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 -30 May
M&S appoints new CFO
M&S has announced the appointment of Alison Dolan as its new incoming chief financial officer. Dolan will take over from interim CFO Jeremy Townsend who will remain in his role as planned until May 2025. An exact start for Dolan will be announced “in due course”. She will bring a…
Read More » -
30 May
Abercrombie and Fitch Q1 sales surge to $1bn
Abercombie and Fitch has reported a 22% increase in net sales to $1bn (£787.3m) for the first quarter ended 4 May 2024. The American retailer said the positive growth marks the highest first quarter net sales in company history. The group also saw its Q1 operating income climb to $130m…
Read More » -
30 May
Asda launches £50m store upgrade programme
Asda has announced the launch of a £50m store upgrade program, which aims to improve the design and shopping experience across 170 of its stores. As part of the program, 50 larger stores will receive major upgrades, including the introduction of new in-store services and features. This will include a…
Read More » -
29 May
Today’s news in brief-29/5/24
Retail sales in the UK have seen their fastest growth since December 2022, according to the CBI Distributive Trades Survey. Sales volumes jumped by 8% in May, even as selling price inflation eased significantly to its lowest since August 2020, falling from 54% in February to 20%. Despite this improvement,…
Read More » -
29 May
Poundland introduces new £3 meal deal
Poundland has today (28 May) launched its brand new £3 meal deal with sandwiches, salads and snacks. The new ranges raise the bar as Poundland introduces new options from high quality companies that already supply other multiple retailers such as M&S. What sets Poundland’s offer apart is that the price…
Read More » -
29 May
M&S to invest £30m in London store portfolio
M&S has announced plans to invest over £30m in new and renewed stores across London this financial year, which is also expected to support an estimated 100 new jobs. As a result, the retailer will be opening two new fresh-market style food halls in Sidcup and Friern Barnet, as well…
Read More » -
29 May
Retail sales recover as inflation slows, CBI finds
Retail sales grew at their fastest pace since December 2022 in the year to May, as sales volumes jumped 8% to -44%, according to the latest CBI Distributive Trades Survey. Furthermore, the CBI said it comes as selling price inflation in the retail sector “eased considerably” in May, from 20%…
Read More » -
29 May
Ocado to be relegated from FTSE 100 as stocks fall
Ocado could face relegation from the FTSE 100 after its share price collapsed, amid reports the company is considering moving its listing from London to New York. The London Stock Exchange named Ocado Group as an indicative FTSE 100 deletion ahead of its next quarterly reshuffle, with technology group Darktrace…
Read More » -
29 May
Boohoo ditches £1m exec bonus plan after shareholder backlash
Boohoo has announced that it has decided to withdraw from paying its top executives bonuses worth £1m after it received backlash from shareholders for awarding millions of pounds in bonuses to executives despite widened losses. It comes as some shareholders criticised Boohoo’s plan to hand co-founders Mahmud Kamani and Carol…
Read More » -
29 May
Pets at Home PBT drops 3.2%
Pets at Home has revealed that its underlying profit-before-tax dropped 3.2% year-on-year to £132m for the year ended 28 March 2024. The company said it expected this drop as a result of short-term availability issues as it transitioned to its new distribution centre and weaker performance of discretionary accessories. This…
Read More »
