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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Jun- 2024 -28 June
Tesco agrees retail media partnership with advertising giant GroupM
Tesco has announced a significant media partnership with GroupM, WPP’s media investment group, which aims to “drive best-in-class delivery of data-led solutions, education, and innovation across all facets of retail media in the UK”. GroupM said the deal is among the first of its kind focused specifically on the burgeoning…
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28 June
Music Magpie revenues fall amidst competitive second-hand market
Music Magpie has reported a decline in group revenues from £61.9m to £53.8m for the six months ended 31 May 2024, as it struggled in the highly-competitive second-hand market. The group attributed the reduction to the planned conversion of its US business into a sourcing-only operation, which also saw its…
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28 June
WBA shelves Boots sale plans for second time
Walgreens Boots Alliance (WBA), the owner of Boots, has reportedly shelved plans for a £7bn sale of the UK health and beauty retailer for the second time. According to The Telegraph, Walgreens abandoned the plans after cutting its profit outlook and announcing to close 700 of its US stores. Despite…
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28 June
Nike FY revenues inch up 1% to $51.4bn
Nike has reported that revenues inched up 1% to $51.4bn (£40.6bn) in the year ended 31 May from $51.2bn (£40.5bn) in the prior year, as fourth quarter revenues were down 2% to $12.6bn (£9.9bn). It comes as the group’s direct revenues for Q4 reached $5.1bn (£4bn), spelling a decline of…
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28 June
Shoe Zone subject of cyber attack
Shoe Zone has confirmed it was the subject of a cyber incident which has resulted in unauthorised access to certain online systems and data.The company said that once it became aware of the incident, it enacted its established IT security protocols and took “immediate steps” to stop the unauthorised access…
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27 June
Today’s news in brief-27/6/24
Currys reported a 10% rise in adjusted profit-before-tax to £118m for the year ending 27 April 2024, despite a 2% drop in like-for-like revenue in the UK and Ireland and a 16% decrease in adjusted EBIT to £142m. The company attributed its improved EBIT, which was up over £2m when…
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27 June
Beauty brand Elemis opens first standalone store in Covent Garden
Beauty brand Elemis has opened its first UK store at 23 Monmouth Street in Covent Garden’s Seven Dials neighbourhood. Elemis’s Seven Dials store has been designed to bring its “feel-good” skincare to life. Spanning 1,000 sq ft the space immerses customers, boasting interactive features such as a product play table…
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27 June
Halfords profits fall by 18.3% in FY24
Halfords has seen its pre-tax profits fall by 18.3% to £36.1m in the year ended 29 March. The retailer attributed this to market volumes in cycling and consumer tyres falling year-on-year, worse than industry expectations. These markets remain depressed compared to the pre-Covid period, with bike volumes down 30% and…
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27 June
Currys adjusted PBT rises 10%
Currys has revealed that its group adjusted profit-before-tax rose 10% year-on-year to £118m, for the year ended 27 April 2024. However, its like-for-like revenue in the UK and Ireland fell 2% and adjusted EBIT fell to £142m, a 16% drop YOY. Despite this, its adjusted EBIT was up over £2m…
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27 June
Watches of Switzerland EBITDA falls 11% amid 2% rise in group revenues
Watches of Switzerland has reported a 11% decline in adjusted EBITDA amid a 2% rise in group revenues to £1.5bn at constant currency for the 52 weeks ended 28 April 2024. Its US sales increased 11% to £692m, while its UK and Europe sales dipped by 5% to £846m, impacted…
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