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 -25 March
Ocado faces shareholder revolt over £15m CEO bonus
Ocado reportedly could see a shareholder revolt over executive pay after a proxy advisor recommended investors vote against the retailer’s new bonus scheme, which could mean CEO Tim Steiner receives up to £14.8m, The Times has reported. As a result, the Institutional Shareholder Services (ISS) has recommended that shareholders vote…
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25 March
Kingfisher profits drop amid poor international performance
Kingfisher has seen its pre-tax profits drop 25% to £568m for the year ended 31 January, down from £758m the year prior. The company has put this drop down to poor international sales specifically in France and Poland. As a result, the company is now predicting full year profits of…
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25 March
Ex-chancellor Nadhim Zahawi in talks to become The Very Group chair
Former chancellor Nadhim Zahawi is reportedly in talks with The Very Group regarding the possibility of becoming its new chair, according to Sky News. The MP for Stratford-upon-Avon is believed to be among the candidates that could become the next chairman for the online retailer. City sources told Sky News…
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22 March
Today’s news in brief-22/3/24
In February, UK retail sales stagnated at 0.0%, down from 3.6% the previous month, largely due to inclement weather dampening in-store purchases. While online sales, especially for clothing, saw growth, physical stores, particularly food and fuel retailers, experienced declines. This trend was attributed to the release of new seasonal collections,…
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22 March
Superdrug freezes prices on all cosmetics
Health and beauty retailer Superdrug has recently announced a price freeze across thousands of makeup products as part of the business’s ongoing commitment to support shoppers through the rising cost of living. Starting this week cosmetics such as Rimmel, E.L.F, Maybelline and Own-Brand Studio London will remain the same price…
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22 March
Nike revenues hit $12.4bn in Q3
Nike Inc. has revealed that its third quarter revenues slightly increased on both a reported and currency-neutral basis to $12.4bn (£9.85bn). It comes as it reported revenues for the Nike Brand of $11.9bn, up 2% on a reported and currency-neutral basis, as currency-neutral growth in North America, Greater China and…
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22 March
UK Consumer confidence stagnates in March
UK Consumer confidence has remained flat at -21 in March following a two point drop last month, according to data from GfK. Moreover, the major purchase index fell two points down to -27 but this figure remains six points higher than this time last year. Consumer expectations for the general…
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22 March
Waitrose to close London warehouse, 545 jobs at risk
Waitrose is reportedly planning to close its delivery warehouse in Enfield this summer, placing over 500 jobs at risk.According to Retail Week, around 545 roles will be affected by potential redundancy, and affected staff will enter a consultation with the retailer. The process is expected to take at least 12…
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22 March
Pandora appoints new GM for British Isles and new CCO
Pandora has announced the appointment of Sonia Lopez Delgado as new general manager of British Isles (BRIS) from 1 July, the company’s second largest cluster. She currently holds the position as general manager of the Northern Europe cluster (NOEU). She joined Pandora in 2018 and has extensive experience within sales,…
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22 March
Retail sales flatline in rainiest February on record
UK retail sales experienced no growth (0.0%) in February, down from 3.6% in the month prior, as wet weather discouraged store sales, according to the latest figures released by the ONS. While the latest figures were still ahead of expectations for a 0.4% decline, food and fuel sellers felt the…
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