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 -19 September
Asos plans Outlet department closure to improve profitability
Asos reportedly has plans to close down its Outlet department in a bid to focus on key brands to improve profitability, according to Drapers. Launched in 2008, Asos Outlet which houses end of season products from third party brands at up to 70% off, will see around 15 of its…
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19 September
Price cuts boost Ocado sales in Q3
Price cuts have helped entice shoppers to Ocado in its third quarter of trading, with retail sales up by 7.2% to £569.6m in the three months to 27 August. Average orders per week grew by 1.9% year-on-year, “lapping a strong customer acquisition push” this time last year, and active customers…
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19 September
Quiz revenues drop 15% in Q1 as demand cools
Quiz has revealed that like-for-like revenues in the first quarter were 15% lower than the comparable period the previous year as demand fell over the period. The fashion brand attributed this decline to a 12% decrease in its UK stores and concessions revenues, which reflects the decline in traffic in…
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19 September
Shein’s UK business posts £1bn sales
Shein’s UK business has revealed that it reached £1bn in sales for the 16 months ended 31 December 2022. The company also revealed that it saw a pre-tax profit of £12.2m and a revenue of £1.1bn in its latest filing on Companies House. Shein also marked a number of milestones…
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19 September
B&Q owner Kingfisher slashes full-year guidance
B&Q owner Kingfisher has slashed its full-year profit guidance to £590m, down from £634, as the retailer continues to face hard trading conditions. It comes as operating profit for the six months ended in July was £367m, down 30.9% from the £531m reported in the same period last year. Group…
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18 September
Today’s news in brief
Mike Ashley is reportedly in talks to sell the online clothing label Missguided to Shein, a Chinese-founded online fashion platform. If successful, this would mark Shein’s first acquisition of a British fashion brand. The deal is anticipated to cover Missguided’s brand and intellectual property, with Ashley’s company retaining its head…
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18 September
JD Williams launches premium clothing collection for women
JD Williams, a leading brand within N Brown Group plc, has announced the launch of a new range of premium wardrobe staples, Anthology. The collection features a selection of staples for Autumn Winter 2023, available online from 7 September at JD Williams in sizes 8-18. The edit of “refined, stylish”…
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18 September
Andrews Tiles expands with two new sites
Leeds-based tile firm Andrews Tiles has expanded its range of sites, entering Greater Manchester for the first time in the company’s 137-year history. The company has opened a new site in Bredbury, Greater Manchester, and a base in Seacroft, its home city. The new openings add to the retailer’s Meanwood…
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18 September
Lululemon adds Shane Grants to its board
Lululemon Athletica has announced the appointment of Shane Grant to serve on its board of directors, effective 1 November 2023. Grant has been the group deputy CEO, CEO Americas and EVP Dairy, Plant Based and Global Sales at Danone, a leading global food and beverage company, since January of 2023.…
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18 September
Mike Ashley eyes Missguided sale to Shein
Mike Ashley is looking to sell the online clothing label Missguided to the Chinese-founded online fashion platform, Shein, Sky News has reported. It is understood that the two sides have been in negotiations about a deal for several weeks, which would represent Shein’s first acquisition of a British fashion brand.…
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