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.
-
May- 2024 -31 May
Tesco signs new wind farm deal to accelerate renewable energy projects
Tesco has announced it has signed a new deal to take 150GWh of power from Stranoch wind farm every year. The wind farm, being built by EDF Renewables UK, has started construction this week and is due to become operational in 2026 generating 102MW, with 20 turbines located on the…
Read More » -
31 May
Ribble Cycles appoints new CEO
Ribble Cycles has appointed Sean Hastings as its new CEO, effective 1 July, 2024. He joins from B2C Group, where he grew the business internationally, becoming one of Europe’s top-rated water sports retailers. Prior to that, he was chief customer officer at River Island and ran its online business. He has…
Read More » -
31 May
Supermarkets enjoy 3.3% sales boost in May
Total Till sales at UK supermarkets remained strong at +3.3% growth for the four weeks ending 18 May 2024, according to new data released today by NIQ. This is in line with figures reported last month (+3.4%) and is attributed to the brief period of hot weather during the week…
Read More » -
31 May
Burberry CEO forgoes bonus amid PBT slump
Burberry CEO Jonathan Akeroyd has missed out on a bonus after the luxury brand reported a pre-tax profit slump to £383m from £636m in the year ended 30 March. This comes as revenues at the group fell to £2.96bn from £3.094bn in the prior year, as comparable store sales dropped…
Read More » -
31 May
JD Sports PBT dips 8% amid ‘challenging market’
JD Sports has seen its profit-before-tax fall 8% down to £912.4m for the year ended 27 January 2024. Despite this, the company has still stated it saw “strategic progress in a challenging market”. As a result, its revenue rise 2.7% from £1.13bn in the period last year up to £1.4bn…
Read More » -
31 May
Aldi signs news £750m deal with British apple grower
Aldi has signed a new £750m deal with a family-owned Kent-based fruit farm to continue being the supplier of apples and pears. AC Goatham and Son has supplied Britain’s fourth largest supermarket with a variety of apples and pears since 2016 and was announced earlier last year as Aldi’s sole…
Read More » -
30 May
Today’s news in brief-30/5/24
Marks & Spencer (M&S) has appointed Alison Dolan as its new chief financial officer, succeeding interim CFO Jeremy Townsend, who will remain until May 2025. Dolan, currently the CFO at Rightmove, brings extensive experience from roles at News UK and Sky. M&S CEO Stuart Machin praised Dolan’s background in fast-paced,…
Read More » -
30 May
Carhartt WIP to open new flagship store in Soho
Lifestyle and apparel brand Carhartt WIP has recently signed for a new flagship store in Soho at 33-35 Brewer Street. Carhartt WIP will open a 4,000 sq ft store and stock the brand’s seasonal men’s and women’s collections, as well as gadgets, accessories, and special collaborative projects. The space will…
Read More » -
30 May
Clarks falls to £40m loss
Clarks has revealed that it posted a loss of £39.8m for the year ended 31 December 2023, down from a profit of £35.9m in 2022. The company has put this down to a number of one-off costs in 2023 including £4.6m on restructuring. This also includes a £3m increase in…
Read More » -
30 May
Dr Martens to cut £25m in costs as full-year profits plummet
Dr Martens is targeting £25m in cost savings after its pre-tax profits plummeted 43% to £97m in the 12 months ended March, following weak demand in the US market. Throughout the year, revenues for the company fell by 12% to £877m, though DTC revenue rose by 2% to £533.1m, primarily…
Read More »
