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.
-
Nov- 2023 -2 November
Asos to mothball Lichfield warehouse amid falling profits
Asos is planning to mothball its second UK fulfilment centre in Lichfield next year, as part of efforts to cut costs after the group revealed losses widened in its latest full-year results. In its latest financial results, Asos said that mothballing the site will provide an annual cost saving of…
Read More » -
2 November
Zalando EBIT up 72% despite falling Q3 revenues
Zalando has reported that its EBIT increased 72% to €23.2m (£20.2m) during Q3, despite revenues and gross merchandise volumes falling by 3.2% and 2.4% respectively. The online fashion retailer managed to improve its EBIT during the quarter through reduced logistics costs, but revenues did not materialise amid low consumer sentiment…
Read More » -
2 November
Profits and revenues surge at Kurt Geiger
British accessories brand Kurt Geiger has reported a 49% increase in EBITDA to £30m and a 31% increase in revenues to £329.5m for the 12 months ended 28 January 2023. As the brand celebrates its 60th anniversary, it attributed the growth in sales and profits to its continued expansion in…
Read More » -
1 November
Today’s news in brief-1/11/23
Asda has successfully finalised its acquisition of EG Group’s UK business, a deal valued at a substantial £2bn. This strategic move allows Asda to take ownership of EG Group’s UK&I operations, which encompass fuel, foodservice, grocery, and merchandise businesses. Notably, EG Group has clarified that it will retain operations in…
Read More » -
1 November
Black Friday spending to halve due to cost-of-living crisis
Overall spending per person over Black Friday is due to fall from £168.18 in 2021 back to the 2020 average of £86.06, according to Wunderman Thompson Commerce’s findings. This comes as the ongoing cost-of-living crisis, rising inflation and debt concerns are expected to limit shoppers’ spend during Black Friday 2023. …
Read More » -
1 November
Swatch to open store in Liverpool One
Swiss watch brand Swatch is set to open a new store in Liverpool One shopping centre. Joining the destination’s line-up of prestigious brands, Swatch will reside in a 600 sq ft space on Paradise Street. The unit is set to host over 500 different watches on display, showcasing a selection…
Read More » -
1 November
Rise in shoppers planning to spend more this Xmas, study finds
More UK consumers are planning to increase their Christmas spending this year compared with last year, signalling a competitive festive season for retailers, according to research by Deloitte. Deloitte’s Consumer Tracker report surveyed more than 3,100 UK consumers about their spending intentions in the final three months of 2023 –…
Read More » -
1 November
Matches reports £33m loss in FY22
Matches, the modern luxury shopping destination, has posted an adjusted EBITDA loss of £33.7m for FY22. For the year ended 31 January, revenues slightly slipped to £380.1m, compared to £386.6m in FY21. However, order demand came at £758.2m, up 12% to £677.1m reported the previous year. Matches has also updated…
Read More » -
1 November
Asda acquires EG Group’s UK business for £2bn
Asda has completed its acquisition of EG Group’s UK business in a deal valued at £2bn. The move has seen the supermarket acquire EG Group’s UK&I fuel, foodservice, grocery and merchandise business. EG Group said it will continue to operate in the USA, Australia, Germany, France, Italy, the Netherlands, Luxembourg…
Read More » -
1 November
Next lifts FY profit guidance despite autumn sales drop
Next has raised its full-year profit guidance for the fourth time this year, despite weekly sales falling by 7% in September due to the unusually warm weather. However, the retailer’s recent Q3 results showed that sales bounced back once colder weather came in last month, increasing by 16% and 11%…
Read More »
