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 -7 March
Hugo Boss sales rise by 18% to €4.2bn in FY23
Hugo Boss has announced an 18% sales increase to €4.2bn (£3.5bn) for the fiscal year 2023. For the first time in its history, sales crossed the €4bn (£3.4bn) threshold, exceeding the brand’s initial mid-term sales target two years ahead of plan. Group’s EBITDA increased by 22% to €410m (£350m), compared…
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7 March
M&S co-CEO to step down
Katie Bickerstaffe is set to retire from her role as co-CEO at M&S to pursue her board career.The company said she would step down after its AGM in July 2024. Bickerstaffe served as a non-executive director and co-COO of M&S prior to being appointed co-CEO in March 2022. According to…
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6 March
Today’s news in brief-6/3/24
Currys shareholder JO Hambro Capital Management urged the company to hold out for a £1bn offer amid takeover talks. Despite rejecting a bid from Elliot valued at 67p per share, Currys faces pressure to consider higher offers, with JOHCM deeming an offer between 80p and 100p per share as “acceptable”.…
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6 March
Waitrose partners with FareShare to deliver 20 million meals
Waitrose has redirected the equivalent of 20 million meals worth of surplus food to charities and community groups across the UK through its partnership with charity FareShare. Through its stores, customer fulfilment and distribution centres across the UK, the retailer’s decision to redistribute surplus food is in line with its…
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6 March
Former JLP chairman Peter Lewis passes away
Peter Lewis, who served as chairman of the John Lewis Partnership from 1972 to 1993, has passed away aged 95. Lewis was the Partnership’s third chairman when he took the role in 1972, and was the son of Oswald Lewis and the nephew of John Spedan Lewis, who founded the…
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6 March
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance, falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…
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6 March
M&S to roll out fully recyclable coffee cups in all its cafes
M&S has announced that it will be rolling out fully recyclable takeaway coffee cups to all its cafes from next month. The move comes after M&S became the first major high street coffee retailer to offer its coffee and all hot drinks in a paper fibre cup and lid, which…
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6 March
Shareholder calls for Currys to hold out for £1bn offer
A Currys shareholder, JO Hambro Capital Management (JOHCM), has stated that the electronics retailer should hold out for an offer of £1bn amid takeover talks. According to The Standard, JOHCM, a UK equity income fund, stated that an offer between 80p and 100p per share would be “acceptable”. An offer…
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6 March
John Lewis staff pay to rise 10% amid £116m investment
John Lewis Partnership reportedly has plans to boost staff pay by 10% as part of a £116m investment, according to Retail Week. The Waitrose owner will reportedly confirm the “record” pay increase when it releases its latest full-year results next week on 14 March. From 1 April, the minimum pay…
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6 March
Tesco raises pay by 9.1% amid ‘record’ £300m investment
Tesco has increased base pay for staff by 9.1%, amid a “record” investment of more than £300m in hourly pay.The supermarket reached an agreement with trade union USDAW that will see the hourly pay rate increase from £11.02 to £12.02. The new rate will come into effect from April 2024. …
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