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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Jun- 2019 -19 June
Over 75% of retail workers haven’t had a pay rise in the last year
New research conducted by independent job board CV-Library, revealed 78% of retail workers haven’t had a formal pay review meeting in the past year. This has resulted in just 15% of workers in the industry receiving a pay rise over the last 12 months, despite not being offered an annual…
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19 June
Dreams posts sales and profits growth for fifth consecutive year
Bed retailer Dreams has reported an increase in both sales and profits for the fifth consecutive year. In its full-year results for the year ending 24 december 2018, Dreams recorded a 2.9% increase in sales to £309m, up from £300m the previous year. Group profits before tax was also up…
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19 June
Mulberry swings to £5m loss in 2018
Handbag retailer Mulberry has reported losses before tax of £5m for the year ending 30 March 2019. Revenue decreased by £3.4m to £166.3m during the year, and the retailer said the disruption from the House of Fraser administration “materially affected” the group’s UK performance. Despite this, Mulberry saw revenues increase…
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18 June
H&M sales jump 11% in Q2 results
Fashion retailer H&M has reported an 11% increase in net sales to 57.4bn in Swedish kroner (£4.8bn) in its Q2 results, compared with the sales rise of 2% seen during the same period last year. It is the fifth straight quarter of consistent sales growth for the company, but despite…
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18 June
Former BHS owner in court over tax evasion allegations
Former BHS owner Dominic Chappell is to appear in court today (18 June) on accusations of tax evasion in relation to a finance company at which he was the director. Chappell is due to appear at the City of London Magistrates Court, facing three charges of cheating the public revenue…
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17 June
Jigsaw appoints new board members
Retail brand Jigsaw, has appointed four new members to its board, after £20m investment saved the company last year. Despina Don-Wauchope, a former head of finance at property group Land Securities, has been appointed as the company’s new finance director. Richard Walker, a non executive director at car dealership chain…
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13 June
Majestic Wine records loss as focus switches to online
Wine retailer Majestic Wine, has recorded an £8.5m loss for the financial year up 2 April, in spite of a 6.3% increase in reported revenue to £506.1m. Alongside the stores impairment charge, the retailer also invested extra funds into its online company Naked Wines. The extra investment saw, revenue at…
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12 June
Arcadia creditors approve CVA proposals
Retail group Arcadia, has announced that all seven of its company voluntary arrangements (CVAs) have today been approved by the required majority of the companies’ creditors, including its pension trustees, suppliers and landlords. The approval allows the retailer to restructure, closing around 23 stores, in a bid to prevent going…
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12 June
Select CVA secures 87% creditor approval
Proposals for the Company Voluntary Arrangement (CVA) for high street fashion retailer Select has been approved by 87% of its creditors. The company, which is owned by Genus UK, previously fell into administration on 9 May 2019. Following this, joint administrators, Andrew Andronikou, Brian Burke and Carl Jackson of business…
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12 June
Zara owner records a 10% profit rise
Spanish fashion retailer Inditex, has announced a 10% rise in net profit for Q1, up to €734m (£634m). Net sales saw record growth for the first quarter, rising by 5% to €5.93bn (£5.2bn). EBITDA rose 49% to €3.53bn (£3.14bn), alongside a 6% rise in gross profit to €3.5bn (£3.1bn). Inditex…
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