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 -17 May
Under Armour revenues slip 3% to $5.7bn in FY24
Under Armour revenues slipped 3% to $5.7bn (£4.5bn) for the financial year ended 31 March. North America revenue decreased 8% to $3.5bn (£2.7bn), while international revenue increased 8% to $2.2bn (£1.7bn). Within the international business, revenue increased 9% in EMEA, 6% in Asia-Pacific, and 8% in Latin America. Wholesale revenue…
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17 May
Currys to revamp 65 stores to enhance customer experience
Currys has announced an investment programme that will see it refurbish 65 of its stores across the UK to improve the customer experience. The stores will have around 90% of their existing space changed making them “more navigable” for the customer and “enhanced” layouts will enable them to showcase a…
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17 May
Asos to debut in India following Reliance Retail partnership
Asos is set to debut in India following a new long-term partnership with Reliance Retail, India’s leading retailer.Under a long-term licensing agreement, Reliance Retail will be the exclusive retail partner for Asos across all of its online and offline channels in India. Reliance Retail will introduce Asos’s curated portfolio of…
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16 May
Today’s news in brief-16/5/24
Natura and Co is considering separating from Avon after experiencing a significant increase in losses during the first quarter. The group’s net loss rose by 43.3% to BRL934.9m (£143.6m), compared to BRL652m (£100m) the previous year, while sales declined by 5.7% to BRL6.1bn (£937m). Avon International’s sales fell by 13.1%…
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16 May
Asda urges customers to donate to national food drive
Asda will be hosting its annual food drive in partnership with the Trussell Trust and is calling on customers up and down the country to donate essential food items at their nearest store. The food drive aims to support food banks in the community and will take place in stores…
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16 May
Watches of Switzerland Q4 sales rise 4%
Watches of Switzerland has seen its group revenues jump 4% up to £380m for the 13 weeks ended 30 April. The company saw its US sales rise 6% to £846m but its UK and Europe sales dropped 5% to £846m “impacted by macroeconomic conditions in the UK”. It has stated…
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16 May
Superdrug to open 25 new stores
Superdrug has announced an investment into its bricks-and-mortar retail footprint, with plans to open 25 new stores in 2024, as it celebrates its 60th year on the British high street. The retailer said it is aiming to continue to “enhance the physical shopping experience for customers with increasing bigger and…
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16 May
Mytheresa sales rise 17.6% to €233.9m in Q3
Luxury retailer Mytheresa reported a 17.6% net sales increase to €233.9m (£200.6m) for the third quarter ended 31 March. Gross Merchandise Value (GMV) increased 14.7% to €252.2m (£216.3m) compared to €219.8m (£188.5m) in the prior year period. Gross profit also increased 12% to €101.6m (£87.1m) with a 43.4% gross profit…
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16 May
Miniso revenues rise 26% in Q1 amid worldwide expansion
Trendy lifestyle retailer Miniso has reported that revenues rose 26% to $515.7m (£406.9m) year-over-year in the first quarter ended 31 March. The group attributed its performance to the expansion of the Miniso brand’s retail footprint to a “significant” milestone of 6,630 stores worldwide as of the end of Q1. This…
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16 May
Natura & Co mulls Avon separation amid widened losses
Natura and Co has confirmed it is still exploring a “potential separation” of Avon after its losses widened in the first quarter of trading. Over the period, its net loss widened by 43.3% to BRL934.9m (£143.6m), up from a loss of BRL652m (£100m) the prior year. It comes as sales fell…
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