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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Sep- 2023 -22 September
Today’s news in brief-22/09/23
The Co-operative Group (Co-op) has reported £43m in underlying profits for the first half of the year, a notable improvement from the £1m loss in the prior year. This surge is attributed to efficient cost-saving measures, including annualised savings of £101m from 2022, along with further H1 2023 savings. Operational…
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22 September
SPAR partners with FareShare to deliver One Million Meals project
SPAR is partnering with FareShare, the UK’s biggest charity fighting hunger and tackling food waste, to provide the equivalent of one million meals through local charities in cities, towns and villages across the UK, as part of the Giving One Million Meals project. The campaign started on 21 September and…
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22 September
Frasers tries to pull Morgan Stanley boss into legal battle
Frasers has reportedly asked a New York court to order Morgan Stanley’s boss to hand over evidence for the group’s High Court lawsuit against the bank, the Financial Times has reported. The FT said the lawsuit in question concerns an almost $1bn (£815m) margin call covering trades in Hugo Boss. …
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22 September
Co-op underlying profits jump to £43m in H1
The Co-op has posted underlying profits of £43m during the first half of the year, up from a £1m loss the prior year, as its cost-saving efforts proved fruitful. The retailer said the improvement was driven by annualisation of £101m cost savings achieved in 2022 and further cost savings in…
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22 September
Ocado shares suffer worst fall in 11 years
Online supermarket Ocado saw its shares plummet 20% yesterday, its worst fall in 11 years, as a result of being downgraded by a city broker. The 20% drop wiped nearly £1.4bn off of the company’s overall value and slashed £32m of value off of co-founder and chief executive Tim Steiner’s…
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22 September
Currys to recruit for over 1,100 roles ahead of ‘peak’ trading
Technology retailer Currys has today announced plans to create over 1,100 new roles during this year’s “peak” trading period. To support the business through the “busiest” time of the year – the period leading up to Black Friday through to the January sales – 720 temporary roles have been made…
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22 September
Mothercare revenues decline in FY23
Mothercare has reported that underlying profits slipped from £12m last year to £6.7m in the financial year ended 25 March, despite a 9% increase in net worldwide retail sales by franchise partners to £322.7m. As a result, the group’s net borrowing reached £12.4m in FY23, widening from £9.9m recorded at…
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22 September
Retail sales recover in August, says ONS
Retail sales have risen 0.4% in August compared to a slight fall of 1.1% in July, according to new data from the Office for National Statistics (ONS). When compared with their pre-covid level in February 2020, total retail sales were 17.3% higher in value terms, but volumes were 1.5% lower.…
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21 September
Today’s news in brief-21/09/23
Wilko’s administrators PwC are reportedly set to begin a review of dividend payouts totalling £77m to investors over the past decade. The review will focus on payouts to the Wilkinson family and other investors leading up to the retailer’s decline. Notably, despite posting losses of £39m, Wilko paid out a…
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21 September
Footasylum opens Oxford Street flagship
Sportswear retailer Footasylum has opened its flagship store at 73-89 Oxford Street in London, as it continues to see strong demand for its branded streetwear offering. The new 20,000 sq ft store opened to the public today (21 September) and trades across two floors, with additional customer service and click-and-collect…
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