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 -18 April
Adidas raises FY profit guidance amid strong Q1
Adidas has upped its profit guidance for the year after it revealed its Q1 profits increased to €336m (£287m), up from €60m (£51m) the previous year. In Q1, the sportswear giant reported currency-neutral revenues increased 8% versus the prior year level. In euro terms, the company’s revenues grew 4% to…
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18 April
Dunelm Q3 sales jump 3% despite ‘difficult trading conditions’
Dunelm has revealed that its sales for the 13 weeks ended 30 March 2024 rose 3% to £435m year-on-year. Alongside this, the company’s total digital sales rose 1% up to 37%, including home deliveries. Despite what it called a “challenging trading environment”, Dunelm expects its FY24 PBT to be broadly…
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18 April
Shein revives interest in acquiring Topshop
Shein is reportedly amongst a “number” of retailers still interested in acquiring the Topshop brand from Asos. According to The Times, Asos has received “non-stop interest” from a range of high-profile retailers, including the fast-fashion giant. Authentic Brands Group (ABG), which now owns Ted Baker and Forever 21, is also…
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18 April
BP rolls out body cameras at stores to tackle retail crime
BP has announced it is continuing to invest in the security of its employees by rolling out the Auror retail crime intelligence platform across its 300 company-owned stores and is implementing Reveal body worn cameras at stores experiencing higher levels of abuse and crime. These initiatives are part of BP’s…
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18 April
Harvey Nichols appoints new CEO
Harvey Nichols has appointed Julia Goddard, EMEA president of Alexander McQueen, as its new chief executive officer, effective June 2024. Goddard’s appointment comes after Manju Malhotra, who served as CEO for 25 years, resigned last August. Before joining Harvey Nichols, Goddard spent 14 years at Alexander McQueen, where she led…
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18 April
LVMH revenues up 3% in Q1 despite economic uncertainty
Luxury group LVMH has reported a revenue growth of 3% to €20.7bn (£17.7bn) in the first quarter of 2024, marking a good start to the year despite “a geopolitical and economic environment that remains uncertain”. This comes as its European and US markets achieved 2% growth on a constant currency…
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17 April
Matalan welcomes 17 new third-party brands
Matalan has expanded its range by launching 17 new third-party brands within womenswear, menswear, kidswear, homeware and gifting, as well as extending the range of sizes available across hundreds of lines. Among the new brands are Mountain Warehouse, Regatta, BRITBAG Luggage, Threadbare, Brave Soul and ToeZone. In addition, with the…
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17 April
Gucci appoints new deputy CEO
Gucci has announced the appointment of Stefano Cantino as the brand’s new deputy chief executive officer, reporting to Jean-François Palus, president and CEO, from 2 May. In this newly created position, Cantino will share with Palus the responsibility to define and implement the brand strategy. He joins Gucci after spending…
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17 April
Asos losses widen to £120m in H1 as sales fall 18%
Asos has seen its losses deepen to £120m in the first half of the year, a 32.6% increase compared to the same period last year, as sales fell by 18% to £1.5bn over the period. The dip in sales was attributed to planned discounting to clear old stock, a move…
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17 April
Inflation falls to lowest level since 2021
Inflation slowed to 3.2% in March, down from 3.4% the prior month, as inflation fell to its lowest annual rate since September 2021. According to the Office for National Statistics, food prices were the main reason for the fall, with prices across most categories rising by less against last year. However,…
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