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 -7 June
Second Morrisons strike called off after improved pay offer
Planned industrial action that was due to take place at Morrisons warehouses in Northwich and Wakefield from 13 June to 16 June has been called off. Between 23 May and 26 May, hundreds of workers in Gadbrook in Cheshire and Wakefield in West Yorkshire had been taking part in strike…
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6 June
Today’s news in brief-6/6/24
Andrew Fisher, a long-serving director at Marks & Spencer (M&S), is resigning following the company’s hiring of Alison Dolan, CFO of Rightmove. Fisher, who has been chairman of Rightmove since 2020, felt blindsided by M&S’s decision, learning of it late in the recruitment process. He has been with M&S since…
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6 June
N Brown returns to profit despite weakened sales
N Brown has posted a profit-before-tax of £5.3m, up from a loss of £71.1m, for the year ended 2 March 2024. Despite this increase, the company saw its revenue drop 9.8% down to £600.9m from £677.5m. The company’s product revenue also dropped 10.6% from £433.4m down to £381.2m. Alongside this,…
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6 June
Authentic Brands Group to acquire Champion
Authentic Brands Group, a global brand development, marketing, and entertainment platform, has signed a binding agreement to purchase the Champion Athleticwear brand and business from HanesBrands. According to Authentic, the “strategic” move demonstrates its commitment to expanding its portfolio of sports, lifestyle, entertainment and media brands and will increase its…
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6 June
Tesco launches ‘one-stop shop’ online marketplace
Tesco has announced the launch of Marketplace, which will give customers the opportunity to shop thousands of products from its brand partners online alongside groceries. The launch follows a trial phase with Tesco colleagues over the past couple of months, who tested and learned how customers will use the platform. …
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6 June
M&S director to step down following CFO appointment
A long-serving director at M&S is reportedly quitting the company’s board following news it has poached the CFO of another company he chairs.According to Sky News, Andrew Fisher was “blindsided” after finding out M&S would hire Alison Dolan from Rightmove only late into the recruitment process. Fisher, who has been…
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5 June
The Estée Lauder Companies completes acquisition of Deciem
The Estée Lauder Companies (ELC) has announced it has completed its acquisition of the Canadian-based, multi-brand company Deciem Beauty Group in a deal worth around $860m (£673m). ELC first invested in Deciem in 2017, increased its stake to become majority owner in 2021, and recently exercised its option to purchase…
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5 June
WH Smith maintains FY guidance amid rising travel sales
WH Smith has reported being in line with its expectations for the full year and claimed it is “well positioned” for peak summer trading, as total summer travel revenues in the 13 weeks to 1 June rose 9% on a constant currency basis. This comes as the retailer saw passenger…
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5 June
B&M posts profits of £498m
B&M has revealed that its statutory profit-before-tax rose 14% to £498m, up from £436m, for the year ended 30 March 2024. Furthermore, the group’s revenue jumped 10.1% to £5.5bn or 7.8% when excluding the 53rd week. Alongside this, the retailer posted an adjusted EBITDA of £629m, a 9.7% increase year-on-year…
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5 June
Asda appoints Lidl COO to lead store operations
Asda has appointed Matt Heslop to lead its stores and depots operation, including the 470 convenience stores in its newly-established Asda Express division. Heslop joins from Lidl where he is currently chief operating officer. He has spent over 20 years with the discount retailer in various senior operational roles. Asda said…
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