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 -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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14 May
Today’s news in brief-14/5/24
Walgreens Boots Alliance (WBA) is intensifying efforts to sell the Boots chain, engaging advisers for preliminary discussions with potential buyers. No formal sale process has started, but the chain, valued around £7bn, remains of interest. Previously, in 2022, WBA halted sale plans due to market instability, which affected financing. Despite…
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14 May
WHSmith launches new own-brand food range
WHSmith has launched Smith’s Family Kitchen, a brand-new food to go range exclusively available in over 300 WHSmith UK travel stores. Smith’s Family Kitchen, which has been designed specifically for travelling customers, is made up of over 30 quality products including sandwiches, salads, wraps and baguettes. The branding, design, packaging…
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14 May
Boots owner steps up talks with potential buyers for chain
Walgreens Boots Alliance (WBA), the owner of Boots, has reportedly stepped up efforts to secure a potential buyer for the high street chain. According to Bloomberg, the US company is now working with advisers to hold early discussions with potential bidders. Sources added that no formal sale process for the…
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14 May
Greggs sales rise 7.4% to £693m in Q1
Greggs has reported that like-for-like sales rose 7.4% to £693m during the first 19 weeks of 2024, as it remains on track to open between 140 and 160 stores for the full year. The group also progressed its strategic growth plan, with delivery sales, evening trade and increased participation in…
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14 May
‘Police aren’t interested’ in tackling shoplifting, says M&S boss
Archie Norman, chairman of Marks and Spencer, has claimed that retailers should accept that “police aren’t interested” in tackling shoplifting on LBC’s breakfast show. He said: “We get very little help from the police. I think we have to accept that the police are not interested in this sort of…
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14 May
The British Footwear Association appoints new CEO
The British Footwear Association (BFA) has announced that Richard Shetliffe has been appointed as the new chief executive officer. Shetliffe takes up the position today (14 May), bringing a depth of experience and knowledge to lead the BFA. With over 30 years in the footwear and accessories industry, he has…
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