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 -2 April
Shop price inflation falls to lowest level in two years
Shop Price annual inflation eased to 1.3% in March, down from 2.5% in February, marking its lowest level since December 2021. It comes as non-Food inflation fell to 0.2% in March, down from 1.3% in the preceding month. This is below the three-month average rate of 0.9%. Inflation is its…
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2 April
Frasers appoints boyfriend of Mike Ashley’s daughter to board
Frasers Group has appointed a director to its board who is reportedly in a relationship with founder Mike Ashley’s youngest daughter. According to the Sunday Times, the Sports Direct owner promoted David Al-Mudallal, 31, the chief operating officer, to its main board as an executive director last month. Al-Mudallal, who…
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2 April
FatFace unveils leadership changes following Next acquisition
FatFace has announced several new appointments within its senior leadership team to help drive the business forward following the acquisition by Next back in October 2023. The retailer has created two new roles on the management team – people director and stores director. Both positions are being appointed from existing…
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2 April
Superdry CEO abandons takeover as Hilco extends funding facility
Superdry CEO Julian Dunkerton’s plan to takeover the group has fallen through, as the fashion retailer has announced a funding facility extension of £20m with Hilco. The news comes after Dunkerton’s deadline to make an offer for the retailer was extended earlier this month. A statement in the London Stock…
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2 April
Naked Wines confirms Rodrigo Maza as new CEO
Naked Wines has confirmed the appointment of Rodrigo Maza as group chief executive officer effective from today (2 April), further to the announcement made on 5 February. Maza has been the group’s UK managing director since September 2023, and will now work alongside chairman Rowan Gormley over the next few…
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Mar- 2024 -28 March
Today’s news in brief-28/3/24
AO expects to meet profit guidance, anticipating adjusted profit before tax to be at the top end of £28-£33m for the 12 months ending 31 March. Revenues are projected to reach £1.04bn, driven by positive trading in the core business through Q4 and the return of revenue growth for AO.com.…
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28 March
Tesco and NatWest join forces to help farmers with decarbonising costs
Tesco and NatWest have launched a new discounted climate and sustainable finance scheme for 1,500 of the retailer’s farmers providing them with financial assistance in order to switch to sustainable farming methods. The voluntary programme, which has been designed with farmers’ input, will see farmers who are part of Tesco’s…
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28 March
JD Sports maintains guidance amid ‘challenging market’
JD Sports has reaffirmed its profit guidance of between £915m-£935m for the full year despite what it has called a “challenging market”. In Q4 its like-for-like sales were up 0.1% and organic sales were up 4.4% while FY24 LFL sales were up 4.2% and organic sales growth was 8.4%. Overall,…
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28 March
AO to meet profit guidance
Electricals retailer AO has announced that it expects to hit its previously pledged profit guidance with adjusted profit before tax expected to be at least at the top range of £28-£33m for the 12 months ending 31 March. According to its pre-close update, the group also anticipates its revenues to…
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28 March
Quiz CEO steps down as sales dip
Quiz has revealed that founder and CEO Tarak Ramzan is stepping down from his role with immediate effect as UK sales continue to be impacted by “subdued levels of traffic” in-store and online. Ramzan, as the largest shareholder of the company, will assume a non-executive director role. Having founded the…
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