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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Sep- 2024 -26 September
H&M lowers profit target as sales flatline in Q3
H&M has revealed that it does not expect to hit its profit margin of 10% which it forecast for the full year as it posted flat net sales of SEK59bn (£4.35bn) for the three months ended 31 August 2024. Its operating profit in the third quarter dropped 26% to SEK3.5bn…
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26 September
Co-op turns to AI to combat rise in crime
Co-op will use artificial intelligence to combat theft offenders following a spike in crimes, The Guardian has revealed. According to the grocer, in the first half of the year crime rose by almost 20% to £40m, which prompted the supermarket to spend £18m on measures to protect staff in its…
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26 September
Poundland owner sales fall amid supply chain disruptions
Poundland owner Pepco Group has reported that like-for-like revenues fell 3.1% during the fourth quarter, as a result of ongoing supply chain disruptions affecting the “consistent and timely” availability of stock in stores. This comes despite Pepco’s group revenues for the 51 weeks to 22 September rising 10% on a…
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26 September
Laurent Marteau steps down as L’Occitane CEO
Premium beauty and wellness brand The L’Occitane Group has announced that Laurent Marteau has stepped down from his roles as chief executive officer and a member of the board. The brand said Marteau’s resignation reflects his desire to focus more on his personal pursuits as well as other business interests.…
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26 September
Morrisons signs £370m property deal in bid to shrink debt
Morrisons has reportedly signed a £370m deal with the aim of using its property portfolio to shrink its debt pile.According to Sky News, the chain has agreed the ground rent transaction with real estate investor Song Capital, which will pay £370m for the right to receive an income stream from…
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25 September
Today’s news in brief-25/9/24
Asos, facing significant financial challenges, has initiated consultations to potentially cut over 200 jobs at its head office. The move comes amidst a restructuring aimed at reversing recent heavy losses, including a £120m increase in half-year losses and an 18% decline in sales. Asos plans to streamline operations and focus…
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25 September
Space NK to open new shop at centre:mk
Beauty retailer Space NK is set to open a new store at shopping destination centre:mk in Milton Keynes. Set to open on Silbury Arcade at the end of November 2024, the 1,721 sq ft store will offer a selection of makeup and skincare products. Space NK beauty loyalty scheme, NDULGE,…
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25 September
Asos to axe more than 200 head office jobs
Asos could reportedly axe over 200 jobs at its head office as it mulls a restructuring amid recent heavy losses at the company. According to The Mirror, head office employees now face job losses as the company is looking to streamline the business in a bid to return to profit. Asos…
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25 September
Boots partners with Just Eat for beauty and healthcare deliveries
Just Eat has announced a new partnership with Boots to deliver on-demand beauty and healthcare products. The announcement marks the first time Just Eat has partnered with a pharmacy-led retailer. The initial launch is being rolled out across major cities including London, Birmingham, Manchester, Leeds, Glasgow and Edinburgh. Customers in…
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25 September
Co-op returns to profit in H1 despite rise in shoplifting
Co-op has returned to profit in its half-year results, posting a pre-tax profit of £58m for the half year ended 6 July 2024, up from a loss of £33m in the same period last year.Alongside this, the company reported a small increase in revenues, which rose to £5.6bn, up from…
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