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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May- 2024 -23 May
The Very Group losses narrow to £2.1m
The Very Group pre-tax losses narrowed to £2.1m in the 39-week period ended 30 March, down from a loss of £11.7m the prior year, despite sales dipping amid tough market conditions. Total revenue for the group slightly decreased by 0.8% to £1.6bn, yet Very UK revenue, which represents 86% of…
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23 May
Temu owner sales rocket 131% in Q1
The owner of Temu, PDD Holdings, has welcomed a strong first quarter of trading as sales rocketed 131% to RMB86.8bn (£9.4bn), up from RMB37.6bn (£4bn) the prior year. Sales more than doubled largely due to an increase in revenues from its online marketing services and transaction services. Online marketing services…
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23 May
Smart Toys and Games acquires Wow Toys
Belgian puzzles and games company Smart Toys and Games has announced the acquisition of Wow Toys company (NAD Developments Limited). Wow Toys founded in 1996 by Nadim Ednan-Laperouse is known for its pre-school range of vehicles and figures. The range created with children in mind has no sharp edges, no…
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23 May
Games Workshop appoints new finance director
Games Workshop has announced that Elizabeth Harrison has been appointed as finance director subject to board approval. Harrison joined Games Workshop in March 2000 as a finance manager for the German sales business. She has had various roles within finance and business analysis within Games Workshop and has been the…
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23 May
TJX net sales hits $12.5bn in Q1
TK Maxx owner, TJX, has reported that net sales across the group hit $12.5bn (£9.8bn) during the first quarter ended 4 May, having increased 6% compared to the same period last year. This comes as consolidated store sales rose 3% during the period, which TJX said was at the high-end…
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22 May
General election called for 4 July
Prime minister Rishi Sunak has confirmed that a general election will take place on Thursday 4 July. The prime minister informed the cabinet of his plans in a meeting held this afternoon (22 May). As a result the parliament will be dissolved next week. Sunak had previously confirmed that an…
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22 May
Mango opens new store in Angel Central
Fashion brand Mango has announced the opening of a new location at Angel Central, the retail and leisure destination located in the heart of Islington, as the brand continues to roll out its ambitious expansion plans. The leading retailer has opened a 3,200 sq ft unit on Angel Central’s ground…
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22 May
Inflation falls to 2.3% in April
Inflation has fallen to its lowest level in almost three years to 2.3% in April, down from 3.2% in March, according to the latest figures from the Office for National Statistics (ONS). On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in…
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22 May
M&S sees PBT soar to £672.5m
M&S has revealed that its profit-before-tax rose to £672.5m, up from £475.7m, for the year ended 30 March 2024. Alongside this, the company’s profit before tax and adjusting items was £716.4m, up from £453.3m. Overall, the retailer’s revenue jumped 9.3% from £1.19bn last year up to £1.3bn this year. Its…
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22 May
Music Magpie trading in line with expectations amid takeover talks
Music Magpie has announced that its Q2 trading has been broadly in line with management’s expectations and has benefitted from cost control and lower overheads amid takeover talks. Ahead of its AGM today (22 May 2024), the group has stated that its FY23 financial results on 13 March 2024, started…
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