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 -22 May
Co-op unveils ‘ambitious’ sustainability targets
The Co-operative has unveiled new and “ambitious” sustainability targets, which includes reducing carbon emissions across the supply chain. This comes as Co-op has already hit its original greenhouse gas target early, ahead of its official 2025 goal. These new sustainability targets, which are aligned to the retailer’s credit facilities, aim…
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22 May
Superdry announces restructuring measures to avoid administration
Superdry has revealed its capital and restructuring measures to avoid running an emergency four-week sale process. Earlier in April, the struggling retailer had announced it was launching a restructuring plan which would principally involve a restructuring of its UK property estate and retail cost base. Now the retailer has revealed…
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22 May
THG shareholder to vote against chair reappointment
An activist investor in THG is reportedly set to vote against the reappointment of chair Charles Allen as it criticised the group’s “poor” share price and “major” strategic and structural issues. According to The Financial Times, Kelso, a UK investment firm that owns about 0.5% of THG’s shares, said it…
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21 May
Today’s news in brief-21/5/24
Zuber Issa is poised to acquire the UK arm of EG Group, a move indicating the Issa brothers’ business paths are diverging. This acquisition excludes Cooplands bakery, certain Starbucks outlets, and EG’s electric vehicle charging business, Evpoint, with the deal expected to conclude by late June. Additionally, Zuber Issa is…
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21 May
Topps Tiles sees profits and sales fall amid ‘weak market’
Topps Tiles posted a loss before tax of £1.5m for the 26 weeks ended 30 March 2024 as it faced a “challenging” tile market. The group also saw revenues decline 5.8% to £122.8m, down from £130.3m the previous year. It said this was impacted by lower footfall which led to…
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21 May
Shoe Zone profits remain flat amid rise in revenues
Shoe Zone has reported that its adjusted profit before tax remained flat at £2.5m for the 26 weeks to 30 March 2024, as the business was affected by costs relating to increase in National Living Wage, shipping delays due to disruptions in the Middle East and its store strategy. However,…
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21 May
Zuber Issa set to acquire EG Group UK arm
Zuber Issa is set to acquire the UK arm of EG Group showing further signs of the Issa brothers business interests diverging. The deal excludes the Cooplands bakery, some Starbucks stores, and EG’s electric vehicle charging business Evpoint and is set to be finalised by the end of June. The…
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21 May
B&Q owner holds guidance as UK&I outperforms European arms
Kingfisher has announced that it will be maintaining its profit guidance after Q1 sales at B&Q in the UK and Ireland offset its weaker performance at its groups in France and Poland. During the period to 30 April, sales rose 0.3% to £3.3bn. However, sales declined 0.9% on a like-for-like…
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21 May
Frasers Group eyes 50% stake in Crown Estate
Frasers Group is reportedly the frontrunner for the acquisition of a stake in Exeter’s Princesshay Estate and shopping centre, The Times has revealed. The Mike Ashley-owned group is reportedly considering taking a 50% stake in the Crown Estate from investment firm Nuveen. Nuveen, which bought its share from Landsec in…
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21 May
The Works expects return to profit amid cost-cutting plans
The Works is anticipating a return to profit in its new financial year, having reported flat sales for FY24, following its relisting to AIM and further cost-cutting measures. In its latest trading update for the year ended 5 May 2024, revenues inched up by 0.9% to £282.6m, while total like-for-like…
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