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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May- 2023 -23 May
Morrison rolls out new loyalty programme
Morrisons has announced the nationwide rollout of its new Morrisons More Card loyalty programme, which also includes the return of the popular ‘Morrisons Fivers’. As well as the loyalty scheme, the supermarket group is also reviving its “more reasons to shop at Morrisons” strapline, which was introduced in Sir Ken…
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23 May
Mike Ashley set for Mulberry boardroom showdown
Mike Ashley could be set for a boardroom showdown with the majority shareholder at Mulberry, according to reports from The Telegraph. The outlet reported that Frasers owner Ashely has recently requested a voice in the boardroom at the luxury fashion retailer after senior members at Frasers met Mulberry chairman Chris…
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23 May
Topps Tiles HY profits drop despite record sales
Topps Tiles has seen its profit before tax drop to £1.7m compared with £5.6m in the same period last year, for the 26 weeks ended 1 April 2023. This profit drop comes despite the company posting £130.3m in sales, a record for a six-month period and an increase of 9.3%…
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23 May
Alex Marsh steps down as Klarna UK head
Klarna’s UK head, Alex Marsh, has announced that he is stepping down from the Swedish buy-now-pay-later (BNPL) company. Marsh resigns from his position after four and a half years of service. Marsh joined Klarna as the chief financial officer in 2019 and co-founded non-profit organisation Chaterpath in January 2020. Marsh…
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23 May
Asos launches first ever rental edit with Hirestreet
Asos has launched its first ever rental collection in partnership with UK rental marketplace Hirestreet. Available from today (23 May), the edit includes over 180 styles focused on women’s occasionwear dressing. Selected from Asos’ own brands, Asos Design, Asos Edition and Asos Luxe, the edit features wedding-guest outfits, bridal looks…
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23 May
Frasers launches bid to acquire ProBikeKit
Frasers Group is in talks to buy cycling goods specialist ProBikeKit, according to Sky News. Mike Ashley’s retail group is reportedly set to acquire the stock and IP assets of the cycling retailer from THG, the beauty and nutrition online company. In April, THG revealed that following a strategic review…
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23 May
Victoria Plumbing revenues up 10% in H1
Victoria Plumbing has revealed that half-year revenues increased 10% year-on-year to £146.8m for the six months ended 31 March, compared with £133.9m in the same period last year. In addition, the bathroom retailer has improved its gross profit for the period, increasing 14% year-on-year to £66.8m, with the gross profit…
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22 May
M&S launches 12 week paid Neonatal Leave
Marks & Spencer has today announced a new policy which will give families of premature babies or babies that need additional care when they are born, extra leave and pay to spend vital time with their new-born without colleagues having to worry about work or using up their maternity, paternity,…
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22 May
Wilko eyes CVA to slash costs
Wilko is considering entering into a company voluntary arrangement (CVA) to renegotiate rents and possibly close some of its stores in a bid to cut costs across the group, according to Bloomberg. Bloomberg reports that the struggling discount chain has reached out to PwC to explore its restructuring options, which…
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22 May
Foot Locker sees 11.4% drop in sales to $1.9bn
Foot Locker has reported a 11.4% decline in total sales to $1.92bn (£1.5bn) for its first quarter ended 29 April 2023, compared with sales of $2.1bn (£1.6bn) in the first quarter of 2022. Excluding the effect of foreign exchange rate fluctuations, total sales for the first quarter decreased by 10%.…
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