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 -21 June
Halfords FY profit falls 38% despite rise in sales
Halford’s Group has reported that full-year profits have fallen by 38.3% to £51.5m in FY23, despite reporting a revenue growth of 15.3% to £1.5bn. Despite the profit hit, the group reported a like-for-like growth of 2.4% compared to FY22, with all segments positive despite a backdrop of significant declines in…
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21 June
Inflation fails to fall in May
Inflation in the UK remained unchanged at 8.7% in the year to May, dashing hopes that prices would continue to fall. According to the latest figures from the Office for National Statistics (ONS) rising prices for air travel, recreational and cultural goods and services, and second-hand cars resulted in the…
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21 June
Debenhams’ unsecured creditors to lose out on £1.3bn
Debenhams’ unsecured creditors, including clothing suppliers, landlords and lenders, are set to lose out on the £1.3bn they were owed before the business collapsed in 2020. According to The Times, a new report from the department store’s liquidator, AlixPartners, revealed that no funds were available for distribution to the group’s…
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21 June
THG expects increased H1 profits following strong Q2
THG has welcomed a “strong” second quarter of trading that is set to increase its first half profitability, with adjusted EBITDA for the half-year now expected to be between £44m and £47m, compared with £32.3m in the same period last year. As a result, the group’s guidance for the financial…
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21 June
Alibaba CEO steps down to lead brand’s cloud business
Alibaba chief executive and chairman Daniel Zhang has announced that he will be stepping down from his role to lead the company’s computing service arm. Following this transition, Zhang will continue to lead Alibaba Cloud Intelligence Group as its chairman and chief executive officer. Zhang has been with the firm…
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21 June
WHSmith, M&S and Argos ordered to pay underpaid staff
WHSmith, M&S and Argos have been ordered to pay unpaid wages to thousands of staff following an investigation from the Department for Business and Trade (DBT). WHSmith have been ordered to pay over £1m to over 17,000 workers after a policy making staff supply their own uniform caused their wages…
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20 June
M&S to cut prices on over 200 items
M&S Food has invested in the price of over 200 products in a move that will see the retailer cut the price of over 70 family staples and extend its price lock on 150 customer favourites. The retailer said it was cutting the price on some of its most popular…
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20 June
Frasers acquires single-figure stakes in Boohoo and Currys
Mike Ashley’s Frasers Group has announced it has made a “strategic investment” in both Boohoo and Currys. In an announcement to shareholders it said driving growth through strategic investments is a “core part” of Frasers’ DNA and as such has acquired a 5% stake in Boohoo and 5% in Currys.…
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20 June
Kurt Geiger prepares for international expansion amid new funding
Kurt Geiger, the premium footwear and accessories brand owned by international private equity firm Cinven, has recently agreed a new funding package to refinance its existing debt and support its international growth strategy. The combined facilities were provided by Wells Fargo Capital Finance UK, a part of Wells Fargo &…
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20 June
Mango partners with marine biologist to protect the Mediterranean
Mango has announced a partnership with marine biologist and National Geographic explorer Manu San Félix to support the Declaration of the Mediterranean, an initiative promoted by San Félix to protect and restore the Mediterranean sea. Specifically, the Declaration for the Mediterranean will draft a manifesto highlighting the evolution and deterioration…
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