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 -6 July
TikTok opens pop-up shop on Oxford Street
TikTok Shop UK is opening its first pop up on Oxford Street in London, to show the brands and creators selling on the platform in a real world context. The pop up is not open to the public, but will be open to existing and prospective merchants and creators to…
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6 July
Currys axes dividend as full-year profits slump
Currys has scrapped its dividend after revealing both profits and sales fell in its full-year results, with the group hit by “depressed demand, high inflation and unforgiving competition”. In the full-year ended 29 April, adjusted profit before tax plunged 38% to £119m, down from £192m the prior year, in part…
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5 July
Superdrug appoints new healthcare director
Superdrug has announced the appointment of Ghada Beal as the health and beauty retailer’s new healthcare director effective from 7 August, when interim healthcare director Caris Newson starts her new role as head of eCommerce at the group. Beal’s appointment comes at a time when Superdrug has achieved consistent year-on-year…
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5 July
Sainsbury’s swaps steak plastic trays for sustainable cardboard alternative
Sainsbury’s has announced it is removing plastic trays from its steak range and replacing them with a cardboard alternative that uses 70% less plastic. The new trays, which are available from today (5 July), are launching across 10 products in the range. Previously, Sainsbury’s had already introduced cardboard trays to…
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5 July
JD Sports broke competition law with Leicester City FC, CMA finds
The Competition and Markets Authority (CMA) has found that JD Sports, together with Leicester City FC, broke competition law by “colluding” to restrict competition in the sales of Leicester City-branded clothing in the UK. After an investigation which began in September 2021, Leicester City agreed to pay a fine under…
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5 July
Naked Wines appoints former founder as chair, delays FY results
Naked Wines has announced the appointment of founder and former CEO Rowan Gormley as its new chairman. The wine retailer also announced a delay to the release of its full-year results that were set to be released on 6 July but said it expects FY EBIT to come in at…
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5 July
Topps Tiles sees sales rise 4.4% in Q3 2023
Topps Tiles, the UK’s leading tile specialist, has revealed that its total sales increased 4.4% year-on-year in the third quarter, according to its trading update for the 39-week period ended 1 July 2023. It also reported that for the year-to-date 39-week period, total sales growth was 7.6% year-on-year. The group…
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5 July
Mango invests in virtual avatar creation platform
Mango has announced it is investing in Union Avatars, a digital identity platform that creates virtual avatars in different styles, including hyper-realistic avatars. The fashion company will offer financial support to the start-up through a convertible participation loan, and Union Avatars will join Mango StartUp Studio, the company’s start-up accelerator…
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5 July
AO returns to profit in FY23
Electrical retailer AO World has achieved statutory profit before tax of £7.6m for the year ended 31 March, compared with the £10.5m loss recorded the previous year. The group also reached an adjusted EBITDA of £45m, achieving an adjusted EBITDA margin of 4%. This comes as the group exited some…
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5 July
Quiz revenues rise by 17% in FY23
Quiz, the omnichannel fashion brand, has reported a 17% revenue increase to £91.7m for the year ended in March 2023. Higher levels of full price sales resulted in gross margin increasing to 61.6%, which was above the level reached before the pandemic. There was also continued growth in international revenues…
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