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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Oct- 2024 -11 October
Today’s news in brief-11/10/24
Ikea reported a 5.3% decline in retail sales to €45.1bn (£37.7bn) after implementing significant price reductions across 63 markets. Despite the sales decrease, the strategy led to a 4.5% increase in store visits and a notable 21% rise in online traffic, driven by heightened consumer demand. This period also saw…
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11 October
Under Armour opens biggest outlet store in Caledonia Park
Global sports apparel brand Under Armour has opened its biggest outlet store in Scotland at Caledonia Park. The retailer has opened a 3,465 sq ft store at the premium designer outlet village, complementing its high-quality sportswear category alongside anchor brands, Nike and adidas. The store showcases Under Armour’s comprehensive range…
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11 October
Ikea sales dip 5.3% in FY24 after cutting prices
Ikea has seen a 5.3% decrease in retail sales to €45.1bn (£37.7bn) for its 2024 financial year as it “substantially” lowered its prices across 63 markets. However, as a result of the price decreases, the retailer saw a 4.5% upward trend both in store visitation and a 21% increase in…
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11 October
THG raises £95m to fund Ingenuity demerger
THG has raised over £95m to fund the demerger of its Ingenuity arm, which is set to become a standalone and independent company, after receiving “strong support” from new investors and existing shareholders.The oversubscribed and upsized fundraise of £95.4m comes as existing shareholders contributed around £50m, while CEO Matthew Moulding…
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11 October
River Island falls to £32.2m loss
River Island has fallen to a pre-tax loss of £32.2m for the year ended 30 December 2023, compared with a profit of £7.5m for the same period in the previous year. It comes as the retailer’s sales fell 15% to £701.5m, down from £825.8m in the previous year. It attributed…
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11 October
Aldi to recruit 3,500 staff ahead of festive season
Aldi has announced that it is looking to hire 3,500 store colleagues in the lead-up to Christmas. With a wide range of permanent store positions available, Aldi is seeking team members to help replenish stock, assist customers and maintain its high standards of service during the festive period and beyond.…
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11 October
Quiz CFO to step down
Quiz has announced that Gerard Sweeney has informed the board of his intention to step down from his role as chief financial officer and company secretary. Sweeney will depart after more than eight years at the omnichannel fashion brand. According to Quiz, the recruitment process to find Sweeney’s successor has…
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10 October
Today’s news in brief-10/10/24
Asos has finalised the sale of Topshop and Topman to Heartland, a joint venture led by Bestseller, with Heartland acquiring a 75% stake for £135m while Asos retains 25%. This move follows Asos’ September decision to divest these brands amidst a business refinancing. Asos will retain design and distribution rights…
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10 October
Tesco to invest £4m of fruits and vegetables to 400 schools
Tesco is going to invest £4m in a new scheme that will give thousands of young people fruit and vegetables every day at school. Tesco Fruit and Veg for Schools, which has been developed in partnership with the British Nutrition Foundation, will provide funding for up to 140,000 pupils to…
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10 October
Uniqlo owner sees profits jump 24% to £2.46bn in FY24
Uniqlo’s parent company, Fast Retailing, has revealed that full-year profits rose by 24.9% to ¥283.4bn (£2.46bn), while total group revenues rose 12.2% to surpass ¥3tn (£16.2bn). In the full year ended 31 August, operating profits also rose by 31.4% to ¥500bn (£2.7bn). It comes as Uniqlo in Japan and internationally…
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