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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Sep- 2018 -17 September
Paperchase sees key credit insurer reduce cover
Paperchase is facing increasing pressure as one of its main credit insurers has reduced its cover after the company posted a slump in profits. Paperchase saw its profits before tax drop 88% to just £613,000 in the year to 28 January, according to its latest accounts filed with Companies…
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14 September
London department stores smash own windows
London department stores including Harrods, Harvey Nichols and Fortnum & Mason have smashed their own windows to commemorate the centenary of women’s voting rights. The move is the result of a partnership between the British Fashion Council (BFC) and the Mayor of London’s ‘Behind Every Great City’ campaign. The mayoral…
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14 September
Sports Direct struggling to find auditor as EY, KPMG and PwC refuse role
EY, KPMG and PwC have all declined to take on an audit of Sports direct as the company attempts to find a replacement for Grant Thornton. According to Sky News three out of the ‘big four’ accounting firms have declined to take up the role due to potential conflicts of…
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13 September
New retail park specialising in ‘bulky goods’ to create 260 jobs
A new retail park in East Kilbride, Scotland specialising in “bulky goods” such as furniture, carpets, DIY, kitchens, bathrooms, furniture, beds and homeware, will create 260 jobs according to its developers. Peel Park is set to cost developers London & Scottish Investments (LSI) £35m stretching across 125,000 sq ft. The…
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13 September
John Lewis hit by 99% drop in H1 profits
The John Lewis Partnership has reported a 99% slump in its underlying profits to £1.2m in the first six months of the year, which the company described as “challenging times”. The significant drop in profits comes despite a 1.6% uptick in revenue to £5.4bn attributed to the increased online grocery…
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13 September
Sports Direct rules out Debenhams takeover
Sports Direct has quashed speculation that it could increase its 30% stake in embattled department store Debenhams with a buyout deal. Senior non-executive director Simon Bentley caused confusion when he told reporters that a House of Fraser and Debenhams merger had “been discussed” by the board during its AGM on…
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12 September
Inditex H1 sales surpass €12bn for first time
Spanish fashion retailer Inditex has reported record sales and profits during the first half of the year as revenue surpassed €12bn (£10bn) for the first time. The retailer that owns the Zara, Pull&Bear and Stradivarius brands also posted record profits during the six months to 1 July as net income…
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12 September
Game reprimanded by ASA for ‘misleading’ advert
Game has been reprimanded by the Advertising Standards Authority (ASA) after a complainant claimed an advert suggested the company only accepted trade-ins depending on the age of a game. The advert showed a man handing down a game to his son whilst telling him the history behind his ownership of…
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11 September
JD Sports sees revenues and profits soar in ‘record result’
JD Sports has recorded a “record result” in the 26 weeks to 4 August as it posted double-digit growth in both revenues and profits. The sports and fashion retailer’s revenues increased by 35% to £1.8bn and also saw pre-tax profits jump 19% from £102.7m to £121.9m. JD Sports also reported…
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10 September
Summer weather drives GDP and retail growth
The joint hottest summer ever and the World Cup helped the UK experience both GDP and retail growth. The Office for National Statistics (ONS) said GDP increased by 0.6% in the three months to the end of July. Retail trade also saw growth of 2.1%. The retail trade contributed 0.11…
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