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 -20 June
Amazon launches flexible financing for SMEs
Amazon has launched a flexible financing programme that gives small and medium-sized businesses access to funding linked to their sales, allowing them to repay as they earn. A merchant cash advance, delivered in collaboration with leading financing provider YouLend, will provide a new flexible financing option for eligible UK-based businesses…
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20 June
Grocery price inflation falls to lowest level this year
Like-for-like grocery price inflation has dropped to its lowest level since 2022 and now sits at 16.5% for the four weeks to 11 June 2023, according to the latest data from Kantar. British take-home grocery sales rose by 10.8% over the month in comparison with the same period last year.…
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20 June
Peloton UK losses widen to £210m
The UK arm of Peloton has announced losses of £210m for the year ended 30 June 2022, nearly double the £81m loss it posted last year. Furthermore, the company saw a 13% decrease in turnover from £147m down to £128m. Peloton attributed the decrease in turnover down to slowing sales…
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20 June
Gear4music falls to £0.4m loss in FY23
Gear4music has reported a loss after tax of £0.4m for the full year ended 31 March 2023, despite its revenue increasing by 3% to £152m. The online musical instruments retailer also reported EBITDA of £7.4m which is 34% below FY22 and 5% below FY20. According to the CEO of Gear4music,…
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20 June
John Lewis writes down head office by £15m
John Lewis Partnership has reportedly written down the value of its head office in Victoria, London by £15.6m, amid a rise in hybrid working. According to The Times, the group has also pushed ahead with the writedown due to depressed commercial property valuations in light of rising interest rates. The…
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20 June
Next ups FY guidance as sales improve due to good weather
Next is upgrading its full price sales guidance for the full year by £137m and its full year profit guidance by £40m to £835m, as trading in the last seven weeks has proved “materially better” than the guidance it issued in May. This comes as full price sales in the…
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19 June
Boohoo plans for boardroom coup at Revolution Beauty
Boohoo has announced that it has notified the board of Revolution Beauty of its intention to vote against the reappointment of Bob Holt, Derek Zissman, and Elizabeth Lake at the upcoming AGM which has been convened for 27 June 2023. Boohoo, which is the beneficial owner of approximately 26.6% of…
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19 June
Damian Hopkins awarded CBE for services to retail
Damian Hopkins, the founder and CEO of PDS Radius Brands, has been awarded the honour of CBE, in King Charles III’s inaugural Birthday Honours List on Saturday (17 June) for his services to the retail and fashion sector. Hopkins’ career in retail and fashion spans over 25 years, in which…
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19 June
Morrisons invests £26m in sixth course of price cuts
Morrisons has announced that it will spend £26m on cutting prices in its stores for the sixth time this year. The supermarket stated that 47 high-volume products have been cut in price by an average of over 25%, with the new prices being held for a minimum of eight weeks.…
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19 June
B&Q to cut energy costs by dimming lights in stores
B&Q is reportedly set to dim lights and lower temperatures in stores in order to cut energy costs and avoid price rises, according to The Telegraph. The outlet reported that parent company, Kingfisher, has lowered the temperature in stores by 1-2 degrees alongside shortening the hours its heating is in…
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