reported an operating profit of €100m (£83.4m) for Q2, over double the €42m (£35m) it recorded in Q2 2021. The three month period also saw group sales surge 34% compared with the prior-year period and its revenues increased 40%, totaling €878m (£728.9m), marking its “strongest second quarter…
Read More » -
2 August
Women’s Euros final win boosts footfall post-match
High street footfall across the UK on Sunday was up by 4.4% against the previous week during shopping hours, as footfall was boosted by those visiting cities and large towns to watch the Women’s Euros final this year. According to Springboard, between the hours when the match was taking place,…
Read More » -
Jul- 2022 -28 July
Virgin Wines revenue up 63% on pre-Covid levels
Online wine retailer, Virgin Wines, has revealed that the company’s revenue is up 63% on a three-year, pre-Covid basis, compared to the FY19 result of £42.4m, highlighting that the business has retained much of the substantial growth achieved during the pandemic. However, it is reported that the company has a…
Read More »
