News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Sep- 2018 -18 September
H&M posts 9% sales increase
H&M’s group sales have increased by 9% according to the fashion chain’s Q3 financial update. Performance exceeded analysts’ expectations, resulting in the company’s highest share increase in 17 years. The firm attributed to the results to investment in its online offerings and logistics systems. Investors rallied to what seemed to…
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17 September
Sports Direct denies Mike Ashley will block Debenhams’ Magasin du Nord sale
Sports Direct has denied the claims which emerged over the weekend that Mike Ashley will attempt to block a sale of Debenhams’ Magasin du Nord business. Reports had suggested the Sports Direct boss could block Debenhams attempt to raise cash through the £250m deal, in order to buy the store…
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17 September
Boohoo appoints Primark COO John Lyttle as its new CEO
Online fashion retailer Boohoo has appointed current Primark COO John Lyttle to become its new CEO with effect from 15 March 2019. According to the group Lyttle’s appointment is a “key constituent” of the group’s positioning for its next stage of growth and will be accompanied by a number of…
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17 September
Paperchase sees key credit insurer reduce cover
Paperchase is facing increasing pressure as one of its main credit insurers has reduced its cover after the company posted a slump in profits. Paperchase saw its profits before tax drop 88% to just £613,000 in the year to 28 January, according to its latest accounts filed with Companies…
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14 September
John Lewis Oxford Street flagship sees business rates rise 57% in a year
John Lewis’ flagship on Oxford Street, London is expected to see its business rates tax rise from £12.68m to £19.91m up 57% compared with last year’s revaluation. According to real estate advisor, Altus Group, the Oxford Street store alone will pay £41.04m in business rates over the four years of…
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14 September
London department stores smash own windows
London department stores including Harrods, Harvey Nichols and Fortnum & Mason have smashed their own windows to commemorate the centenary of women’s voting rights. The move is the result of a partnership between the British Fashion Council (BFC) and the Mayor of London’s ‘Behind Every Great City’ campaign. The mayoral…
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14 September
Sports Direct struggling to find auditor as EY, KPMG and PwC refuse role
EY, KPMG and PwC have all declined to take on an audit of Sports direct as the company attempts to find a replacement for Grant Thornton. According to Sky News three out of the ‘big four’ accounting firms have declined to take up the role due to potential conflicts of…
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14 September
Co-op reports strong H1 sales growth thanks to Nisa acquisition
Sales for supermarket group Co-op increased by 10% to £5bn for its half-year financial results, driven by a strong food sales performance and the acquisition of wholesales grocer Nisa. Food retail like-for-like sales increased by 4.4% and group profit before tax increased to £26m, compared with £14m the previous year.…
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13 September
Morrisons H1 results hits nine-year high with 6.3% sales increase
Supermarket giant Morrisons’ like-for-like sales increased by 6.3% in the group’s half year results, marking a nine-year high for the company. Revenue increased by 4.5% to £8.80bn, compared with £8.42bn the previous year, and underlying earnings per share also increased by 8.5% to 6.28p. However profit before tax slumped by…
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13 September
New retail park specialising in ‘bulky goods’ to create 260 jobs
A new retail park in East Kilbride, Scotland specialising in “bulky goods” such as furniture, carpets, DIY, kitchens, bathrooms, furniture, beds and homeware, will create 260 jobs according to its developers. Peel Park is set to cost developers London & Scottish Investments (LSI) £35m stretching across 125,000 sq ft. The…
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