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 -26 April
Consumer confidence hits three-month high in April
Consumer confidence has risen from -21 to -19 in April, marking the first improvement in three months, GfK has reported. As consumer confidence across the UK has come above the -20 forecast, it also marks an improvement on the prior year, when the overall index score stood at -30. According…
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26 April
Burberry faces takeover threat after share drop
Burberry is at risk of takeover after losing a fifth of its value since the start of the year, The Telegraph has reported. A profit warning from rival luxury brand Kering, which owns Gucci, Bottega Veneta and YSL among others, triggered a dip in Burberry shares on Wednesday (24 April).…
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26 April
Co-op appoints new property, development and estates director
Co-op has appointed Rachel Hargreaves as its new director of property, development and estates in a bid to boost its strategic growth plans. Joining Co-op from Lidl GB, Hargreaves’ position involves a focus on ensuring Co-op is at the “forefront of landowners, developers and agents minds as the go-to convenience…
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25 April
Today’s news in brief-25/4/24
Getir is set to exit the UK and Europe as investors inject additional funds into the company, according to Sky News. The funding, expected to be in the tens of millions of pounds, will support the closure of operations in the UK, Germany, and the Netherlands. The move follows restructuring…
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25 April
Co-op urges communities to call on PCC to tackle retail crime
Co-op is urging employees, member-owners and communities blighted by retail crime to write to their Police and Crime Commissioners (PCC) candidates and call on them to commit a crack-down on criminals. The retail industry has seen an unprecedented rise in retail crime driven by repeat and prolific offenders, and ahead…
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25 April
Sainsbury’s predicts profits to hit £1bn
Sainsbury’s has posted a pre-tax profit of £701m, an increase of 1.6% for the year ended 2 March 2024. As a result, the company expects an underlying profit of £1.06bn for the 2024-2025 period, up from the £966m it posted this year. The company saw a 6.8% rise in retail…
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25 April
Getir investors injects more cash to fund UK and Europe exit
Getir investors are reportedly set to inject more funds into the company to terminate its operations in the UK and Europe, according to Sky News. The company shareholders have drawn up provisional plans to pump tens of millions of pounds more into Getir in the coming weeks. According to sources…
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25 April
Matchesfashion creditors owed £36m following collapse
Burberry, Gucci and Prada are among the creditors owed £36m following the collapse of Matchesfashion last month, the FT has revealed. The luxury brands are among more than 500 creditors to Matches, which was bought by Mike Ashley’s Fraser Group in December. Administrators at Teneo revealed that the creditors are…
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25 April
WH Smith revenues rise 8% in H1 amid travel boost
WH Smith has reported that total revenues rose 8% to £926m in the six months ending 29 February, largely boosted by sales in its travel division, which rose by 13%. Although high street trading profits dipped to £22m, down from £24m last year, travel profits rose from £47m to £50m. …
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25 April
Asda’s credit rating upgraded amid strong FY results
Asda has welcomed Moody’s upgrade of the company’s corporate rating to B1 from B2, following a strong financial performance in FY23.It comes as full-year profits soared by 24% to £1.078bn, largely driven by a like-for-like sales growth of 5.4%, and the impact of strategic acquisitions. Moody’s attributed the upgrade to…
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