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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Oct- 2023 -25 October
Asos delays FY23 full-year results
Asos has announced that it is due to delay the publishing of its FY23 results by one week to 1 November 2023. The company stated that the delay is to allow its auditor, PwC, to complete its planned testing. PwC has assured the Asos board that the outstanding procedures are…
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25 October
Virgin Wines sales fall by £10m in FY23
Virgin Wines has seen revenues fall to £59m in FY23, down from £69.2m, as the group battled with economic headwinds and the launch of a new Warehouse Management System over the period. As well as a fall in sales, profit before tax fell to £0.6m, down from £6.2m, while adjusted…
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24 October
Today’s news in brief-24/10/23
Furniture retailer ScS has agreed to be acquired by Italian brand Poltronesofà in a £99.4m deal. This acquisition, representing a premium of 66% to the closing price per ScS share in October, has been recommended to shareholders and is expected to be completed in early 2024. Poltronesofà views this as…
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24 October
Retailers raise over £500m for good causes throughout the year, BRC finds
A new report by the British Retail Consortium (BRC) has found that retailers and their customers raised £540m for good causes in the last financial year. The report – Supporting Charities, Communities and Customers – provides an analysis of UK retailers’ charitable giving for the first time. It also finds…
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24 October
ScS to be acquired by Italian firm Poltronesofà in £99.4m deal
Furniture retailer ScS has revealed it has agreed to be acquired by Italian brand Poltronesofà in a £99.4m deal. SCS’s board said the deal, which represents a premium of 66 per cent. to the Closing Price per ScS Share of 169 pence on 23 October 2023, has been recommended to…
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24 October
Decathlon launches nationwide buyback service
Decathlon has announced the launch of a buyback service in 50 of its stores across the country. The scheme will allow customers to trade in old sports equipment in exchange for in-store credit. The first leg of the initiative will focus on bicycles, with the service later expanding to all…
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24 October
Lidl becomes third largest supermarket in London
Lidl GB has overtaken Asda to become the third largest supermarket in London with a market share high of 9.1%, double the market share of any other discount supermarket in the capital. It reported the fastest growth out of all supermarkets in the city, while Kantar named it the fastest-growing…
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24 October
Sephora to open second UK store next month
Following the success of its first opening in the UK, Sephora has now announced that its second UK site will open in Westfield Stratford on 15 November. The store will offer 125 brands across makeup, skincare, haircare and fragrance categories. As well as its own brand collection, the shop will…
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24 October
Angling Direct revenues up 11.4% in H1
Fishing and tackle equipment retailer, Angling Direct, revealed that group revenues increased by 11.4% to £43.3m in the six months ended 31 July. This comes as the group’s retail store estate experienced another strong period of growth, with total store sales increasing by 11.3% against H1 FY23. Meanwhile, UK online…
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24 October
Poundland to recruit 1,200 colleagues this festive season
Poundland has confirmed its plans to recruit 1,200 colleagues to work in stores across the UK and Ireland this festive season. The retailer will take on the workers in temporary roles in the run-up to Christmas. While the majority of these shop floor roles will end on Christmas Eve, some…
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