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 -18 September
UK Till sales slow to 4% this month, NIQ finds
Total Till sales growth at UK supermarkets slowed to 4% in the four weeks ending 7 September, down from 5.5% in August, according to NIQ. New data revealed that the slowdown in growth is likely due to cool weather and a return to regular routines for shoppers after the summer…
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18 September
Moonpig to meet full-year guidance despite market challenges
Moonpig has revealed that it expects to hit its guidance for FY25 despite the ongoing “challenging environment” and consumers pulling back on larger gifting items. In a trading update, it said it expects revenue growth to be at a mid-to-high single digit percentage rate, underpinned by growth in orders within…
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18 September
Inflation holds steady at 2.2% in August
The rate of inflation remained steady at 2.2% in August, unchanged since July, yet is still above the Bank of England’s target of 2%.Although food and energy prices continued to fall over the month, this was in part offset by transport, where prices rose by 1.2% in the month. This…
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18 September
Footasylum profits double to £6m in ‘record’ FY results
Footasylum has reported that its profit before tax more than doubled, rising 112% to £6m during the period ended 27 January 2024, marking another year of record growth. The group also reported record revenues, which increased by 7% to £319.5m, with EBITDA rising 41% to £22.5m and operating profits rising…
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18 September
Waitrose invests £10m in latest round of price cuts
Waitrose has invested a further £10m to lower prices across nearly 250 of its No.1 and Duchy Organic products, in the first phase of its latest round of price cuts. The latest cuts take the group’s total investment in price cuts to £140m in the last 18 months. Additionally, this…
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17 September
Today’s news in brief-17/9/24
THG (The Hut Group) has announced plans to potentially demerge its technology arm, THG Ingenuity. This move follows the group’s interim results for the half-year ending June 30, 2024, which showed a 1.6% rise in adjusted EBITDA despite a 3.6% decline in year-on-year sales. THG Ingenuity saw a notable 12.6%…
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17 September
Cribbs Mall secures three new retailers
Cribbs Mall has secured lettings with three retailers who will take a combined 2,340 sq ft of space at the shopping centre. Sportswear manufacturer Castore, jewellers Austen and Blake, and make-up specialist Kiko Milano will occupy 573 sq ft, 967 sq ft, and 800 sq ft units respectively and help…
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17 September
Søstrene Grene hails ‘most successful financial year on record’
Søstrene Grene said it is celebrating its “most successful financial year on record” as its profit-before-tax increased 15% to £24m, during the year ending 30 April 2024. The news comes as Søstrene Grene reported a 22% increase in turnover, from £203m to £247m, alongside gross profits improving from £76m to…
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17 September
Kingfisher HY profits improve despite weak sales
B&Q owner Kingfisher has revealed that its statutory pre-tax profits rose 2.3% to £324m for the six months ended 31 July 2024, up from £317m in the same period last year. The performance comes despite the fact the company’s sales fell 1.8% to £6.8bn, down from £6.9bn. Like-for-like sales in…
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17 September
THG looks to demerge Ingenuity arm
THG has announced that it is “actively undertaking” work that could lead to the demerger of its technology arm, THG Ingenuity. Whilst structuring tax clearances have now been approved by HMRC, the group said there was no certainty of a timescale for the demerger that it could provide at this point.…
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