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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Jul- 2024 -17 July
Inflation holds steady in June despite rise in hotel prices
Inflation remained steady at 2% in June despite a strong rise in hotel prices during the month, according to the latest figures from the Office for National Statistics (ONS). It comes as prices for restaurants and hotels rose by 0.9% between May and June this year, compared with a lower…
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17 July
The Perfume Shop profits fall despite rise in revenues
The Perfume Shop has reported a fall in profits from £23.7m to £21.4m despite a 4.6% rise in revenues to £302.4m for the 52-week period ending 30 December 2023. Its profit after tax also dipped to £15.4m. The group stated that consumer sentiment remains subdued as inflationary pressures and high…
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17 July
Adidas raises FY guidance following ‘better-than expected’ trading
Adidas has raised its full-year guidance following “better-than-expected” performance during the second quarter of the year. Preliminary results show that the sportswear brand operating profit in Q2 increased to €346m (£290m), up from €176m (147m) in 2023, including a contribution of around €50m (£41m) from the sale of parts of…
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17 July
Mike Jatania enters exclusivity with Body Shop over rescue deal
Businessman Mike Jatania’s consortium, Auréa Group, has officially entered into an exclusivity agreement with the administrators of The Body Shop, FRP Advisory. It is understood from a statement that Auréa’s management team will be led by former Molton Brown and Erno Laszlo CEO Charles Dento, following the competitive bidding process. …
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16 July
Today’s news in brief-16/7/24
Ocado Group reported a significant improvement in financial performance for the first half of the fiscal year ending 2 June 2024. The company narrowed its losses to £154m from £290m in the same period last year. Group revenue rose by 12.6% to £1.5bn, driven by strong growth in its technology…
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16 July
Pangaia opens first UK store in Carnaby Street
Lifestyle apparel brand Pangaia has opened its first UK standalone store at 57 Carnaby Street. The environmentally focused retailer has opened a 1,500 sq ft space on Carnaby Street, bringing its collection of premium lifestyle products to Soho and the UK for the first time as a standalone unit, stocking…
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16 July
Ocado HY losses narrow to £154m
Ocado has revealed that its losses narrowed to £154m for the half year ended 2 June 2024, down from £290m in the same period last year. Overall, the company’s group revenue rose 12.6% to £1.5bn while its technology solutions arms saw an increase of 22%, its logistics arm saw a…
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16 July
Sosandar revenues rise to £46.3m in FY24
Sosandar’s revenue rose by 9% to £46.3m in the financial year ended 31 March, as the company prioritised margin enhancement and profitability. The company experienced its largest quarter of revenue ever in Q3, with revenue up 23% against Q3 FY23. Q4 was also “strong”, resulting in H2 being “well ahead”…
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16 July
B&M revenues rise 2.4% in Q1 as new stores overperform
Value retailer B&M has reported that group revenues rose 2.4% during the first quarter to 29 June, due to its “disciplined” store opening programme across its three businesses – home, electrical and pet. During the period, B&M made “strong and profitable” progress on its UK store openings, with 19 total…
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16 July
Tala secures £5m investment to fund international expansion
Activewear brand Tala, founded by entrepreneur Grace Beverley and led by CEO Morgan Fowles, has secured £5m of investment as it plans for international expansion. Pembroke VCT, who participated in an investment round in the business in 2021, has “cemented its longstanding confidence in the brand”, leading the round with…
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