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 -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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13 March
Local business partnership forms in Dorset to quash retail crime
Local businesses in Dorset have united with police and the Bournemouth, Christchurch and Poole Council to tackle antisocial behaviour and retail crime, with information sharing and better incident recording that aims to empower more targeted action. The new conurbation-wide ‘Against Business Crime’ partnership will be led by three of the…
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13 March
Shoppers help boost UK economy in Jan
UK GDP increased by 0.2% in January, up from a decline of 0.1% in December, as an increase in spending in shops helped to boost growth. While the performance was expected by economists it means that GDP is estimated to have fallen by 0.3% compared with the same month last…
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13 March
Zara owner profits surge by 28% in FY23
Zara owner Inditex has welcomed a “very robust” FY23 performance, as profit-before-tax surged 28.2% to €6.9bn (£5.9bn) while sales rose by 10.4% to €35.9bn (£30.7bn).Gross profits rose by 11.9% to €20.8bn (£17.8bn), and EBITDA increased 13.9% to €9.9bn (£8.5bn) as the group reported strong results both in stores and online. …
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13 March
Matches CEO and CFO depart amid administration
Matches CEO Nick Beighton and CFO Dave Murray have departed the retailer after its collapse into administration last week, Drapers has reported. The news comes as the two senior leaders are thought to have been part of the 273 job cuts announced last Friday (8 March). A day before on…
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13 March
Shoe Zone warns trading to be ‘marginally below’ expectations
Shoe Zone has warned that its trading is marginally below expectations, due to an increase in National Living Wage and higher costs caused by the ongoing Suez Canal situation. At its annual general meeting on 12 March the group also reported a slower than expected end to its Autumn/Winter season.…
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13 March
Morrisons posts £1.1bn loss as debt payments rise
Morrisons has posted a loss before tax of £1.1bn for the year ended 29 October 2023 as its debts increased as a result of its takeover by Clayton Dubilier and Rice. The company saw its finance costs rise to £735m, up from £593m in the same period last year. These…
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12 March
Sainsbury’s opens new store at Meols Cop Retail Park
Sainsbury’s has now opened a new 80,000 sq ft supermarket at Meols Cop Retail Park, Southport. The redevelopment of the site took ten years, and the overall cost of the scheme was over £30m. The scheme compromised the extensive redevelopment of an existing retail park with a new purpose-built store…
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12 March
Today’s news in brief-12/3/24
Superdry is in talks with Hilco Capital for a loan of up to £20m. This loan would support the company’s ongoing turnaround efforts and provide liquidity for its operational needs, including managing seasonal working capital peaks. Additionally, Superdry aims to extend the maturity date of its facilities with Hilco. These…
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12 March
Aldi raises hourly pay for second time this year
Aldi has raised its pay for store colleagues for the second time this year to the new national minimum rate of £12.40 an hour for store assistants and deputy store managers, taking the position as the highest level of entry pay ever to be paid by a British supermarket. This…
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