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 -25 October
Shoe Zone celebrates positive year
Shoe Zone has revealed that its adjusted profit before tax is expected to be no less than £11m for the year ended 1 October 2022, up from £9.5m in the previous year. Group revenue also increased by 31.2% to £156.2m, up from £119.1m a year earlier. This was boosted by…
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24 October
Lenders prepare to take control of Matalan as bid deadline hits
Lenders are reportedly preparing to take control of Matalan after the deadline for its rescue bids was hit last Friday (21 October). According to The Telegraph, the bondholders who are owed £350m by Matalan “effectively control the business” after it failed to refinance the debts earlier this year. The Telegraph…
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21 October
Zara to launch resale and repair service
Fashion retailer Zara is set to launch ‘Zara Pre-Owned’ in the UK, an integrated platform available through its stores, website and mobile app on 3 November for repair, resale and donation services. It is reported that this platform aims to help customers make more sustainable decisions with their used clothing…
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21 October
ProCook revenues fall 9.1% in Q2
ProCook has reported revenues of £15.9m in Q2, a 9.1% drop year-on-year, yet still 110.4% higher on a like-for-like basis compared to pre-pandemic FY20, for the 16 weeks ended 16 October 2022. The group’s first half revenue of £27.4m, a 14.8% year-on-year decrease, was reportedly due to the annualisation of…
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20 October
Dunelm sales down 8% in Q1
Homewares retailer Dunelm has revealed that its sales were down by 8% to £357m in the 13-week period ended 1 October 2022, as the cost of living crisis impacted demand in the period. The retailer said this result was “robust” in the face of a strong comparative period, as last…
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20 October
Wilko calls in advisers amid cost-cutting measures
Wilko has reportedly drafted in Teneo as advisors as the retailer seeks to cut costs across the business amid the cost-of-living crisis, according to Retail Week. Wilko is reportedly mulling potential cost-cutting and restructuring options as it seeks to shore up its balance sheet. Rising inflation, shipment delays and store…
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20 October
Burberry raises staff pay six months early
Burberry has announced it has brought forward the implementation of new UK real Living Wage pay rates for its staff as defined by the Living Wage Foundation by more than six months. Burberry has implemented the increased rates from 1 October 2022, ahead of the deadline set by the Living…
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18 October
Matalan secures 6 month extension to £350m debt repayment
Matalan has announced that it has secured a deadline extension for its £350m debt repayment. The company revealed the original date of January 2023 has been pushed back to July 2023, after over 90% of the holders of its 6¾% first lien secured notes of £350m due in January 2023…
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17 October
Footfall increases marginally as city centre workers return to office
Footfall across UK retail destinations rose marginally by +0.8% last week from the week before as performance was boosted by the return of office workers in city centres, according to the latest data from Springboard. The rise in footfall of +1.6% in high streets from the week before was predominantly…
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17 October
Asos enters final stages of financial amendment
Online fashion retailer Asos has said it is in the final stages of agreeing an amendment to the future financial covenants in its revolving credit facility. It comes after Sky News reported that banks including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance…
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