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.
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Jun- 2022 -16 June
Halfords lowers FY23 profit expectations despite ‘resilient’ performance
Halfords Group plc has announced it has downgraded its profit expectations for the year despite seeing its profit before tax increasing 49.8% to £96.6m. In its preliminary results for the 52 weeks to 1 April 2022, the retailer posted revenues of £1.36bn – up almost 20% compared with pre-pandemic levels.…
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15 June
Games Workshop profits to hit £155m in FY results
Games Workshop has announced that its profit-before-tax is set to hit £155m in the year to 29 May 2022, while estimating its core revenue will “not be less than” £385m, with receivable royalties of £28m. Alongside its latest trading update, the group announced it would share bonuses amounting to £10m…
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14 June
UK unemployment rate hits almost 50-year low
The UK unemployment rate is close to a 50-year low point, having dropped by 0.2% to 3.8% for February to April 2022, and those unemployed for up to six months increased over this three-month period, marking the largest increase since late 2020. According to the Office for National Statistics, the…
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13 June
Almost 650,000 UK retail jobs lost since 2017
Almost 650,000 jobs have been lost in the UK’s retail sector over the past five years, according to new figures from a study conducted by the Centre for Retail Research. The study found that 645,204 retail jobs have been lost and 72,570 shops were closed across the whole country in…
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10 June
Inflation increases strain between supermarkets and suppliers
The increase in inflation and cost price has weakened the relationships between the UK’s supermarkets and their suppliers, according to the findings of the latest survey from the Groceries Code Adjudicator (GCA). Supermarkets are facing a series of arbitration hearings with the GCA, after adjudicator, Mark White, revealed the number…
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9 June
Retail sales dip in May as consumers cut spending
Sales across retail decreased by 1.1% in May, against an increase of 28.4% in May 2021, as consumers continued to cut spending amid the cost of living crisis, according to the BRC. This is below the three-month average growth of 0.7% and the 12-month average growth of 4.1%. On a…
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1 June
Almost half of businesses hit with price increases
Approximately half (48%) of businesses currently trading have reported that the prices of materials, goods, or services bought in April 2022 had increased from March 2022, while 23% reported that prices sold had increased across the same period. According to the Office for National Statistics (ONS), the wholesale and retail…
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May- 2022 -27 May
West End set for £80m injection over Jubilee weekend
The New West End Company, which represents 600 retail, restaurant, hotel and property owners across Bond Street, Oxford Street, Regent Street and Mayfair, said that it forecasts that sales over the Jubilee weekend (2-5 June) will hit £80m. The New West End Company, which represents 600 retail, restaurant, hotel and…
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23 May
Moonpig to acquire Buyagift for £124m
Moonpig Group has announced the proposed acquisition of the entire issued share capital of Buyagift, the gift experiences platform, for cash consideration of £124m. The company said that the acquisition will “unlock the £6bn UK gift experiences segment” of the £57bn total addressable gifting market. Buyagift has over 4,400 experience…
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20 May
Consumer confidence drops to lowest level since 1974
UK consumer confidence has fallen to its lowest level since records began in 1974, according to the latest figures from GfK’s long-running Consumer Confidence Index. For the month of May, the index decreased by a further two points to -40 as four of the five measures that make up the…
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