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 -10 April
THG losses narrow as boss hails improved Q4 revenues
LookFantastic and MyProtein owner, THG, has reported that its losses before tax have narrowed to £252m during the year ending 31 December 2023 from £549.7m in the year prior. The news comes despite total group revenues falling 8.4% after the group’s decision to “discontinue loss-making categories”. In addition, the group’s…
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10 April
Next and Frasers Group mulls bid for Ted Baker
Mike Ashley’s Frasers Group and Next have expressed interest in acquiring Ted Baker, according to the Times. The news comes after the fashion label collapsed into administration and appointed Teneo Advisory as its administrator. Both Frasers and Next have contacted Teneo Advisory to explore a sale of all or parts…
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10 April
Tesco profits soar in FY results as inflation eases
Tesco has seen pre-tax profits soar by 159.5% to £2.3bn in its full-year results, up from £882m the prior year, as shoppers began to spend more when price inflation “lessened substantially”. In its preliminary results for the year ended 24 February 2024, group sales were up by 7.4% to £61.5bn,…
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9 April
Today’s news in brief-9/4/24
No Ordinary Designer Label Limited (NODL), the retailers of the Ted Baker brand in the UK and Europe, will close 11 stores by 19 April. This decision follows the appointment of administrators and is aimed at improving the company’s performance. Authentic Brands Group, the intellectual property owner of Ted Baker,…
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9 April
SportsShoes.com appoints first partnerships coordinator
SportsShoes.com has announced the appointment of Georgia Malir as its first partnerships coordinator to manage running and fitness community partnerships. Malir joins the online running shoes, clothing and outdoor retailer from athletic footwear and apparel brand, Saucony, where she was a technical representative. In her new role, she will be…
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9 April
Swarovski to launch standalone boutique in Merry Hill
Luxury brand Swarovski is returning to West Midlands destination Merry Hill with the launch of a standalone boutique set to open in spring. The new store, spanning 2150 sq ft between Goldsmiths and Beaverbrooks on the Upper Mall, will feature the retailer’s latest shop fit, with metallic finishes and fluted…
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9 April
Easter helps retail sales jump 3.5% in March
UK Total retail sales increased by 3.5% year on year in March, as the early Easter helped boost performance for the month, according to the latest BRC-KPMG Retail Sales Monitor. The increase was above the three-month average growth of 2.1% and the 12-month average growth of 2.9%. It comes as…
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9 April
Ted Baker to close 11 stores
The joint administrators of No Ordinary Designer Label Limited (NODL), retailers of the Ted Baker brand in the UK and Europe, have announced that 11 stores will close and cease trading by 19 April. News of the closures follows the appointment of Benji Dymant and Daniel Smith of Teneo Financial…
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9 April
Charlotte Tilbury owner eyes €2.5bn IPO
Spanish beauty group, Puig, which owns brands including Charlotte Tilbury, has announced its intention to raise more than €2.5bn (£2.1bn) through an initial public offering of its class B shares to qualified investors. The 110-year old company is looking to apply for admission of the shares to listing on the…
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9 April
ProCook Q4 revenues jump 4.8%
ProCook has revealed that its revenues jumped 4.8% up to £13.2m for the 12 weeks ended 31 March 2024. As a result of this the board expects its full-year underlying PBT for FY24 to be between £0.5m to £1.0m, marginally ahead of market expectations. Furthermore, the company’s total like-for-like revenue…
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