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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Dec- 2018 -12 December
Superdry mulls store closures as profits drop 49%
Fashion retailer and brand Superdry has issued a profit warning after pre tax profits fell 49% to £12.9m in the 26 weeks to 27 October 2018. Group revenue was up 3.1% to £414.6m in FH19 compared with £402m in the first half of 2018. With regards to its outlook the…
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11 December
Carpetright swings to £11.7m loss in H1 results
Embattled retailer Carpetright has reported losses before tax of £11.7m for 26 weeks ending 27 October 2018, compared with the £600,000 loss recorded during the same period last year. Group revenue decreased by 15.7% to £191.1m, and underlying EBITDA declined by £1.7m, compared with the profit of £8.6m recorded during…
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11 December
Major retailers’ e-receipts ‘may break data protection rules’
New research has found that major retailers “may break data protection rules” for sending promotional marketing to shoppers who had asked for no promotional emails. The research by Which?, saw mystery shoppers sent to 11 retailers: Topshop, Clarks, Gap, New Look, Dorothy Perkins, Arcadia Group (Miss Selfridge, Outfit, Burton), Schuh,…
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11 December
Poundstretcher posts profit decline
Discount retailer Poundstretcher overall profits for the financial year ending 31 March 2018 fell to £1.7m compared with the previous year’s figure of £2.1m. Its profit before tax dropped from £2.7m to £2.1m over the same period. The company’s turnover dipped to £387.4m compared with the previous year’s figure of…
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10 December
Welsh high street retailers to get £2,500 each in business rate cuts
The Welsh government has announced it is to give retailers £2,500 each in business rate cuts. Finance secretary, Mark Drakeford has announced a £23.6m investment to enhance and extend the government’s high street rates relief scheme until 2020. Around 15,000 businesses are expected to receive the enhanced support from April…
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10 December
Footfall struggles to keep up in November
Footfall in November fell by 3.2%, a significant decline on the previous year when it grew by 0.2%, according to new figures from Springboard. According to the research, it is the twelfth month of consecutive decline, and the group added that the numbers illustrate the ‘Black Friday’ effect of driving…
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10 December
Mike Ashley’s Flannels given £125k rates relief despite £65m turnover
Mike Ashley’s high end fashion chain Flannels has been handed £125,000 in business rates “help” by a local council amid fears that a former pub and nightclub it bought back in 2016 would be left derelict. Doncaster Council agreed the funding to Flannels’ over a “derelict” site at Priory Walk,…
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7 December
Primark owner warns ‘trading was challenging’ for November
Primark owner, Associated British Foods has warned that trading for November was “challenging” for the clothing retailer. The group’s chairman, Michael McLintock, will say at its AGM today that a “tough retail market” was to blame for a challenging month. Trading was “in line with expectations” for the first eight…
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6 December
Ted Baker launches investigation into CEO ‘hugging’ allegations
Fashion retailer Ted Baker has launched an investigation into harassment allegations against its founder and CEO Ray Kelvin, after reports claimed he hugged workers and kissed their necks and ears. The group has appointed independent law firm Herbert Smith Freehills to conduct an independent external investigation into the reports it…
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6 December
UK customers to boost retailers with £420 festive spend
New Christmas trading analysis from PwC has suggested UK shoppers are preparing to spend an average of £420 on Christmas presents this year. Those in the 35-44 year age bracket are expected to shell out the most with a £522 spend, and shoppers in Scotland will have the highest average…
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