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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Aug- 2023 -7 August
Clintons could close fifth of stores to remain trading
Clintons could reportedly be set to close around a fifth of its stores in order to keep the company solvent. According to reports, first revealed by The Times, the retailer has appointed restructuring experts FRP Advisory to help oversee a possible debt-for-equity swap. The outlet also revealed that as part…
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7 August
All Saints reports ‘record’ sales of £457m in FY23
All Saints has reported “record” sales and profit performance as it saw its total revenues increase 36% to £457.0m for the year-ended 28 January 2023. It said that its product development, ecommerce excellence, a growing global store network, and rigorous inventory management helped to deliver “best-ever” performance. Its operating profit…
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7 August
Wilko in need of over £70m in potential rescue deal
The prospective buyers of Wilko, the discount home goods retailer that is facing permanent closure, will have to invest upwards of £70m to rescue the business, The Times has reported. This comes as PwC, which is advising the retailer, is reportedly in talks with other rival discount retailers and two…
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7 August
M&Co owner acquires Evans
AK Retail Holdings, the owner of M&Co, has acquired plus size clothing brand Evans for an undisclosed sum. The acquisition includes the brand name along with its intellectual property and stock. The group noted Evans has “long been celebrated for its commitment to providing fashionable and high-quality clothing for plus…
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7 August
Card Factory ups profit outlook after positive H1
Greetings card retailer Card Factory has announced that it expects its profits for the year to be “materially ahead of its previous expectations” after a positive start to the year. Trading in the six months ended 31 July 2023 was materially ahead of the board’s expectations. The company posted profit…
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4 August
Pentland Brands to axe almost 100 roles
Pentland Brands has announced that it will cut almost 100 jobs at JD Sports, The Times has reported. This comes as the billionaire Rubin family, which owns a majority stake in the sports retailer, has hired consultants from McKinsey to advise on a new strategy for Pentland Brands, which also…
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4 August
Apple revenues drop 1% to $81.8bn in Q3
Apple has announced that its revenues dropped 1% year-on-year to $81.8bn (£64.4bn) for the third quarter ended 1 July 2023. Furthermore, the company’s gross margin was $36.4bn (£28.6bn) up from $35.9bn (£28.3bn) in the same period last year. The Americas represented Apple’s largest market with net sales of $35.4bn (£27.9bn)…
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4 August
Retail sector accounted for 16% of UK administrations in 2023, study finds
The retail sector accounted for 16% of administrations in the first six months of 2023 – the highest industry in the UK, according to analysis by full-service law firm Shakespeare Martineau. A total of 759 businesses, 118 of which came from the retail sector, filed for administration between 1 January…
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4 August
M&S to refurbish Newcastle store as part of £13m investment
M&S has announced its plans to revamp its Newcastle city centre store following a £13m investment in its North East store estate for the year ahead. The Northumberland Street store will include a fresh-market style food hall which is expected to be complete later this year and a new, refreshed…
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4 August
Mulberry revenues up 4% in FY23 despite UK sales drop
The luxury handbag brand, Mulberry, has revealed that revenues increased 4% to £159.1m for the year ended 1 April, an increase from £152.4m recorded in 2022. While UK retail sales only reached £87.7m, after reaching £88.5m in the previous year, performance improved in the second half. The group attributed its…
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