High Street
The latest news, updates and analysis on the the British High Street and 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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Aug- 2020 -25 August
UK footfall accelerates fourfold
Footfall in UK retail destinations rose by 4.1% last week against the week before, marking a “significant” acceleration in the prior week’s rise of 0.8%, and 1.8% rise in the same week last year. According to the latest data from Springboard, this was largely driven by rises in footfall of…
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24 August
Foot Locker sales jump 18% in Q2 results
Foot locker has reported a 17.1 % increase in total sales to $2bn (£1.5bn) for the second-quarter period ended 1 August 2020. Second quarter comparable-store sales also increased by 18.6% during the period. However, the company’s gross margin rate decreased to 25.9% from 30.1% when compared with the same time…
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21 August
Ex-Asda and Debenhams chiefs in rival £6.5bn bids for Asda
Retail bosses Paul Mason and Rob Templeman are reportedly set to launch rival £6.5bn bids for supermarket giant Asda. According to Sky News, the former Asda and Debenhams chief executives are being lined up to front bids from Apollo Global Management and Lone Star Funds respectively. It comes after Walmart,…
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21 August
Retail sales volumes recover slightly in July
Retail sales volumes increased by 3.6% in July when compared with June, according to new data from the ONS. The figure is also 3% above pre-pandemic levels in February 2020. During the month the volume of food store sales and non-store retailing remained at high sales levels, despite monthly contractions…
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20 August
Frasers Group profits slump in full-year results
Frasers Group has reported a 19.9% decrease in pre-tax profits to £143.5m in its preliminary results for the year ended 26 April 2020. Despite the drop, the group saw revenues increase by 6.9% during the year. EBITDA also increased by 98.7% to £551m compared with £277.3m in the prior period,…
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19 August
Fraser Group exec buys shares ‘in error’ during closed period
Fraser Group non-executive director David Daly “accidentally” purchased shares on Monday (17 August) during a closed period. In an announcement made on the London Stock Exchange, Frasers Group said it was informed that Daly had purchased 3,912 ordinary shares in the company. It added that the company has “robust procedures”…
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17 August
Debenhams draws up contingency plans for potential liquidation
Debenhams has reportedly drawn up contingency plans in the event of a potential liquidation, as it continues to weather the Covid-19 pandemic. According to a report by Sky News, it is understood that Debenahmans has drafted in Hilco Capital to support the retailer if the sales process for the 242-year-old…
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14 August
River Island set to axe 350 jobs
River Island is reportedly set to axe almost 350 store management and sales roles as it continues to weather the coronavirus pandemic. According to an internal memo sent to staff, which was seen by Drapers, CEO Will Kernan said: “We are now in the process of restructuring our retail teams…
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13 August
Topps Tiles retail revenues rise in Q4 results
Topps Tiles has reported a 15.5% year-on-year increase in retail revenues for the Q4 period ended 8 August 2020. Average weekly sales also increased by 13.1% to £4.4m during the period. As a result, the retailer’s board now expects that the group will generate a “modest level” of adjusted profit…
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12 August
Mike Ashley’s Frasers Group delays results for second consecutive year
Mike Ashley’s Frasers Group has announced it is to delay the publication of its annual results for the second consecutive year. Frasers Group, which comprises House of Fraser, Sports Direct, Evans Cycle and Flannels, had been scheduled to release its latest set of financial results tomorrow (13 August) but it…
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