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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Jan- 2023 -23 January
Waterstones profits rise by £40m in FY22
Waterstones has seen its profit-before-tax rise to £42.1m in the year to April 2022, up from £2.9m the prior year and £19.7 in FY20, as customers returned to the high street. The bookseller also reported that full-year revenues soared 73% to £399.8m, as Covid-related restrictions came to an end. Although…
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23 January
The Works hails ‘resilient’ sales amid 5.7% jump
The Works has revealed it has seen a strengthening in trade since the end of its first half, with like-for-like sales increasing by 5.7% in the 11 weeks ended 15 January. The retailer also saw strong performance in-store where sales rose by 9.7%, although online sales declined by 14%, which…
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20 January
Mamas & Papas appoints new CEO ahead of global expansion
Mamas and Papas, the high street nursery brand, has announced chief operating officer Nathan Williams as its new CEO to lead the company’s next phase of growth, which it said would include expansion into new and existing international markets. Current CEO Mark Saunders, who joined the business three years ago…
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20 January
Argos to close all Irish operations
Argos has announced that it will shut all of its 34 stores in the Republic of Ireland at the end of June in 2023. The company, owned by Sainsbury’s, has said its operations in Northern Ireland, or the rest of the UK, will not be affected by the decision. It…
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19 January
Dunelm sales surge 18% in Q2
Dunelm has revealed that its total sales reached £478m in Q2, which was 18% higher than in the same period last year and an increase of 48% compared with pre-pandemic levels. For the period ending 31 December 2022, the group attributed its performance to customer demand for its Autumn and…
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19 January
Boohoo revenues drop 11%
Boohoo has revealed its revenues dropped 11% to £637.7m in the three months to 31 December, in line with the online fashion retailer’s previous guidance. UK revenues declined by 11% year-on-year while international revenues fell by 10% after trade was “impacted by extended delivery times compared to pre-pandemic levels”. Boohoo…
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18 January
WH Smith revenues up 41% amid strong travel sales
WH Smith has seen total revenues rise by 41% over the 20 week period ending 14 January 2023, with revenues also up by 20% against its pre-pandemic trading results as travel sales picked up. The group attributed its “strong” performance to its UK travel business, which saw total revenue increase…
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17 January
Quiz sales up 11% over Christmas
Quiz group sales increased by 11% to £9.8m for the Christmas trading period ending 31 December 2022. Sales growth over Christmas was driven by a 19% increase in revenues generated across the retailer’s UK stores to £6.2m, which reflects “strong” like-for-like growth on the sales generated in the prior year…
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16 January
Matalan rescue deal to wipe founder’s control of group
Matalan founder John Hargreaves is reportedly set to lose control of the group after its lenders finalised a rescue deal that eliminates his equity, despite the retail tycoon submitting his own takeover bid for the group. According to the Times, Matalan is set to announce that lenders Invesco, Man GLG,…
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13 January
N Brown sees Q3 sales slip 7.6%
N Brown has revealed its third quarter sales dropped by 7.6% to £249.2m in the 18 weeks to 31 December. Sales at heritage brands Ambrose Wilson, Home Essentials, Fashion World, Marisota, Oxendales and Premier Man dropped by 17.6%, while strategic brands Simply Be, JD Williams and Jacamo saw a 5.5%…
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