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 -2 May
Hugo Boss Q1 sales jump 6%
Hugo Boss has announced that its sales jumped 6% on a constant currency basis to €1.01bn (£860m) for the three months ended 31 March 2024. Alongside this, the company’s EBIT also rose 6% up to €69m (£59m) while its EBIT margin was up 10 basis points. In the EMEA region,…
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2 May
Lounge Underwear PBT falls 33% amid focus on store openings
Lounge Underwear has reported that pre-tax profits dropped 33% to £5.5m during the year ended 30 June 2023, as the retailer focused on expanding its brick and mortar presence. The group’s pre-tax loss comes despite sales increasing 6% to £67.9m, as its active customer base also rose 20% across all…
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2 May
Pandora raises revenue guidance amid 18% organic growth
Pandora has raised its revenue guidance to “8-10%”, up from 6-9%, following 18% organic growth in Q1 2024 with like-for-like (LFL) growth of 11% and network expansion of 5%. The group stated that continued momentum, helped by the early restaging of the brand and increased investments are elevating brand desirability…
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2 May
Retail bosses lose confidence in tax-free shopping return
Retail bosses have reportedly warned the government that the decision not to restore tax-free shopping for international tourists will have a knock-on effect on other industries, according to The Times. Janine Constantin-Russell, boss of the outlet shopping centre at the O2 Arena, has accused the government of not paying attention…
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1 May
Aldi seeks input from public to find new locations
Aldi has launched a new nationwide initiative to pinpoint “prime” locations for new store openings. Recognising the invaluable input of its customers, the UK’s fourth-biggest supermarket is calling on the nation to help it identify where in Britain needs new Aldi stores most. The areas which have the most suggestions…
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1 May
Iolla unveils JV partnership opportunities across the UK
Scottish eyewear brand, IOLLA, has today (1 May) announced the launch of a joint venture partnership model as part of its business growth strategy to scale the independent brand nationwide. This comes as the company’s online platform, which ships to over 40 countries, has been the target of investment, which…
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1 May
Next maintains FY guidance amid strong Q1 sales
Next has maintained its full-year guidance after the group welcomed strong trading in the first quarter of the year. In the 13 weeks to 27 April, total sales rose by 5.7% against the prior year, slightly ahead of its guidance for this period, where sales were forecast to rise by 5%.…
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1 May
Network Rail annual retail sales surpass £800m
Network Rail has revealed that retail sales reached over £800m in the past 12 months across its retail portfolio of 19 managed stations in Great Britain. It said that over 600,000 sq ft of prime retail space is managed by Network Rail within major city centre locations, with footfall climbing…
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1 May
Adidas raises profit guidance amid ‘strong’ Q1 results
Adidas has raised its profit guidance from €500m (£426.8m) to €700m (£597.6m) following a “better-than-expected” performance in the first quarter 2024. The group reported an operating profit of €336m (£286.8m) compared with €60m (£51.2m) in the prior-year period, reflecting an operating margin of 6.2% (2023: 1.1%). In the first quarter…
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1 May
Amazon Q1 net sales jump 13% to $143.3bn
Amazon has revealed that its net sales rose 13% to $143.3bn (£114.7bn), up from $127.4bn (£102bn), for the three months ended 31 March. This figure excludes the $0.2bn (£0.16bn) “unfavourable impact” of year-on-year foreign exchange rate changes. The company’s sales in the North America segment increased 12% year-on-year to $86.3bn…
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