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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Mar- 2024 -15 March
Under Armour founder returns as CEO
Under Armour founder Kevin Plank will become president and chief executive officer, effective April 1, 2024, succeeding Stephanie Linnartz. Plank, who will transition from executive chair of the board, will remain a director. Linnartz will remain an advisor to the company through April 30, 2024. Plank founded Under Armour in…
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15 March
Bensons For Beds returns to profitability in FY23
Bensons For Beds has reported a return to profitability as turnover grew by 7.5% to £257.5m for the 53 weeks to September 2023, along with reported EBITDA profits of just over £1.5m from a previous loss of £15.4m. The bed retailer has attributed its performance to the implementation of its…
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14 March
Today’s news in brief-14/3/24
John Lewis announced a pre-tax profit of £42m, a significant turnaround from the previous year’s loss of £78m. Despite this, the company will not pay staff bonuses for the third time in four years, citing a focus on base salary over bonuses. Sales rose by 1%, reaching £12.4bn, with Waitrose…
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14 March
Poundland to start TV ad campaign to showcase new ranges
Poundland has confirmed it will start advertising its all-new clothing, homewares and grocery ranges on UK and Ireland TV for the first time. The TV slots which will debut tomorrow (15 March) and run until mid-April will highlight the value Poundland is now able to bring shoppers, having completely revamped…
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14 March
Music Magpie FY23 losses widen
Music Magpie has revealed that pre-tax losses have widened to £6.8m during the year ended 30 November 2023 from £1.5m in the prior year. While the consumer technology category saw gross profits rise 15.8% to £23.4m, revenues declined from £145.3m to £136.6m during the period after sales dipped. Nevertheless, the…
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14 March
Retail sees 14 closures a day as 5,000 stores vanish in 2023
High-profile retail restructuring and administrations have resulted in a net of 14 store closures a day during 2023, according to research from LDC and PwC, meaning that 5,000 fewer shops are currently trading across the country. The research has attributed the high volume of closures to the collapses of high…
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14 March
Adidas reports first loss in 30 years after Kanye fallout
Adidas has posted its first loss in more than three decades following the financial blow from abandoning its deal with the rapper Kanye West. The group reported a loss of €58m (£50m) in 2023 compared with €254m (£217m) profit in the prior year. The company also reported a 5% decrease…
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14 March
John Lewis returns to profit but pays no staff bonus
John Lewis has revealed a pre-tax profit of £42m before exceptional items for the year ended 27 January 2024, up from a loss of £78m last year. Despite the return to profit the Partnership will not pay out staff bonuses for the third time in four years. The company stated…
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14 March
Foot Locker appoints new chief human resources officer
Foot Locker has recently announced that Cindy Carlisle has been appointed the new executive vice president and chief human resources officer. Carlisle joins Foot Locker from Stryker Corporation, where she served as group vice president of human resources. She previously held leadership positions at Roche Group and Johnson and Johnson.…
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13 March
Today’s news in brief-13/3/24
Morrisons reported a loss of £1.1bn for the year ending October 2023. The increase in debt, mainly due to the takeover by Clayton Dubilier and Rice, has led to rising finance costs, reaching £735 million. Despite a slight drop in revenues to £1.84bn, underlying profits excluding debt interest costs have…
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