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 -22 January
Virgin Wines revenues rise 2% in H1
Virgin Wines has revealed that total revenues rose by 2% year-on-year to £34.3m in the six months ended 29 December, despite a “subdued” consumer economic landscape that impacted the retailer last year. In a trading update, the direct-to-consumer wine retailer reported a “significant improvement in profitability”, which it attributed to…
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22 January
Revolve reappoints Jenny Baxter Moser to its board
Jennifer Baxter Moser, who previously served on Revolve’s board of directors during a period of “significant growth and value creation” from December 2012 through July 2020, has been reappointed to the board effective immediately. Baxter Moser will also serve as a member of the audit committee and compensation committee. In…
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22 January
Tesco IT glitch leads to cancelled deliveries
Tesco customers were left without deliveries on Sunday morning following a technical fault with the supermarket’s IT system. According to the BBC, dozens of customers expressed their frustration on social media, calling the experience and lack of communication a “shambles”. However, Tesco said that orders were up and running by…
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22 January
Retailer’s guide to post-purchase customer engagement
Thank You Goes a Long Way The first step in post-purchase engagement is simple but often overlooked – say thank you. Send a personalised thank-you email or message shortly after the purchase. Express your gratitude and reassure customers that their business is appreciated. This not only makes customers feel valued…
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19 January
Today’s news in brief-19/1/24
In December 2023, the Office for National Statistics (ONS) reported a significant 3.2% drop in retail sales volumes in the UK. This decline marked the most substantial monthly decrease since January 2021, following a modest 1.4% increase in November 2023. On an annual basis, sales volumes in 2023 fell by…
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19 January
Asda to roll out 21 new stores by the end of January
Asda has announced that it will be adding 21 new convenience stores to its estate by the end of this month, with five opening their doors today (19 January). The announcement comes as the retailer continues its programme to convert the convenience stores acquired from the Co-op and EG Group…
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19 January
Pepco Q1 revenues hit €1.9bn as it warns on Red Sea disruption
The Pepco Group has posted record Q1 revenues of €1.9bn (£1.63bn) up 10.8% and boosted by new openings. It comes despite group like-for-like (LFL) revenues declined 2.3% in Q1, but with an improving trend during the quarter. Pepco LFL revenue declined 3.7% against a tough comparative period where LFL sales…
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19 January
Birkenstock revenues rise to €1.49bn
Birkenstock has reported a 20% increase in revenues to €1.49bn (£1.28bn) for the year to 30 September 2023, boosted by European sales which increased 18%. Its EBITDA also rose 11% to €483m (£414m) and also recorded an adjusted EBITDA margin of over 30%. However it expects a modest headwind to…
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19 January
M&S to invest £30m in Scottish stores
M&S has unveiled plans to invest £30m in bricks and mortar stores across Scotland. The retailer’s investment will deliver more than five new store openings and expansions over the next 18 months. These plans include a £15m investment in M&S Aberdeen Union Square which will almost double in size and…
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19 January
DFS downgrades sales guidance for FY24
DFS has downgraded its sales guidance for the year, after reporting that gross sales dropped 5.6% year-on-year during the 26 weeks ended 24 December 2023. The sofa retailer has attributed its muted performance to “the record hot weather in September and early October when footfall and demand proved to be…
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