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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Jun- 2024 -26 June
New West End appoints new communications and campaigns director
New West End Company, the business partnership representing 600 UK and international retailers, restaurateurs, hoteliers, galleries, and property owners, has announced the appointment of Nathan Parsad-Wyatt as director of communications and campaigns. In this newly established role, he will report to chief executive Dee Corsi, focusing on strategic communications while…
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26 June
Sharps Bedrooms acquires Clever Closet
Sharps Bedrooms, the fitted furniture company, has revealed it has completed a deal to acquire Clever Closet for an undisclosed sum. Set up in 2010 by founder Paul Jacob, Clever Closet provides fully fitted under stairs storage and loft solutions across the UK. Jacob will continue to support the business…
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26 June
Dominic Chappell ordered to pay £50m over BHS collapse
Former owner of BHS Dominic Chappell has been ordered to pay at least £50m to cover the losses incurred by the high street chain prior to its collapse, according to the Financial Times. A High Court judge has ruled that Chappell, who acquired the business for £1 from Phillip Green,…
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26 June
Revolution Beauty returns to profit after ‘challenging’ two years
Revolution Beauty has returned to profit in its latest full-year results, as the group reaped the benefits of its ongoing strategic plan to focus on core product categories. In the year ended 29 February 2024, profit-before-tax hit £11.4m, up from a loss of £33.9m the prior year. Revenues rose slightly over…
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26 June
ProCook sees revenues and profits rise in FY24
ProCook has reported underlying PBT of £1m and total revenues of £62.6m, up 0.4% for the 52 weeks ended 31 March 2024. According to ProCook, this growth reflects improved gross margins and “strong cost discipline” despite significant inflationary cost pressures. Although LFL revenue decreased by 2.0% YoY, the group’s LFL…
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26 June
AO adjusted PBT hits £34.3m in bumper FY24
Electrical retailer AO World has reported that adjusted profits before tax reached £34.3m in the year to 31 March, spelling a year-on-year rise of £22.3m with a PBT margin of 3.3%. According to the group, the strong profit performance above the top end of the previous range illustrates “the successful…
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26 June
Morrisons sales increase 3.7% to £3.8bn in Q2
Morrisons has seen total sales, excluding fuel, rise by 3.7% to £3.8bn in its second quarter, while like-for-like sales increased 4.1% in the period from 29 January to 28 April. Following the £2.5bn sale of its petrol filling station business to MFG, the group successfully completed its debt reduction tender…
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25 June
Today’s news in brief-25/6/24
Shein has confidentially filed for an IPO in London, valued at £50bn, despite concerns over its portrayal in the UK which has caused some anxiety among Chinese officials. The fast-fashion retailer, which needs approval from both the China Securities Regulatory Commission (CSRC) and the Financial Conduct Authority (FCA), had previously…
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25 June
Disposable income for low-earning households hits 3-year high, Asda finds
Disposable income for low-earning households hit a near three-year high in May, following a 12.6% increase year-on-year, Asda’s income tracker has revealed. Despite this increase, budgets for these families remain under pressure in real terms, as their take home pay was still not enough to cover bills and essential spending,…
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25 June
Private equity firms eye Evri deal
A number of private equity firms are reportedly interested in acquiring parcel delivery company Evri, according to Sky News. The outlet revealed that Apollo Global Management and Platinum Equity are thought to be among the parties to have lodged an initial offer for Evri, which is valued at around £2bn.…
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