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 -1 September
Revolution Beauty names new CEO as FY losses narrow
Revolution Beauty has reported that its pre-tax losses have narrowed to £33.9m for the year ended 28 February 2023, as it also revealed the appointment of a new CEO. This marked a 12% decrease in losses compared with the £45.9m loss it posted in the same period last year. Over…
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1 September
Lululemon sales rise 18% to $2.2bn in Q2
Athletic wear brand Lululemon has reported an 18% rise in sales to $2.2bn (£1.74bn) in Q2 2023. Gross profit was up 23% to $1.3bn (£1.03bn) and gross margin increased 230 basis points to 58.8%. Additionally, income from operations increased 19% to $479.3m (£378.02m) and adjusted income from operations increased 23%.…
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1 September
Lidl unveils further pay increase for staff
From today, 24,500 Lidl GB employees will receive one of the highest hourly wages in the sector, receiving up to 16% more than their counterparts in traditional supermarkets, the discounter has said. Store and warehouse employees working outside the M25 will see hourly pay increase to £11.40 from £11.00, rising…
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1 September
Asda appoints new chief customer officer
Asda has announced that David Hills has joined the supermarket today (1 September) as its new chief customer officer. Hills joins from Aldi, where he was previously group director marketing and communications. He joined the discounter in 2007 and held a number of senior commercial roles before taking up his…
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Aug- 2023 -31 August
M&S launches legal challenge against Marble Arch decision
M&S has launched a legal challenge to Michael Gove’s decision to block it from demolishing its flagship store in Marble Arch today (Thursday 31 August). The legal challenge from the high street chain comes after the Housing Secretary ruled last month that the retailer’s demolition plans of the unlisted 1929…
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31 August
Wilko redundancies to begin as rescue talks collapse
Hundreds of redundancies are set to begin at Wilko after last-minute rescue talks with potential buyers fell through, its administrator has confirmed. In a statement released today (31 August), PwC confirmed that 269 support centre employees will now be made redundant, effective from close of business on Monday (4 September),…
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31 August
Asda owners eye £500m property deal
The Issa brothers could reportedly offload a further “chunk” of Asda’s property portfolio to an Australian finance house in a deal estimated to be around £500m. According to React News, Macquarie Asset Management is close to acquiring ground rent leases linked with around 50 Asda stores in the UK. A…
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31 August
Uniqlo owner unveils senior team changes
Fast Retailing, the Japanese multinational retail company behind Uniqlo, has appointed its current executive director and chairman Tadashi Yanai as CEO amid plans to accelerate growth. Under this new role, Yanai will continue to lead the managerial decision-making and business expansion processes as well as continuing to guide the formulation…
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31 August
Former Debenhams staff win legal battle against retailer
More than 400 former Debenhams staff who lost their jobs after the company went into administration have won a legal battle against the business after a tribunal judge ruled that the retailer had failed in its duty to consult with its staff. As a result, lawyers representing the workers said…
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31 August
Lanvin Group sales rise 6.4% in H1
Global luxury fashion brand Lanvin Group has reported a 6.4% increase in revenues to €215m (£182.7m) for H1 2023. It also achieved a gross profit of €125m (£107.1m), up from €113m (£96.85m) the prior year. The fashion retailer said that it was on track to achieve adjusted EBITDA breakeven in…
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