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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Mar- 2018 -22 March
Ted Baker sees retail sales increase by 10.4%
Fashion brand Ted Baker has reported a 10.4% increase in its retail sales in the 52 weeks ending 27 January 2018. The total increase in retail sales amounted to £442.5m, with UK and Europe up 7.7% (6.4% in constant currency) to £301.1m, US and Canada up 16.2% (12.4% in constant…
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22 March
New Look’s CVA to shut 60 stores with 980 jobs axed
Clothing and fashion retailer New Look is set to close 60 out of its total 593 stores, alongside a further six sites which are sub-let to third parties, following poor operational performance. The firm announced that a Company Voluntary Arrangement (CVA) launched on 7 March 2018 has been approved by…
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21 March
Moss Bros shares plummet amid profit warning
Moss Bros has seen its shares plummet as much as 30% as it warned its full year profits would come in below expectations – the second such warning this year. At the time of writing the company has seen its shares recover slightly at a 22% decrease. The suit retailer…
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21 March
UK consumer price inflation falls in February
The consumer price inflation (CPI) rate fell from 2.7% in January to 2.5% in February 2018, according to the Office of National Statistics. The largest contributions to the fall were attributed to transport and food prices, which rose by less than the previous year. Rising prices for footwear produced the…
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21 March
Mothercare appoints KPMG to avert collapse
Mothercare has called in accountants KPMG to handle its refinancing in order to avoid collapse. The childcare retailer appointed KPMG to help it obtain waivers for loan agreements with banking lenders HSBC and Barclays. Since the start of the year Mothercare, which has 152 shops in the UK and 1,131…
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21 March
Ocado revenue hit by adverse weather conditions
Online grocer Ocado has reported its sales were “impacted by adverse weather conditions” ensuing from the ‘Beast from the East’ early this month, and that profits have also taken a hit. Growth was 11.7% to £363.4 million, with tens of thousands of orders over the quarter being affected by snow.…
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21 March
Carpetright prepares for store closures in CVA plan
Carpetright is exploring a possible company voluntary agreement (CVA) which would allow it to to speed up the closure of underperforming stores. The beleaguered flooring retailer has announced it is seeking an insolvency deal to allow it to continue trading while it negotiates rent reductions and debt restructuring. The number…
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20 March
Amazon targets vacant Toys R Us premises
Amazon is understood to be considering buying sites from Toys R Us, just days after the toy retailer announced plans to wind up its US business. According to Bloomberg sources close to Amazon say that it has taken an interest in Toys R Us’ estate, which will soon be reduced…
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20 March
Conviviality CEO resigns amid £30m tax bombshell
Conviviality has announced its CEO Diana Hunter has stepped down with immediate effect as its struggles stay afloat following the late discovery of a £30m tax bill. In a statement the off-licence retailer said Hunter will remain with the company for a period to provide transition support, and non-executive chairman…
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20 March
Instagram launches in-app shopping for UK users
Photo-sharing social media app Instagram has expanded its shopping capabilities to UK customers, so users are able to make purchases without leaving the app. Ecommerce designers, BigCommerce Merchants, have expanded its collaboration with Instagram to make shopping on Instagram available to merchants beyond the United States to also include Australia,…
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