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 -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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17 September
AllSaints FY operating profit jumps 40% to £39.9m
AllSaints has reported a “record performance” as its operating profit rose 40% to £39.9m for the year ended 3 February 2024. In the 12 months, total revenue edged up 0.6% to £459.5m as the brand reduced its promotional and markdown activity and changed its sales mix due to the focus…
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17 September
Pret A Manger FY global sales hit £1.1bn for first time
Pret A Manger has reported a 10% increase in first-half sales to £569m, whilst also revealing that global sales hit £1.1bn for FY23 for the first time, following its expansion into overseas markets. Pret confirmed that it achieved its medium-term growth target during FY23, which was set in 2021. The…
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17 September
Sadiq Khan unveils plans to pedestrianise Oxford Street
The mayor of London, Sadiq Khan has again set out proposals to transform Oxford Street, including turning the road into a traffic-free pedestrianised avenue, in a bid to make it the “leading retail destination in the world.” The mayor has previously tried to implement major changes to Oxford Street, but…
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16 September
Today’s news in brief-16/9/24
The New West End Company (NWEC) has reported that the removal of tax-free shopping cost West End retailers £220m in unrealised sales during the first half of 2024. Despite a 3% increase in international tourists visiting London, their spending decreased by 12%. NWEC urges the government to reinstate the tax…
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16 September
The O2 announces trio of openings
Outlet Shopping at The O2 has announced a trio of retail additions to its lineup, including Clarks, Soletrader, and a London outlet debut for contemporary bedding brand, Bedeck. Clarks has returned to Outlet Shopping at The O2 after 3 years, opening a 3,259 sq ft store adjacent to Skechers and…
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