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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Mar- 2023 -20 March
Home Bargains owner pockets £20m dividend despite falling profits
The billionaire owner of Home Bargains received more than £20m in dividends last year despite the company’s profits falling 26%, according to This Is Money. TJ Morris, the company that owns Home Bargains, posted profits of £290m for 2022 from revenues of £3.42bn. This led the company to pay out…
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16 March
Superdrug raises pay for newly-qualified pharmacists
Superdrug has announced a pay increase for newly-qualified pharmacists that will see their wages rise to £50k. The news comes as the high street drugstore is actively recruiting for 200 roles, while also introducing a new ‘financial wellbeing’ package. There are currently 155 pharmacists working for Superdrug, with an average…
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15 March
Zara owner sales jump 17.5% in FY22
Inditex, the parent company of high street retailer Zara, has revealed that sales reached €32.6bn (£28.7bn) in FY22, an increase of 17.5% on the prior year. According to the group, its sales grew 18% in constant currencies across all its key geographical areas both in stores and online. While online…
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14 March
Severe weather sees footfall drop 7%
Footfall across UK retail destinations declined by -7% last week due to “severe” weather conditions, a far greater decline than in the week before last when footfall had dropped by a modest -1.1%, according to the latest figures from Springboard. Springboard revealed that high streets were by far the hardest…
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13 March
UK retailers reassure investors amid Silicon Valley Bank collapse
UK retailers THG, Moonpig, and Naked Wines have moved to reassure investors of their financial security following the collapse of US-based Silicon Valley Bank (SVB) last Friday (10 March). The news comes after SVB was shut down by US regulators on Friday, with its UK arm thought to have around…
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9 March
Hugo Boss welcomes record sales in FY22
Hugo Boss sales increased 27% to a new record of €3.7bn (£3.2bn), according to the latest 2022 report released today. These recent figures mean that for the first time in the history of the fashion brand, the company exceeded the €3bn threshold (£2.6bn) despite the high levels of economic implications…
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8 March
Hotel Chocolat revenues and profit tumble in H1
Hotel Chocolat has reported a fall in revenues in the half-year ended 25 December 2022, falling from £142m last year to £129m, with its underlying PBT dropping to £10.2m in H1 from £25.4m in the same period last year. In addition, the retailer also reported that its underlying operating profit…
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8 March
TK Maxx eyes further London expansion
TK Maxx is reportedly looking to expand its presence in London, the Evening Standard has reported. As the capital continues to bounce back from Covid restrictions and with the recent ONS analysis regarding a boost in footfall levels, TK Maxx is reportedly among the companies keen to open more shops…
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7 March
Greggs sales rise 23% in FY22
Greggs has welcomed a strong performance in FY22, with total sales up by 23% to £1.5bn, and like-for-like sales in company-managed shops up by 17.8% year-on-year. Over the period, pre-tax profits were also up 1.9% to £148.3m, against £145.6m the prior year. It comes as the group reported a “record”…
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6 March
Starbucks to open 100 new stores as revenues increase 37%
Starbucks has announced plans to open 100 new stores in the UK after its revenues increased 37% to £449m for the year ended 2 October 2022. The company will invest £30m in the UK on a number of initiatives including opening new stores and renovating existing ones. The move comes…
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