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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May- 2018 -24 May
Shoe Zone’s profit more than triples in latest results
Shoe Zone has announced that its profits have more than tripled in its financial results for six months to 31 March 2018. The value footwear retailer saw statutory profit before tax reach £1m, a marked increase when compared with the £300,000 it posted over the same period in 2017. Shoe…
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24 May
Tesco to remove ‘best before’ dates to cut down on food waste
Supermarket giant Tesco is to remove ‘best before’ consumption guidance dates from around 70 fruit and vegetable lines to help reduce food waste. The move is being made to help prevent “perfectly edible” food from being thrown away. It follows research in the causes of food waste by the National…
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23 May
500 Tesco jobs face the axe amid online ‘refocusing’
Tesco has announced plans to close its Tesco Direct website putting 500 jobs at risk. Tesco Direct’s headquarters and Milton Keynes distribution centre are to close on 9 July after the supermarket giant said the site was a “small, loss-making part of the business” that had “no route to profitability”.…
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23 May
Primark set to overtake Marks and Spencer market share
Primark is set to overtake M&S to become the UK’s largest clothing retailer by market share, according to new data. The discount clothing chain will see its market share rise to 7% while M&S will see a drop to 7.6%. New data from Global Data has shown that Primark’s market…
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23 May
Boots posts revenue and profit drop
In newly filed accounts Boots has reported a drop in both its revenues and profits for its most recent financial year. In its strategic report for the year 31 August Boots posted revenues of £6.83bn down from £6.87bn the previous year. The beauty and pharmaceutical retailer also announced pre-tax profits…
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23 May
M&S profits dive 62% for full year
Marks and Spencer has reported a 62.1% drop in pre-tax profit for the year ending March 2018, amid an ongoing store closure programme. Profits before tax dropped from £176.4m to £66.8m during the year, and the cost of the store closure programme – which will see more than 100 stores…
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22 May
Adobe to acquire Magento Commerce for $1.7bn
Technology firm Adobe has entered into a definitive agreement to acquire Magento Commerce, an e-commerce platform, for $1.68bn (£1.24bn). According to the group the addition of the Magento Commerce Cloud will “enable commerce to be seamlessly integrated into the Adobe Experience Cloud, delivering a single platform that serves both B2B…
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22 May
Revealed: M&S names stores to shutter
M&S has announced the next tranche of UK stores proposed for closure or set to close as it reshapes its UK store estate with plans to take at least a third of sales online. The retailer will close over 100 stores in total by 2022, including 21 that have already…
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22 May
Tony Hoggett appointed Tesco COO
Former Tesco Asia boss Tony Hoggett has been appointed to the newly created position of chief operations officer (COO) of Tesco UK. Alison Horner, former chief people officer, will take over as CEO for Asia. According to the group Horner has a long history of operational experience and leadership within…
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22 May
Former Dixon Carphone boss appointed M&S director
Department store Marks and Spencer has appointed Katie Bickerstaffe and Pip McCrostie to its board as non-executive directors. Bickerstaffe was previously the CEO of Dixons Carphone, and will bring “a deep understanding of retail and operations, as well as experience in marketing, people, property”. McCrostie has experience in finance and…
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