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 -8 November
Bensons for Beds sees 7% sales rise despite ‘tough market conditions’
Bensons for Beds has reported a +7% LFL sales growth for the year ending 30 September 2023, despite tough market conditions. The results follow the retailer’s consistent sales progress in Q1 (7%), Q2 (9%), Q3 (8%) and Q4 (7%). The news comes on the back of a “successful” transformation strategy,…
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8 November
JD Sports faces questioning over ex-CEO’s non-compete deal
JD Sports is reportedly facing questioning over a multimillion-pound non-compete deal signed by former CEO Peter Cowgill, The Telegraph has reported. It comes amid speculation over Cowgill’s exit package with the group after he became a significant shareholder in a sports equipment maker. Under a non-compete deal signed in September…
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7 November
Today’s news in brief-7/11/23
Fast fashion brand Shein has reportedly expressed interest in acquiring Topshop. This comes shortly after the acquisition of Missguided and its intellectual property rights from Frasers Group. Asos, the current owner of Topshop, has been considering selling the brand to bolster its financials following a significant loss of nearly £300m…
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7 November
Majestic opens small-format store in Crouch End
Majestic Wines has opened its newest 3,150 sq ft small-format store in Crouch End, which will carry the retailer’s full range of more than 1,200 products. The store is located on Crouch End Hill alongside other businesses M&S Simply Food, Waitrose and Gail’s Bakery. The retailer’s staff will host free…
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7 November
Lounge to open pop-up at Liverpool One
Underwear brand Lounge is set to launch a Christmas pop-up store at Liverpool One, marking its city debut. Set to open this December on South John Street in a 4,000 sq ft space, the move from the rapidly expanding brand bolsters Liverpool One’s position as the destination of choice for…
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7 November
Grocery price inflation hits single digits for first time this year
Grocery price inflation has fallen below 10% for the first time since July 2022 and now sits at 9.7% for the four weeks to 29 October 2023, according to the latest data from Kantar. It comes as take-home grocery sales over the same period rose by 7.4% compared with last…
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7 November
October retail sales slow as consumers delay Christmas spending
Total UK retail sales increased by 2.5% in October, against a growth of 1.6% in October 2022 as consumers delay their Christmas spending in the hopes they can grab a bargain in the upcoming Black Friday sales, according to the BRC-KPMG Retail Sales Monitor. The total sales growth was below…
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7 November
Primark sales jump 15% to £9bn
Primark owner Associated British Food (ABF) has revealed that Primark sales rose 17% to over £9bn, for the year ended 16 September 2023. Despite this, the company saw its adjusted operating profit drop 3% to £735m and its adjusted operating margin drop to 8.2%. The company put this down to…
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7 November
Naked Wines slashes full-year guidance as CEO exits
Naked Wines has lowered its full-year guidance amid a period of difficult trading, alongside news that CEO Nick Devlin is stepping down from his role with immediate effect. With recent trading in the US being lower than expected, the group now expects full-year revenues to fall by 12% to 16%,…
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7 November
Watches of Switzerland Q2 revenues rise to £379m
Watches of Switzerland has reported that revenues increased to £379m in Q2 2023, up from £374m for the same period last year, due to robust demand for luxury watches. US revenue reached £165m, up 11% at constant currency. The group reported strong sales due to the opening of new mono-brand…
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