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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Feb- 2024 -2 February
Adidas to sell remaining Yeezy stock
Adidas has reported an operating profit of €268m (£229m) in 2023, compared with its previous guidance of a €100m (£85m) loss, which was driven by a better-than-expected operational business in Q4 and the company’s decision not to write off the vast majority of its existing Yeezy inventory. The 2023 operating…
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2 February
Two in five FTSE retailers issued profit warnings last year
The percentage of UK-listed companies issuing profit warnings last year hit 18.2%, exceeding the levels seen at the peak of the financial crisis in 2008, according to new findings from EY. In particular, the rate of profit warnings remained high for FTSE retailers, with two in every five FTSE retailers…
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2 February
Farfetch completes sale to Coupang
Farfetch has completed the sale of its business to the South Korea marketplace company Coupang for $500m (£392m). With the original agreement, which was announced on 18 December, Farfetch agreed that it had until 30 April to explore other creditors for the sale but now the deal has been finalised. …
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2 February
Amazon revenues hit $170bn in Golden Quarter
Amazon has revealed that net sales rose by 14% to $170bn (£133.2bn) in the fourth quarter ended 31 December 2023. The news comes as Amazon’s international segment sales increased 17% year-over-year to $40.2bn (£31.5bn), while its Amazon Website Services (AWS) sales rose 13% year-over-year to $24.2bn (£18.9bn). Operating income during…
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1 February
Today’s news in brief-1/2/24
Lloyds Pharmacy, now known as Diamond DCO Two Limited, entered voluntary liquidation, owing £293m to 514 creditors. The liquidation process will be handled by Martin Armstrong and Andrew Bailey of Turpin Barker Armstrong Accountants. The majority of the debt is owed to current and former owners, including Diamond DCO One,…
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1 February
M Core acquires Princes Square in Glasgow
Commercial property and investment collective, M Core, has announced its acquisition of the Princes Square retail development in Glasgow city centre for an undisclosed sum. Princes Square, occupying a prime position on Buchanan Street, has been “widely acknowledged” as the UK’s best retail centre outside of London. The 118,625 sq…
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1 February
Angel Central sales jump 16% in 2023
Islington destination Angel Central finished 2023 on a high, reporting a sales increase of 16% compared with 2022. The destination also had an increase in footfall of 6.4% compared to the national average of 2.9%, and transactions rose by 4%. The success comes as OFFICE, the fashion footwear specialist, recently…
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1 February
Lloyds Pharmacy enters voluntary liquidation
Lloyds Pharmacy has entered voluntary liquidation owing its 514 creditors over £293m. As first reported by Chemist and Druggist, the company – which is now known as Diamond DCO Two Limited – filed documents for voluntary liquidation with Companies House on 22nd January. The documents reveal it has appointed Martin…
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1 February
UK footfall falls 20.1% in January
Footfall across UK retail destinations in January has followed the traditional post-Christmas dip with activity declining by 20.1% from December 2023. Historically, this decline in footfall has averaged 22.6% in January from 2009 – which is when MRI Software first started publishing its footfall benchmarks – to 2020, therefore this…
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1 February
Boohoo lenders reject £75m debt extension bid
Boohoo’s attempt to extend its repayment deadline on a £325m debt has been rejected by some of its lenders due to declining sales, according to the Telegraph. The online retailer told the Telegraph that it has managed to push the deadline on the £250m of the borrowing, which was supported…
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