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 -23 March
Retail sales see first increase in two months
Retail sales increased by 0.8% in February this year compared with the previous month, with increases seen across all main sectors except non-food stores. The latest data from the Office for National Statistics (ONS) showed the first uptick after two monthly declines in December and January, resulting in an overall…
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23 March
Next admits 2017 was ‘the most challenging year’ as annual profits drop
Next has seen its annual profits drop by 8% after what the retailer described as its most challenging year for 25 years. The fashion retailer’s pre-tax profits dropped to £726.1m down from £790.2m, although this was in line with expectations. Next attributed the decline to “a weak clothing market” as…
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23 March
Toys R Us founder dies aged 94
The founder of Toys R Us, Charles Lazarus, has died aged 94, after a period of declining health. He founded the company and began selling toys 1957, after he returned from military service in the Second World War. The toy retail firm has issued the following statement: “There have been…
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22 March
Conviviality launches £125m fundraising bid to avert bankruptcy
Conviviality has announced it urgently needs to raise £125m to avert bankruptcy as it issued its third profit warning in a single month. In a statement the off-licence retail group confirmed that through its broker, Investec Bank, meetings with institutional investors have been arranged for the coming days to effect…
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22 March
PerfectHome to refund £2.1m to customers issued unaffordable loans
Rent-to-own firm PerfectHome has been ordered to refund a total of £2.1m to customers issued with loans they could not afford, in an agreement with the Financial Conduct Authority (FCA). The FCA identified that the firm’s affordability assessments did not adequately take into account customer circumstances. Additionally, the regulator said…
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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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