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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Apr- 2024 -16 April
B&M expects profits to hit top end as revenues jump 10%
B&M has forecast its full-year profits to hit the top end of its previous guidance after it revealed a 10% rise in revenues to £5.5bn for the 53 week financial reporting period to 30 March 2024. The group now expects its FY24 group adjusted EBITDA (pre-IFRS 16) to be £629m,…
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16 April
Dr Martens CEO to step down as US revenues decline
Dr Martens has revealed that CEO Kenny Wilson will step down this year, as the shoe retailer expects its USA decline in wholesale revenues to have a detrimental impact on profitability in FY25. Upon Wilson’s departure, the board has revealed that the current chief brand officer, Ije Nwokorie, will step…
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16 April
Sosandar FY revenues rise 9% to £46.3m
Sosandar revenues jumped 9% to £46.3m during the financial year ended on 31 March. The womenswear brand rose from a £1.3m loss in H1 to an expected profit of £1.1m in H2. As a result, the brand expects FY24 to be in line with market expectations with a marginal loss…
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16 April
George at Asda outperforms market amid strong fashion sales
George at Asda has welcomed “soaring” online growth and in-store fashion sales over the sector’s latest six month-period, as the retailer said it “significantly” outperformed the market. Womens, mens, kids and schoolwear all performed ahead of the market in both sales value and volumes, according to Kantar data over the…
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15 April
Today’s news in brief-15/4/24
Dr. Martens has initiated legal action against online retailer Temu for alleged trademark infringement. Dr. Martens claims that Temu used keywords like “Dr. Martens” and “Airwair” in Google ads to promote its boots, gaining visibility over Dr. Martens’ authentic products. While the lawsuit was filed in the High Court, the…
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15 April
Trudon candlemaker to open debut store in Covent Garden
Covent Garden’s Seven Dials is set to welcome heritage candlemaker Trudon for its UK bricks-and-mortar debut. Trudon, the luxury French candlemaker which was founded in 1643, is the oldest, active candlemaker in the world and together with Shaftesbury Capital, will launch the UK debut store this June. Manufactured in Normandy…
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15 April
GVCA names Dr Hannah Shimko as MD
The Gift Card and Voucher Association (GCVA) has announced the appointment of Dr Hannah Shimko as its new managing director, effective April 10, 2024. Shimko brings a wealth of experience and expertise to her new role, having served as CEO at the Online Dating and Discovery Association and head of…
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15 April
The Body Shop to cut tax bill if it exits administration
Administrators for The Body Shop have been working on a deal to cut the firm’s tax bill should it emerge out of administration, according to reports from The Times. The deal would allow the company to retain £66m worth of tax benefits it had before it fell into insolvency. Creditors…
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15 April
Charles Tyrwhitt sales jump 45% to £269.2m in FY23
Charles Tyrwhitt’s sales jumped 45% to £269.2m during the 52-week period ended 29 July 2023. The retailer said that the majority of the company’s turnover is due to its digital channel.49% of turnover was derived in the UK while the remaining 51% from its operations in the USA, Australia and…
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15 April
Dr Martens sues Temu over alleged Google ad trademark infringement
Dr Martens, the British footwear brand, has filed a lawsuit against online retailer Temu last week, over a trademark infringement, according to the Times. Dr Martens has alleged that Temu has advertised with Google, using keywords like “Dr Martens” and “Airwair”, to promote its boots sales. As a result, Temu’s…
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