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 -2 June
Lululemon revenues hit $2bn in Q1
Lululemon revenues have increased by 24% to $2bn (£1.6bn) during the first quarter of 2023, as sales increased 17% on a constant dollar basis in North America and leaped 60% internationally. The group’s gross profit also increased 32% to $1.2bn (£0.9bn), while its gross margin rose 57.5% during the period. …
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1 June
M&S to freeze price of school uniforms
M&S has announced that it will be freezing the price of its school uniforms for a third of the year, as part of the retailer’s commitment to protecting value on the products that “matter the most” to customers. The announcement comes as, according to the retailer’s latest Family Matters index,…
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1 June
Ikea owner acquires supply chain solution provider Made4net
Ingka Group, owner of Ikea, has recently acquired Made4net, a leading US-based supply chain software solution provider, to improve its order fulfilment landscape. As part of its business development investments portfolio and overall retail transformation, Ingka Group will integrate Made4net’s fulfilment operations system to improve the omnichannel experience for customers…
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1 June
Nike appoints new Converse CEO
Nike has announced that Jared Carver will succeed Scott Uzzell as the new president and CEO of Converse, effective 1 June. Carver will report to John Donahoe, president and CEO, NIKE, Inc. Scott Uzzell has transitioned to a new role as VP/GM, North America for Nike. Carver is a consumer-first…
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1 June
Government’s red tape driving up prices for food firms, warns Iceland
The government’s red tape and regulations are “driving up” costs for British food businesses, Iceland has warned. According to The Times, the company has warned of the cost burdens related to imposed restrictions on promoting foods that are high in fat, sugar and salt. It also said the proposed post-Brexit…
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1 June
WHSmith to bring Toys R Us back to the UK high street
WHSmith and Toys R Us have today announced the locations of nine WHSmith High Street stores which will be unveiling new Toys R Us shop-in-shops from this month to bring the children’s toy brand back to the UK high street. Customers visiting these stores will be welcomed by a life-size…
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1 June
Dr Martens profits drop 29% to £128m
Dr Martens has reported that its profit after tax declined 29% to £128m for the year ended 31 March 2023, despite generating revenues of £1bn for the first time. It stated that its profit before tax was down because of higher depreciation and amortisation, a £3.9m impairment charge and a…
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1 June
Cotton Traders hails ‘most successful’ year to date
Fashion retailer Cotton Traders has welcomed its “most successful financial year to date”, announcing it has increased its yearly turnover by 10.6% to £111m. The company has attributed its performance to a 17% year-on-year increase in new customers gravitating to the brand, as well as a 7.5% increase in its…
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May- 2023 -31 May
Tommy Hilfiger and Calvin Klein sign deal at Caledonia Park
Tommy Hilfiger and Calvin Klein have signed at Caledonia Park, Scotland’s premium designer outlet village, following a record-breaking first quarter for the destination. According to Railpen, Tommy Hilfiger will occupy a 5,000 sq ft store at the park, while Calvin Klein 4,100 sq ft. Due to open next year, they…
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31 May
Sainsbury’s launches new initiative to tackle food poverty
Sainsbury’s has announced that it will donate 50p from every product sold in the ‘Inspired to Cook’ range to Comic Relief between now and 11 July, as part of the retailer’s ‘Nourish the Nation’ initiative to help tackle food poverty. Every 50p donated by the supermarket chain will fund the…
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