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- 2018 -24 August
Retailers risk losing two-thirds of customers with ‘new shopper’ discounts
Retailers are at risk of losing their most loyal customers if they don’t change the way they execute sales periods. Research commissioned by Collinson, a global loyalty and benefits company (formerly ICLP), found that 66% of respondents said retailers which offer discounts exclusively to new customers ‘annoy’ them as loyal…
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23 August
Urban Outfitters records record sales results as shares rocket
Urban Outfitters has announced record overall sales of £769.5m, seeing a 13.7% increase across the three months to July 31. The fashion retailer also announced an 86% income rise over the last quarter, bringing its half year income to £103.9m. The record figures led to a rocket in share price…
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23 August
Laura Ashley full year profits plummet to £100,000
Homeware retailer Laura Ashley has announced its annual profit before tax reached a low of £100,000 in 2018, due to “difficult trading conditions”. In the group’s full year results, total like-for-like retail sales were down 0.4% and total group sales declined to £257.2m, a fall of £19.8m compared with 2017.…
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22 August
TK Maxx parent company announces 12% sales increase
The parent company of TK Maxx, TJX, has announced it has seen a 12% increase in net sales for the last financial year, double last years figure. Comparable store sales for the company’s European division rose to 4% over the last quarter from just 1% over the same quarter the…
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21 August
FRC fines KPMG £2.1m for ‘breach of ethical standards’ in Ted Baker audit
The Financial Reporting Council (FRC) has issued a £2.1m fine and “severely reprimanded” KPMG and its partner Michael Francis Barradell, after they admitted to “misconduct” in relation to audits of Ted Baker and No Ordinary Designer Label. Barradell also received a reprimand and a fine of £80,000 which was reduced…
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21 August
Office Outlet announces CVA proposal
Stationery retailer Office Outlet has announced a company voluntary arrangement (CVA) proposal to restructure its UK store estate as part of its ongoing turnaround strategy. The retail chain formerly known as Staples has spent the last two years performing an operational restructuring which it said has “significantly improved” its store…
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20 August
Office Outlet to ask for three-year rent-free period in CVA
Stationery retail chain Office Outlet is expected to make a Company Voluntary Agreement (CVA) announcement today (Monday 18 August) in which it may seek a three-year rent-free period for its stores. The Sunday Times reported that Deloitte would be handling the company’s impending CVA and 20 of its stores may…
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20 August
House of Fraser woes push Mulberry into £3m loss
Designer fashion brand Mulberry has issued a profit warning following the financial woes of House of Fraser. With the company, saying it expects to absorb costs of £3m due to the chain’s restructuring, the company’s shares dropped by 30% following the announcement. Mulberry operates 21 House of Fraser concessions, employing…
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17 August
Debenhams to axe 90 jobs
Debenhams has announced it is to cut 90 jobs as part of a restructuring plan to focus the business on key areas. The department store is also currently in redundancy talks with 200 head office workers as part of the last stage of its cost cutting plan. In a statement…
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17 August
House of Fraser cancels all online orders
Struggling retailer House of Fraser has cancelled all online orders and will refund customers who have not received their products. This comes only days after the retailer announced on Twitter that “orders would be delivered as soon as possible”. In the tweet, the company added that due to recent changes…
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