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 -12 October
N Brown profit before tax falls 97%
N Brown has announced that its profit before tax fell 97% from £4.3m to £0.1m for the 26 weeks ended 2 September 2023. Furthermore, the group’s revenue contracted 10.4% to £297m for H1 24 compared with £331.5m in the same period last year. The company put this fall down to…
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12 October
Marks Electrical revenues up 24.8% to £53.9m
Marks Electrical has reported a 24.8% increase in revenues to £53.9m during the first half of the year. The group saw robust performance across product categories with particularly high growth in televisions (+71%), washer-dryers (+74%) and American fridge-freezers (+36%). It also reported rapid growth in its premium next-day service offerings…
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11 October
Today’s news in brief-11/10/23
Travis Perkins has revised down its full-year earnings forecast due to challenging market conditions and a significant slowdown in new build housing and domestic renovations and maintenance (RMI) activity in Q3. Group revenues fell by 1.8% in the quarter, with like-for-like sales also down by 1.8%. Pricing declined by 3.1%,…
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11 October
Jigsaw sales and profits leap in FY22
Jigsaw experienced a 28.6% rise in EBITDA to £3.6m and an operating profit of £1.9m for the year ended 28 January, following the popularity of tailoring and dresses to boost sales. The fashion retailer’s EBITDA and operating profit increased from £2.8m and £1.2m respectively in the previous year. The retailer…
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11 October
Asda invests £9m to cut price of over 200 products
Asda has today announced further price cuts on 232 branded and own-label products as part of its continued support for families affected by the cost of living crisis. The supermarket is investing £9m to lower prices by an average of 14% on many of the most popular products that customers…
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11 October
LVMH sees revenues rise to €19.96bn in Q3
Luxury goods group Moët Hennessy Louis Vuitton (LVMH) has posted reported revenues of €19.96bn (£17.25bn), up 9% year on year, in the three months ending on September 30. On a nine-month basis it also saw revenues jump 10% to €62.2bn (£53.7bn). All business groups reported sustained organic revenue growth over…
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11 October
BRC backs Labour shoplifting stance
The British Retail Consortium (BRC) has backed the Labour party’s stance on shoplifting and violence against retail staff. Sir Keir Starmer announced at the Labour party conference that it intends to create a specific new offence of assault against retail workers. The party also announced its intention to roll back…
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11 October
Travis Perkins cuts guidance amid slowdown in trading
Travis Perkins has lowered its full-year guidance after facing challenging market conditions and a “pronounced slowdown” in new build housing and domestic RMI activity in Q3. In light of this, full-year adjusted operating profit is now expected to be in the range of £175m to £195m. It comes as group…
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11 October
Selfridges losses narrow as consumers return to department stores
Selfridges has revealed that losses at the company have narrowed for the year ended 28 January 2023 to £38.3m, down from £83.9m the previous year, as consumers made more trips to the department stores. As a result, the company, which operates four stores in the UK and an online store,…
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11 October
Currys to consider offers for Greek business
Currys has announced that it is weighing up offers for its Greek business Kotsovolos after commencing a strategic review in June. The tech retailer said it has been approached by “several potential buyers” but it is not sure whether the sale will go ahead yet. Kotsovolos started as a small…
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