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 -16 May
Miniso revenues rise 26% in Q1 amid worldwide expansion
Trendy lifestyle retailer Miniso has reported that revenues rose 26% to $515.7m (£406.9m) year-over-year in the first quarter ended 31 March. The group attributed its performance to the expansion of the Miniso brand’s retail footprint to a “significant” milestone of 6,630 stores worldwide as of the end of Q1. This…
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16 May
Natura & Co mulls Avon separation amid widened losses
Natura and Co has confirmed it is still exploring a “potential separation” of Avon after its losses widened in the first quarter of trading. Over the period, its net loss widened by 43.3% to BRL934.9m (£143.6m), up from a loss of BRL652m (£100m) the prior year. It comes as sales fell…
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16 May
Zalando appoints Nina Graf-Vlachy as new GM for Sports
Zalando has appointed Nina Graf-Vlachy as the new general manager for Sports, effective August 2024. The role is newly created to enable an even “stronger and more holistic approach” to the Sports category. In her new role, Graf-Vlachy will be reporting to Martin Rost, senior vice president Customer Propositions at…
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15 May
Today’s news in brief-15/5/24
Tesco CEO Ken Murphy has seen his pay more than double to nearly £10m, fueled by a 159% rise in pre-tax profits to £2.29bn and a 7.4% increase in group sales excluding VAT and fuel. This pay increase, largely due to a performance share plan, raised his compensation from £4.44m…
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15 May
Discount Dragon revenues hit £1.6m post-acquisition
Discount Dragon revenues have reached £1.6m during the post acquisition period by Huddled Group between October and December 2023. Q4 2023 revenue increased by 37.3% to £1.8m compared with £1.3m in Q3 2023, meanwhile orders placed increased by 18.3% to 48.5k. Discount Dragon’s Q1 2024 revenues increased by 21.3% to…
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15 May
Boux Avenue upbeat on performance despite widening losses
Retail boss Theo Paphitis is upbeat on the performance of his lingerie brand Boux Avenue despite the company seeing its pre-tax losses widen from £1.5m to £8.7m, according to its delayed accounts filed with Companies House for the full-year ended 1 April 2023. The brand said external challenges such as…
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15 May
Burberry profits plummet 40% amid luxury spending slowdown
Burberry has seen its pre-tax profits nosedive 40% to £383m in its full-year results, down from £634m the prior year, as the high-end retailer was hit by a slowdown in luxury spending. It comes as sales tumbled by 4% to £2.97bn in the year ended 30 March, with its full-year results…
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15 May
Angling Direct reports pre-tax profit of £1.5m as sales surge
British fishing equipment retailer Angling Direct has reported pre-tax profits of £1.5m in FY24, up from £700,000 the prior year. It also recorded revenues of £81.7m, up 10.2% in the financial year to 31 January 2024. Store sales increased by 7.6% to £44.4m (2023 £41.3m) and online sales increased by…
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15 May
Tesco CEO pay doubles to almost £10m
Tesco CEO Ken Murphy has seen his pay more than double over the last year, taking home £9.93m, as the supermarket saw its profits soar. Murphy, who took home a pay packet of £4.44m the year prior, saw his pay boosted by £4.91m as a result of his performance share…
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15 May
Zalando appoints new co-CEO
Zalando has appointed David Schröder as new co-CEO of the business, as co-founder David Schneider steps down to focus on group-wide strategic partnerships and brand relations. Schröder, who will serve alongside co-founder Robert Gentz, will focus on building the B2B operating system that enables e-commerce across Europe on and off…
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