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 -3 August
BoE raises interest rates to 5.25%
The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…
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3 August
July footfall drops for the first time since 2009
Footfall across UK retail destinations declined by -0.3% over the month from June to July 2023, marking the first time it dropped in the month since 2009. According to the latest data from Springboard, there was a month on month decrease in footfall in high streets of -1.7%, whilst in…
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3 August
Pets at Home revenues jump 7.9% to £436m
Pets at Home has announced that its group revenue rose 7.9% to £436.8m for the 16 weeks ended 20 July 2023. The company’s consumer revenues rose 10.2% to £568.2m supported by both volume and value growth. Its vet group revenue was up 16.3%, with a like-for-like increase of 16.6%, increasingly…
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3 August
John Lewis to train staff to deal with shoplifting violence
John Lewis is training its retail employees to tackle shoplifters following an increase in reports of the crime. In an interview with the BBC, head of security Nicki Juniper said John Lewis was “investing heavily in training” for security and shop staff. Juniper said: “Should they want to take part…
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3 August
Zalando sees adjusted EBIT rise to €144.8m in Q2
European e-commerce retailer Zalando has reported an 87% surge in adjusted EBIT to €144.8m (£124.6m) during the second quarter of the year. The group said that its profitability was boosted by better order economics amid bigger average basket sizes resulting in lower fulfilment costs. In combination, this also led to…
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3 August
ScS full-year profits to meet market expectations
ScS has said it expects to report that full year profits will be in line with market expectations, as the group’s cash position stands at £69.5m with no debt for the year ended 29 July. This comes as the group achieved strong like-for-like order growth of 6% from weeks 34…
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3 August
Next ups guidance by £10m following strong Q2
Next has raised its full-year outlook following a strong second quarter of trading, with profit before tax now expected to be £845m, £10m higher than its previous guidance. It comes as total sales in the second quarter rose by 6.9% against the prior year. Online sales rose by 10% over…
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2 August
Asda to display daily fuel prices online
Asda has today (2 August) become the first UK supermarket to publish local fuel prices online, allowing motorists to check the price of petrol or diesel before they get in their car. This comes as the supermarket chain has confirmed that fuel prices at each filling station will be available…
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2 August
Co-op announces £70m investment to lower product prices
Co-op has announced its biggest ever single investment in pricing of £70m, as it extends its member-only pricing across everyday essentials, launching with a list of nearly 200 fixed lines including milk, eggs and bread. This move will give Co-op members a chance to save up to 11% on retail…
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2 August
Sales growth of 62% is in the bag for colourful backpack firm ROKA London
* Revenue shot up from £3.72 million in 2021 to £6 million in 2022 and it is expected to exceed £9 million in 2023; * ROKA’s stylish and sustainable bags and backpacks have become a fashion item in their own right and it has recently captured the student market; *…
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