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- 2023 -12 October
Hotel Chocolat revenues fall 10% in FY23
Hotel Chocolat has reported that revenue fell by 10% to £204.5m in the year ended 2 July, due to lower sales online and internationally. UK revenues also dropped by 8% year-on-year, which the group maintains is in line with market expectations. That said, the group did experience an 8% year-on-year…
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11 October
BRC backs Labour shoplifting stance
The British Retail Consortium (BRC) has backed the Labour party’s stance on shoplifting and violence against retail staff. Sir Keir Starmer announced at the Labour party conference that it intends to create a specific new offence of assault against retail workers. The party also announced its intention to roll back…
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10 October
River Island profits plummet 90% despite rise in turnover
River Island operating profits dropped by 90% year-on-year to £7.4m, despite turnover rising 11.6% year-on-year to £825.8m for the 53 weeks ended 31 December 2022. The retailer attributed a combination of costs to clear excess stock and cost of goods inflation on the gross profit fall of 69% year-on-year to…
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Sep- 2023 -26 September
Card Factory profits soar 70% amid strong store sales
Card Factory has seen profits soar by 72.7% to £24.7m in its half-year results, up from £14.3m the prior year. Its profit result was driven by strong sales over the period, with revenues up by 11.5% to £220.8m, as the group welcomed good momentum across the business, particularly in its…
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22 September
Mothercare revenues decline in FY23
Mothercare has reported that underlying profits slipped from £12m last year to £6.7m in the financial year ended 25 March, despite a 9% increase in net worldwide retail sales by franchise partners to £322.7m. As a result, the group’s net borrowing reached £12.4m in FY23, widening from £9.9m recorded at…
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21 September
Wilko administrators to review £77m dividend payouts
Wilko administrators PwC are reportedly set to question majority shareholder Lisa Wilkinson over payouts of £77m in dividends to investors during the last decade. According to the Times, PwC will review payouts to the Wilkinson family and other investors in the years leading up to the retailer’s demise. It has…
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19 September
Majestic Wines opens Newark-on-Trent store
Specialist wine retailer has opened its latest store in Newark-on-Trent as part of its accelerated brick-and-mortar expansion. This opening marks the second new store opening for the wine retailer for the 2023/24 financial year and its 205th store in the UK. Majestic has plans to expand its in-person shopping presence…
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18 September
Over 100,000 retail jobs lost since 2020 after Wilko collapse
The number of retail job losses since 2020 is set to pass 100,000 as a result of the 12,500 jobs at risk after the collapse of Wilko, according to data from the Centre for Retail Research. The latest data shows that there have been more than 17,000 jobs lost at…
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15 September
Ann Summers partners with DSA
Ann Summers has joined the UK trade body for direct-to-consumer retail, the Direct Selling Association (DSA), as it looks to focus on its direct sales channel. Currently, the retailer has joined the DSA as a prospective member, whilst the full membership audit process is carried out. According to the DSA,…
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13 September
The Range agrees £5m deal for Wilko brand
Value retail chain The Range has agreed a deal to purchase the Wilko brand in a deal worth £5m, according to reports from Sky News. The deal is expected to be announced later on Wednesday and will be the latest in a series of transactions signed by administrators PwC. More…
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