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 -29 October
New Look pre-tax losses narrow despite fall in FY sales
New Look has reported that its pre-tax losses narrowed from £87.8m to £21.7m for the year to 30 March, despite sales dropping 8.9% to £769.2m due to store closures and “tough” trading conditions. During the period, New Look saw retail revenues fall by 11.5% to £555.1m, which was impacted by…
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29 October
Jollyes appoints new COO
Jollyes has announced the appointment of Adam Dury as its new chief operating officer effective January. For the last five years Dury has been chief commercial officer at Card Factory plc and a key member of its group operating board. Prior to Card Factory, he worked in commercial roles at…
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29 October
Adidas Q3 revenues jump 10% to €6.4bn
Adidas has seen currency-neutral revenues rise 10% in the third quarter ended 30 September 2024, attributing the double-digit growth to “strong momentum” of the underlying Adidas business, which grew 14% over the period. In euro terms, revenues grew 7% to €6.4bn (£5.3bn), while operating profit increased 46% to €598m (£498m). …
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29 October
BRC calls for chancellor to keep prices low
The BRC has called on the chancellor to keep prices low ahead of the budget as shop price growth hit its lowest rate in over three years. Shop Price deflation was at 0.8% in October, down from deflation of 0.6% in the previous month. This is below the three-month average…
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29 October
Abercrombie & Fitch and Hollister UK profits triple in FY24
The owner of Abercrombie and Fitch and Hollister in the UK has seen pre-tax profits triple in its full-year results, as profits rose to £9.8m, up from £3.2m the prior year. According to recent filings on Companies House, owner AFH Stores UK also reported that revenues hit £213m in the year…
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29 October
Dr Martens owner acquires stake in K-Way
Permira Growth Opportunities II, a fund advised by global investment firm and owner of Dr Martens Permira, has entered into an agreement to acquire a significant minority stake in K-Way, a premium French outerwear brand, from BasicNet SpA, led by the Boglione family. Founded in 1965 in Paris, K-Way has…
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28 October
Asda raises £4m for primary schools across UK
Asda’s Cashpot for Schools initiative, launched on 2 September, has raised £4m for primary schools across the UK. The industry-first campaign sees the retailer donate 0.5% of the value of its customers’ shopping to a primary school of their choice every time they shop using Asda Rewards – with £7.5m…
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28 October
Today’s news in brief-28/10/24
Mike Ashley, founder of Frasers Group, has indicated readiness to step into the CEO role at Boohoo to initiate a turnaround strategy, following Frasers’ acquisition of a 27% stake in the fast fashion retailer. He criticised Boohoo’s management and recent refinancing, which he termed unsatisfactory for shareholders. Boohoo’s refinancing agreement…
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28 October
John Lewis Partnership to recruit ‘record’ 12,500 seasonal roles
The John Lewis Partnership (JLP) has revealed it is recruiting a record 12,500 temporary roles across the country – 4,100 more jobs compared with last year – as customer numbers hit record levels and it doubles down on its commitment to customer experience. The roles, comprising those in Waitrose and…
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28 October
FatFace falls to £3.2m loss following Next takeover
FatFace has fallen to a pre-tax loss of £3.2m in the 35 weeks ended 27 January 2024, down from a profit of £19.5m the prior year, after exceptional costs rose over the period.It comes as the group faced exceptional costs of £7.9m related to integrations following its takeover by Next,…
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