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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Jun- 2023 -29 June
Sainsbury’s launches Henry Holland partnership for Pride
Sainsbury’s has today announced a partnership with British designer Henry Holland to celebrate Pride Month. The new Henry Holland’s x Bags of Ethics exclusive collection will be available until September and it includes a reusable coffee cup, water bottle and tote bag, all made from 100% sustainable cotton and recycled…
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29 June
John Lewis becomes first retailer to set net-zero targets
The John Lewis Partnership has become the first retailer in the UK to have its “science-based” net-zero targets validated by the The Science Based Targets initiative. The SBTi, the gold standard for setting and monitoring corporate climate targets, has validated the partnership’s target to become net-zero across its own operations…
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29 June
Boohoo slams Revolution Beauty as it hands out £3m in shares
Revolution Beauty has handed its directors, including CEO Bob Holt and finance boss Elizabeth Lake, over 11 million shares valued at £3m. This move comes despite the fact that Holt, Lake and chairman Derek Zissman were fired and rehired yesterday after not being reelected at the company’s AGM. This has…
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29 June
H&M sales rise 9% in half-year results
H&M has reported a 9% net sales increase to SEK 112.4m (£8.2m) in the first half of the year. Sales in the physical stores increased in the six-month period despite there being around 300 fewer stores than in the previous year. Around 30 percent of sales were online. Throughout the…
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29 June
Ted Baker axes 200 jobs amid restructure
Ted Baker has reportedly axed around 200 jobs at its head office amid the start of a new outsourcing model, according to Drapers. Drapers said it understood that the affected positions were made redundant earlier this month, and were seen across departments including sourcing, finance, production, and footwear. The outsourcing…
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29 June
Moonpig profits fall to £48m despite sales growth
Moonpig has reported its pre tax profits fell 6.9% to £48.0m in the year ended 30 April, despite seeing a 5.2% increase in revenues to £320.1m. Gross margins increased by 6.8% to 56.1%, while adjusted underlying earnings (EBITDA) jumped 12.4% to £84.2m. According to the greetings card group, trading since…
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29 June
B&M revenues grow 13.5% in Q1
B&M has announced a “strong and profitable” trading momentum across the whole business over the 13-week period from 26 March to 24 June, as total group revenues grew 13.5% in line with expectations. The group also achieved like-for-like sales growth of 9.2% in Q1, with both grocery and general merchandise…
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28 June
ProCook revenues fall 9.9% in FY23
Kitchenware brand ProCook has revealed that total revenues fell by 9.9% to £62.3m in the year ended 2 April, with like-for-like revenues declining by 10.7% year-on-year following outperformance by the group last year. The group attributed its performance to gross profit margins being held back by higher supply chain costs…
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28 June
Sweaty Betty and Space NK make debut at Liverpool ONE
Activewear brand Sweaty Betty and luxury cosmetics retailer Space NK have both opened at Liverpool ONE, Grosvenor has revealed. Sweaty Betty has made its city store debut in the 2,500 sq ft Peter Lane’s site, marking the brand’s largest retail store in the North of England. The store debuts a…
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28 June
UK retail rewards programmes influence £74.9 billion in consumer spending
As the cost of living crisis continues to bite, a new report by shopping rewards experts Webloyalty and economists Cebr has revealed the pressures both retailers and consumers face in 2023. With retailers tackling weaker margins and cost pressures and price conscious shoppers shifting their shopping habits as saving money…
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