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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Nov- 2023 -30 November
Dr Martens issues profit warning amid challenging US backdrop
Dr Martens has issued a profit warning due to challenging headwinds in the US. The British footwear brand’s profit before tax fell 55% to £25.8m for the six months ending 30 September. The group also reported that its EBITDA fell 13% and revenues declined 5% from £418.6m to £395.8m primarily…
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29 November
Today’s news in brief-29/11/23
José Neves, the owner of luxury fashion site Farfetch, is reportedly in talks to take the company private, just five years after its IPO on the New York Stock Exchange. Farfetch has seen over 90% of its value wiped out since its listing in 2018. Neves, who holds a 15%…
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29 November
Dune London opens new flagship store in Manchester
Dune London has announced the opening of a new 1,596 sq ft flagship store in the Manchester Arndale, expanding its presence in the North West. The new store is fitted with Dune London’s premium flagship concept, designed in house by the retailer’s store development team. The store brings together polished…
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29 November
Branded grocery suppliers increased unit profitability, CMA probe finds
A number of suppliers of branded grocery products “raised prices faster than costs rose”, according to the CMA’s latest findings from its review of competition among supermarkets. The news follows an initial assessment that focused on retail competition in the groceries sector from July, which identified 10 product categories including…
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29 November
Farfetch owner eyes taking business private as it delays results
The owner of luxury fashion site Farfetch, José Neves, is reportedly planning on taking the company private just five years after it floated on the New York Stock Exchange, according to The Telegraph. Since its listing in 2018 Farfetch has seen 90% of its value wiped out, as such Neves…
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29 November
Halfords HY profits jump 3.3% to £19.3m
Halfords has revealed that it posted profit before tax of £19.3m for the 26 weeks ended 29 September, up 3.3% from the £18.7m it posted in the same period last year. Overall, Halfords saw its revenue jump 13.9% from £767.1m in the first half of last year to £873.5m in…
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29 November
Canada Goose acquires knitwear manufacturer Paola Confectii
Canada Goose has recently announced the acquisition of the operating assets of Paola Confectii Manufacturing for an undisclosed sum. Building upon its existing network of seven facilities across Canada, the acquisition marks the company’s first European facility, and supports its strategic growth plan, specifically expanding existing categories and increasing year-round…
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28 November
Co-op opens purpose-built store in Aberdeen
Co-op has opened its newest purpose-built, 4,000 sq ft store in Aberdeen’s King Street, creating 15 local jobs. The store opens between 7am and 10pm daily and provides hot food, in-store bakery and a Costa coffee dispenser, alongside regular supermarket categories. There is also a free ATM and customer car…
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28 November
Falling inflation under threat in 2024, BRC warns
The British Retail Consortium (BRC) has warned that the current trend of falling inflation could be under threat in the New Year in the face of new headwinds such as rising business rates and new regulations. This comes despite Shop Price annual inflation having decelerated further to 4.3% in November,…
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28 November
Topps Tiles PBT falls to £6.8m despite record revenues
Topps Tiles has revealed its profit before tax fell 37.6% to £6.8m in FY23 despite reporting a third consecutive record year of revenues as they increased 6.3% to £262.7m. The retailer said that sales per store were up 30% compared with pre-pandemic levels due to further improvements to its customer…
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