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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Aug- 2024 -2 August
Apple revenues rise 5% to ‘record’ $85.8bn in Q3
Apple has reported that revenues rose by 5% year-over-year to a “record” $85.8bn (£67.3bn) in the third quarter ended 29 June. Quarterly earnings per diluted share also hit $1.40 (£1.10), showing an 11% year-on-year rise. Tim Cook, CEO of Apple, said: “During the quarter, we were excited to announce incredible…
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2 August
Hugo Boss sees profits and revenues fall in Q2
Hugo Boss has reported a 42% drop in operating profit (EBIT) to €70m (£59m) in Q2 2024 due to lower revenues in the three month period as well as higher operating expenses. Its sales also dropped by 1% to €1.01bn (£858.5m) and EBIT margin decreased by 490 basis points to…
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2 August
Amazon Q2 sales fall short despite strong AWS growth
Amazon has seen net sales rise by 10% to $148bn (£116bn) in the second quarter, up from $134.4bn (£106bn) the prior year, though this was slightly below analysts’ estimates for the period. Its North America segment performed well over the period, with sales rising 9% year-on-year to $90bn (£71bn). International segment…
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1 August
B&Q partners with Deliveroo for DIY products delivery
Home and garden retailer B&Q has partnered with Deliveroo for the on-demand delivery of over 600 DIY products from B&Q Local stores. With products spanning interior and outdoor paint, decorating, painting tools, plumbing, electricals, bathroom essentials, as well as tools and hardware, customers can now easily access the materials they…
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1 August
BoE cuts interest rates for first time in 4 years
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where…
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1 August
Asda co-owner to invest £30m amid weakening market share
Asda co-owner Mohsin Issa will reportedly invest £30m into the supermarket chain in a bid to mitigate its loss of market share, The Telegraph has revealed. It is understood that the investment will be made before the end of the year and will aid the retailer in increasing staffing hours…
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1 August
Next ups FY profit guidance amid strong summer sales
Next has raised its full-year profit guidance by £20m following a period of strong trading over the summer, as sales exceeded expectations despite the drearier weather. In the second quarter of the year, full price sales were up by 3.2%, exceeding its expectations by £42m. It had initially expected Q2…
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1 August
ASA bans Debenhams advert after ‘misleading’ 60% off claim
The Advertising Standards Authority (ASA) has banned a Debenhams advert for “misleading” customers about a “60% off” claim. On 9 March 2024, a paid-for Facebook ad for Debenhams featured text that stated “Step into Spring with up to 60% off fashion, home and beauty at Debenhams”. Below, a carousel of…
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1 August
Adidas revenues jump 11% in Q2
Adidas’ currency-neutral revenues increased 11% in the second quarter of 2024, driven by the “strong momentum of the underlying business”. In euro terms, revenues grew 9% to €5.8bn (£4.8bn). Operating profit amounted to €346m (£292m), reflecting an operating margin of 5.9%. Footwear revenues in Q2 increased 17%, driven by the…
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1 August
Pets at Home Q1 revenue up 1%
Pets at Home has announced that its total group revenue rose 1% up to £441.1m for the 16 weeks ended 18 July 2024, compared with the same period last year. Alongside this, its consumer revenue rose 1.5% to £576.6m supported by growing average customer spend and growth in active Pets…
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