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
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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4 August
Amazon sales and profits climb in Q2
Amazon has welcomed a strong second quarter of trading, with sales rising by 11% to $134.4bn (£105.8bn) in the period, up from $121.2bn (£95.4bn) the prior year, amid a record-breaking Prime Day and cost cuts across the business. North America sales rose by 11% to $82.5bn (£64.9bn), international sales by…
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3 August
Wilko set to appoint administrators
Budget household and garden retailer Wilko has announced that it has filed a notice of intention to appoint administrators. The news comes as, earlier this year, the retailer was considering selling the company in a bid to secure its future. The retailer, which operates roughly 400 stores across the country…
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3 August
Tesco becomes first supermarket to offer right to request flexible working
Tesco is granting colleagues new flexible working rights almost a year ahead of an expected change in the law from the government. The supermarket is giving its more than 300,000 colleagues, from the shop floor to its offices, the right to request a flexible working pattern from their first day…
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