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- 2022 -11 October
ScS sees revenues rise but warns of reduced consumer confidence
ScS has reported a record 8.6% revenue rise in its preliminary results for the 52-week period ended 30 July 2022, as it also warned that recent trading had been impacted by falling consumer confidence. ScS confirmed revenues hit £331.6m, up from £305.2m. Despite the revenue increase it added its pre-tax…
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11 October
Marks Electrical sees H1 revenues rise 15%
Marks Electrical has reported a revenue growth of 15.1% to £43.1m (HY22 £37.5m) for the six months ended 30 September 2022, sequentially improving against the 13.7% revenue growth in the first four months of FY23 and against a “particularly challenging market back-drop”. It reported strong performance driven across all categories…
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10 October
Levi Strauss & Co reports stagnant profits amid unfavourable conditions
Levi Strauss and Co has announced its gross profits for the three months ended 28 August 2022 were up by 0.08% year on year to $862.9m (£775.6m), with unfavourable currency exchanges, higher product costs and lower full-priced sales marked as the main barriers faced by the company. As a result,…
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7 October
AO scraps COO role after resignation
AO has announced it has scrapped its COO role following the departure of Danny Emmett from the position, according to Retail Week. Emmett was expected to succeed chief executive John Roberts but has left the business with immediate effect. He worked at AO for nearly 14 years, having first joined…
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6 October
Footfall slows to +6.8% in September
UK footfall slowed for the third consecutive month and now sits just 6.8% compared with the same period in 202, as the rising cost of living cuts consumer visits according to the latest data from Springboard. Springboard revealed that superficially September’s results suggest that footfall has largely been unaffected by…
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4 October
Greggs sales rise 15% in Q3
Greggs has seen its total sales rise by 14.6% for the 13 weeks to 1 October 2022, with company-managed shop like-for-like sales up 9.7% in the quarter. Despite this sales boost, year-on-year growth slowed in August given the “particularly strong” staycation effect, though momentum returned in September. The closure of…
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3 October
Frasers urges MySale shareholders to accept offer
Frasers has published a letter in which it urged MySale shareholders who have not yet accepted the mandatory offer to do so “as soon as possible” so as to be received or settled by no later than 1.00pm on 1 November 2022. It comes after Frasers announced that, as at…
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Sep- 2022 -30 September
JD Sports and Nike announce connected partnership
JD Sports has announced that it has been selected as Nike’s first European retail partner for its connected partnership, designed to “enhance the shopping experience of customers through access to an additional range of Nike member-exclusive products and experiences”. Nike’s connected partnership offers JD’s customers, starting in the UK, access…
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29 September
Co-op pre-tax profits fall to £7m
The Co-op has revealed its group pre-tax profits fell 84% to £7m in the first half of the year as it was impacted by “challenging market conditions”. It also revealed that underlying operating profit was down £33m to £18m. The firm said that in “very challenging markets” it delivered a…
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29 September
H&M profits hit by Russian exit
H&M has announced pre-tax profits of SEK 689m (£56.5m), down from SEK 6.09bn (£220m) a year prior, in the group’s fiscal third quarter from 1 December 2021 to 31 August 2022. It said its results were impacted by a one-time cost of SEK 2.1bn (£76.1m), related to the winding down…
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