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 -21 September
Aldi to sponsor nationwide beach cleanup project
Aldi has announced it is backing the Marine Conservation Society’s Beachwatch programme with a £50,000 sponsorship. The supermarket has become the biggest corporate funder of the Marine Conservation Society’s beach cleaning and litter survey project, Beachwatch, which aims to support more than 15,000 volunteers to participate in 1,200 local beach…
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21 September
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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21 September
Secret Sales acquires Spanish online fashion retailer Dreivip.com
Secret Sales has announced the acquisition of Dreivip.com – the Spanish discount retailer – for an undisclosed sum. Secret Sales said the deal Forms the start of an aggressive merger and acquisition (M&A) strategy and follows its recent expansion into the Netherlands and Belgium, making this the third European territory…
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21 September
JD Sports revenues up 8% in H1
JD Sports revenues grew by 8% to £4.7bn in the 26 weeks to 29 July, as gross margins were “robust” at 48% and well above pre-pandemic levels due to a more normal promotional environment in H1. The group said its profit before tax and adjusted items of £373.5m also reflected…
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21 September
Tesco’s chief customer officer to step down
Tesco has announced that its chief customer officer, Alessandra Bellini, is set to step down from her role at the end of September. Following her departure, Ashwin Prasad will lead Tesco’s customer and product teams as chief commercial officer. Bellini, who joined in March 2017, will leave Tesco after nearly…
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21 September
DFS profits halve in full-year results
DFS profits have halved in its latest full-year results, falling by 49.2% to £29.7m, down from £58.5m the year before, as the group contended with a “very tough market” over the period. Revenues from continuing operations were also down by 5.3%, falling to £1.09bn Nonetheless, this was still 13.8% ahead…
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21 September
Wilko administrators to review £77m dividend payouts
Wilko administrators PwC are reportedly set to question majority shareholder Lisa Wilkinson over payouts of £77m in dividends to investors during the last decade. According to the Times, PwC will review payouts to the Wilkinson family and other investors in the years leading up to the retailer’s demise. It has…
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21 September
Next raises full-year guidance amid improved trading conditions
Next has updated its full-year guidance following an increase in total sales and profit before tax during the first six months of the year to July. During the period, the retailer reported a 5.4% rise in sales to £2.6bn and a 4.8% increase in profit before tax to £420m. Operating…
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20 September
Today’s news in brief-20/09/23
Dunelm announced record sales in its full-year results, with revenues rising by 5.5% to £1.64bn. However, profits fell by 7.7% to £192.7m. The company attributed the strong sales to cost reductions on over 1,000 products and the strength of its product range. Dunelm also invested over £20m in digital operations…
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20 September
Ofgem urged to act on rates as consultation into broker fees ends
Ofgem has been urged to act on “out of contract” rates by Box Power, the same social enterprise which helped force a consultation on hidden broker fees. This comes as the consultation on transparency for energy broker fees has now ended, with Box Power CEO Corin Dalby saying the regulator…
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