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.
-
Sep- 2018 -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…
Read More » -
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…
Read More » -
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…
Read More » -
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.…
Read More » -
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…
Read More » -
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…
Read More » -
13 September
John Lewis hit by 99% drop in H1 profits
The John Lewis Partnership has reported a 99% slump in its underlying profits to £1.2m in the first six months of the year, which the company described as “challenging times”. The significant drop in profits comes despite a 1.6% uptick in revenue to £5.4bn attributed to the increased online grocery…
Read More » -
13 September
Sports Direct rules out Debenhams takeover
Sports Direct has quashed speculation that it could increase its 30% stake in embattled department store Debenhams with a buyout deal. Senior non-executive director Simon Bentley caused confusion when he told reporters that a House of Fraser and Debenhams merger had “been discussed” by the board during its AGM on…
Read More » -
12 September
Inditex H1 sales surpass €12bn for first time
Spanish fashion retailer Inditex has reported record sales and profits during the first half of the year as revenue surpassed €12bn (£10bn) for the first time. The retailer that owns the Zara, Pull&Bear and Stradivarius brands also posted record profits during the six months to 1 July as net income…
Read More » -
12 September
Morrisons faces £1bn equal pay case for female staff
Morrisons could be made to pay over £1bn in compensation to women store employees who believe they have been paid less than men in the distribution centres for equal work. Law firm Leigh Day is representing the employees and has lodged claims with the conciliation service ACAS while awaiting a…
Read More »
