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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Oct- 2018 -12 October
Hamleys reports £12m sales loss amid ‘most challenging year in retail history’
Toy retailer Hamleys has reported a sales loss of £12m for the full year to 31 December 2017. According to the the latest figures revenues dropped 2.5% to £66.3m and net assets also decreased by £11.7m, as well as an EBITDA loss of £4.7m. The group said 2017 was one…
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12 October
Boots sales fall 3% due to ‘decline in UK pharmacy funding’
Boots has announced a 3.4% fall in sales between June and August 2018 comparison with the same period last year. The pharmacy chain blamed “lower prescription volume and a decline in UK pharmacy funding” for the sales drop, in its latest financial report. Sales in its pharmacies fell by 1.2%…
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12 October
Retailers could be forced to publish ethnicity pay gaps
Prime minister Theresa May has announced a series of measures to tackle ethnic disparities in the workplace, which includes the mandatory publishing of ethnicity pay gaps. The government has invited businesses to share its views on this mandatory approach to ethnicity pay reporting, since according to the group the number…
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11 October
WH Smith to close six stores as result of ‘business review’
WH Smith has announced it will close six stores as it looks to “restructure” its high street business, including operational activities and winding down “non-core trial initiatives” including Cardmarket and WH Smith. Despite restructuring plans WH Smith said its high street arm had delivered a “good performance despite the well…
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11 October
Levi’s posts double-digit Q3 sales increase
Levi Strauss and Co. has reported a 10% increase in retail sales during the twelve weeks to 26 August, as the fashion retailer delivered its fourth consecutive quarter of revenue growth. Levi’s net revenue for the three-month period was $1.39bn (£1.05bn) up from $1.26bn (£955m) the previous year. The growth…
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10 October
Beauty brand Deciem shutters all stores following bizarre Instagram post
Beauty brand Deciem, has closed all its stores until 2019 following an Instagram post by its founder who alleged “almost everyone at Deciem has been involved in a major criminal activity”. The Toronto-based company’s founder Brandon Truaxe made the claim in an online post on the brand’s official Instagram account.…
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10 October
Wilko suffers £65m loss
Homeware retailer Wilko has posted a profit before tax loss of £65m in its latest financial results to the year ending 3 February 2018. The company said during the past year it had invested in excess of £60m in the business to capitalise on future growth. Wilko’s operating profit was…
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9 October
Consumer spending in September dips amid ‘summer hangover’
UK retail sales decreased by 0.2% on a like-for-like compared with September 2017, when it had increased 1.9% from the preceding year. According to new figures from the British Retail Consortium (BRC) and KPMG’s sales monitor, total sales increased by only 0.7% in September, against an increase of 2.3% in…
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9 October
H&M invests £15m stake in Klarna
H&M and Klarna have announced they have entered into a £15m global partnership as the Swedish clothing retailer acquires a less than 1% stake in the fintech company. The clothing retailer said the equity investment demonstrates a “shared commitment and vision to the continual development of smarter retail where optimisation…
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8 October
Quiz issues profit warning leading to 25% share tumble
Clothing retailer Quiz has released a profit warning, five months after announcing a revenue growth of 30%. Shares in Quiz dropped by 25% following the announcement with it claiming its recent performance was “behind our expectations” adding that the company’s performance “declined” during the second half of the financial year.…
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