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 -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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20 September
Poundland launches rebranded website
Poundland has today (20 September) relaunched its website, which now includes a range of around 3,000 items for home delivery. The launch of Poundland.co.uk has been made possible by the digital migration of its Poundshop.com operation and the opening of a second digital fulfilment hub at its distribution centre in…
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20 September
Poeticgem Group acquires Little Mistress
The Poeticgem Group has reportedly acquired the brand IP of womenswear brand Little Mistress, according to Drapers. Under the agreement Poeticgem will own various brands under the Little Mistress umbrella and will design, source and distribute its portfolio of brands. As a result of the deal the Little Mistress brand…
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20 September
Naked Wines swings to £15m loss in FY23
Naked Wines chairman Richard Gormley has issued an apology to shareholders after it reported a loss of £15m in 2023, compared to a profit of £2.9m last year, according to its full year results for the 53 weeks ending 3 April 2023. The group attributed its losses to non-cash goodwill…
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20 September
Inflation ‘unexpectedly’ falls to 6.7%
The headline rate of inflation has fallen by 0.1% to 6.7% in August, according to the latest data from the Office for National Statistics (ONS), despite prior concerns from economists that the rate was set to rise. The largest downward contributions to the monthly change in annual rates came from…
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20 September
Dunelm welcomes record sales of £1.64bn in FY23
Dunelm has welcomed record sales in its full-year results, with revenues up by 5.5% to £1.64bn, despite profits falling over the period. In the year ended 1 July 2023, profits fell by 7.7% to £192.7m, though the group said this was “particularly pleasing given the impact of operating cost inflation…
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20 September
Asda appoints new leaders to tech team amid Walmart separation
Asda has announced the appointment of Adrian Berry and Rob Barnes to its technology team to oversee the development of its new technology strategy and separation from Walmart. Berry will join early in 2024 as the retailer’s new chief technology officer, where he will be responsible for all core technology…
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20 September
Moonpig expects H1 sales rise
Moonpig has revealed it expects its pro forma revenue to grow at a low single digit percentage rate in the first half of the current financial year. The group currently operates the Moonpig, Red Letter Days and Buyagift brands in the UK and the Greetz brand in the Netherlands. In…
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19 September
Today’s news in brief-19/09/23
Kingfisher, the parent company of B&Q, has revised down its full-year profit forecast to £590m from the initial estimate of £634m. This adjustment is in response to challenging trading conditions. In H1, the company reported a 30.9% decrease in operating profit compared to the same period last year, with group…
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19 September
Majestic Wines opens Newark-on-Trent store
Specialist wine retailer has opened its latest store in Newark-on-Trent as part of its accelerated brick-and-mortar expansion. This opening marks the second new store opening for the wine retailer for the 2023/24 financial year and its 205th store in the UK. Majestic has plans to expand its in-person shopping presence…
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