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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Jul- 2023 -13 July
MusicMagpie sees EBITDA rise 7.7% in H1
MusicMagpie has reported adjusted EBITDA of £2.8m, up 7.7% in H1 2023 compared with £2.6m in H1 2022, according to its interim results for the six months ended 31 May 2023. It also stated that following a challenging start to H1, with postal strikes and low consumer confidence impacting December…
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13 July
Watches of Switzerland profits jump 23% to £155m
Watches of Switzerland has posted a 23% increase in profits to £126m, up to £155m, for the year ended 30 April 2023. The increase comes amid a 25% increase in revenues to £1.5bn compared with £1.2bn in 2022. For the UK and Europe specifically the retailer posted revenues of £890m…
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13 July
Co-op appoints Debbie White as new chair
Co-op has appointed Debbie White as its new designated chair, to be effective when Allan Leighton steps down from the role in February 2024. White brings a wealth of business and commercial experience, having held a series of significant and complex executive roles, including group chief executive of Interserve and…
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13 July
UK economy shrinks in May
The UK economy contracted by 0.1% in May as output was negatively affected by the King’s coronation, according to the latest statistics from the Office for National Statistics (ONS). On a three month basis GDP has shown no growth, however, monthly GDP is now estimated to be 0.2% above its…
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13 July
Uniqlo owner on track to deliver 25% rise in Q3 profits
Fast Retailing, the parent company of Uniqlo, expects to deliver an increase of 25% in profits in the third quarter, following strong growth across all of its markets. Meanwhile, the group raised its full-year financial guidance in April from £2.1bn to £2.2bn after experiencing strong half-year growth in Europe and…
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13 July
Poundland owner reports positive growth of 12.5% in Q3
Pepco Group, the owner of Poundland, has reported that third quarter revenues hit €1.37bn (£1.17bn), up by 12.5% year-on-year, with Poundland revenues up by 8.6% despite a “challenging” trading environment. Poundland delivered a particularly strong trading performance in Q3, driven by consumers prioritising spend on FMCG items, with like-for-like revenues…
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12 July
Hotter Shoes seeks funding to avoid administration
Clothing company Unbound Group, the owner of Hotter Shoes, is reportedly looking to secure £2m in emergency funding in an attempt to avoid falling into administration, according to Sky News. On 27 June in a stock exchange announcement Unbound Group said it had terminated a formal sale process for the…
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12 July
Superdrug profits soar 71% in 2022
Superdrug has revealed that pre-tax profit soared by 71.7% to £77.8m in 2022, against the prior year’s £45.3m, as online trading volumes continued to track significantly ahead of pre-pandemic levels. The health and beauty retailers also saw a 17% surge in sales to £1.3bn in 2022, up from £1.1bn in…
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12 July
June footfall sees highest increase since 2009
High inflation and rising interest rates did not impact consumer activity across UK retail destinations last month, according to Springboard, who reported both the highest month-on-month and annual increases in footfall for June in any year since 2009. Footfall rose by +3.7% over the month from May to June, against…
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12 July
Morrisons to stock Savers products in 500 convenience stores
Morrisons has begun to stock a range of its entry-level Savers products in over 500 convenience stores across the UK. The products will be the same price as in Morrisons supermarkets with the initial roll-out comprising 10 products, including washing up liquid, toilet rolls and sausages. A further 30 products…
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