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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Jan- 2024 -18 January
The Works losses widen to £7.8m amid ‘challenging’ market conditions
The Works has fallen to a pre-tax loss of £7.8m in its half-year results, following a period of “persistently challenging” market conditions. In the half-year ended 29 October, the retailer reported a pre-IFRS 16 adjusted EBITDA loss of £8.5m, widening from a loss of £6.4m the prior year. However, it…
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18 January
Currys profits to exceed expectations despite revenue dip
Currys expects full-year profits to be above expectations despite UK&I revenues dipping 3% during the 10 weeks ended 6 January. During the quarter, the electronics retailer also recorded a 6% drop in like-for-like sales in the Nordic region and a 4% drop in Greece. Despite this, the company said it…
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17 January
Today’s news in brief-17/1/24
In a surprising turn of events, inflation in December exceeded economists’ predictions, rising to 4%, contrary to the forecasted decrease to 3.8%. The Office for National Statistics (ONS) reported that the upswing was driven by increases in fuel and tobacco prices. Notably, alcohol and tobacco division prices surged by 12.8%,…
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17 January
Co-op to open first Welsh franchise store
Co-op is set to unveil its first Welsh franchise store on Thursday (18 January) which is launching to serve and support the Parc Derwen community, Bridgend. The convenience retailer is committed to growing its franchise business, with the model enabling Co-op to bring its products and, the benefits of membership,…
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17 January
Poundland to begin refurbishing 11 former Wilko stores
Poundland has announced it will begin a major makeover of 11 former Wilko stores in the next few weeks, after acquiring Wilko stores in the administration process. The first former Wilko stores to be refurbished will be located in Leigh, Peterlee and Ammanford, with the work due to be completed…
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17 January
Inflation unexpectedly rises in December
Inflation unexpectedly increased to 4% in December off the back of rises in fuel and tobacco prices. According to the latest figures from the Office for National Statistics (ONS) the small rise in the annual rate between November and December 2023 was a result of prices rising by 0.4% on…
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17 January
Uniqlo files suit against Shein for ‘copying’ viral shoulder bag
Uniqlo is reportedly suing Shein over claims that it has copied its viral “Mary Poppins” shoulder bags, the BBC has reported. The news comes after Uniqlo’s owner, Fast Retailing, filed a petition in the Tokyo District Court against Shein Japan and two subsidiaries in late December. The Japanese retailer argues…
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17 January
Mulberry revenue falls 8.4% amid luxury spending slowdown
Mulberry has revealed that its group revenue dropped 8.4% for the 13 weeks ended 30 December 2023. The company stated that this was impacted by the challenging macroeconomic backdrop and decline in luxury consumer spending. Mulberry also revealed that in the run up to Christmas it maintained its full price…
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17 January
Superdry hires PwC to explore debt options
Superdry is believed to have appointed accountancy firm PwC to explore its debt options, Sky News has revealed. The clothing retailer is supposedly working with advisers from the firm to review the funding options following a pre-Christmas profit warning. The news comes after Superdry reported YoY sales decrease of 13.1%…
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17 January
Footfall climbed 3.3% in 2023 despite cost-of-living crisis
Footfall steadily rose by 3.3% in 2023 compared with the previous year, despite the rising prominence of the cost of living crisis, according to MRI Software’s latest retail outlook report. The findings suggest that consumers found a way to spread costs, as retail “stood firm” in the face of the…
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