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 -12 January
Burberry lowers full-year guidance amid luxury demand slowdown
Fashion retailer Burberry has today (12 January) warned that its full-year results will be below its previous guidance after a slowdown in luxury demand. In the 13 weeks to December 30, retail revenue fell 7% to £706m. Comparable store sales fell 4%, with sales in the EMEIA and Americas regions…
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11 January
Today’s news in brief-11/1/24
Marks & Spencer emerged as the top-performing grocer in volume growth during the Christmas period and the quarter. Food sales rose by an impressive 10.5%, with like-for-like sales up 9.9%. Clothing and home sales also experienced growth of 4.8%, attributed partly to reduced promotions. Supply chain improvements contributed to better…
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11 January
Online fashion revenues rise 6% YoY in December, True Fit finds
Online fashion revenues rose by 6% year-on-year in December 2023 compared with the same time last year, buoying the overall “muted” Golden Quarter fashion sales, True Fit data has revealed. True Fit’s Fashion Genome, which pulls together the preferences of 82 million active shoppers and over 20,000 brands, showed that…
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11 January
Gloucester Quays sees record year of leasing in 2023
South West urban outlet Gloucester Quays is celebrating a year of record leasing in 2023. The sector-leading retail and leisure destination saw double-digit growth at the close of 2023, exceeding targets across footfall and sales, and experiencing high demand from international powerhouse brands throughout the year. Gloucester Quays enjoyed a…
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11 January
Tesco ups guidance as sales jump 6.9%
Tesco has announced that its sales increased 6.9% for the 19 weeks ended 6 January 2024 after stronger than expected volume growth in the period. As a result the company now expects a retail adjusted operating profit of around £2.75bn, above its previous guidance range of £2.6bn to £2.7bn The…
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11 January
Boohoo added ‘Made in UK’ labels on clothes made in South Asia
Boohoo reportedly added “Made in the UK’ labels to some of its clothes that were actually made overseas, according to claims from BBC Panorama. The BBC investigative show said that Boohoo removed label from a selection of plain t-shirts and hoodies and had them replaced with the Made in the…
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11 January
Sainsbury’s in talks with Gov over Red Sea shipping delays
Sainsbury’s is reportedly in talks with the UK government to mitigate possible shipping delays due to unrest in the Red Sea, according to Bloomberg. Bloomoberg understood that the chief executive of the retailer, Simon Roberts, said the business is working hard to make sure the latest intelligence is understood and…
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11 January
Frasers Group appoints new joint broker
Frasers Group has announced the appointment of Jefferies, a full-service investment banking and capital markets firm, as its new corporate broker. Jefferies will replace Liberum as the company’s joint corporate broker, alongside Barclays Bank plc and Deutsche Numis, with immediate effect. Frasers said: “The board of Frasers wishes to thank…
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11 January
Very UK sales up 3.4% over Christmas period
Very UK has reported that retail sales were up by 3.4% in the seven weeks to 22 December 2023, with group sales up by 2.1% overall, but warned of a “challenging” year ahead for retailers. Over the Christmas and Black Friday period, the group said its performance was “consistently ahead”…
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11 January
M&S ‘top performing’ grocer over Christmas period
M&S has revealed that it was the top performing grocer in volume growth terms over the Christmas period and the quarter, as food sales rose 10.5%, with like-for-like sales up 9.9%. According to the retailer, supply chain improvements helped to drive better availability year-on-year in its supermarkets. Clothing and home…
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