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 -23 June
Bank holidays boost May retail sales
Retail sales volumes are estimated to have risen by 0.3% in May 2023, beating analysts’ forecasts amid a welcomed boost from warm weather and May bank holidays. According to the latest figures from the Office for National Statistics (ONS), non-store retailing sales volumes rose by 2.7% in May 2023 because…
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23 June
Morrisons sales jump 3.1% to £3.7bn
Morrisons has revealed that its quarterly sales increased 3.1% to £3.7bn in the 13 weeks ending 30 April 2023, with like-for-like sales up 1%. Its wholesale channel sales were also up by 20%. However, total group revenue fell by 0.9% to £4.5bn reflecting lower fuel sales year on year. Additionally,…
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23 June
Unbound Group eyes restructuring plan as sale hopes falter
Unbound Group, the owner of Hotter Shoes, is reportedly mulling plans to commence a restructuring process as hopes of a sale of the business have stalled. According to Sky News, the group has now called on advisers at Interpath to prepare for an emergency restructuring plan, which would require court…
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23 June
Boohoo sees shareholder unrest over executive pay
Boohoo is facing unrest amongst its shareholders after nearly a third of them voted against its remuneration report at its AGM. It is unclear exactly how much each director was paid last year but 32.5% of shareholders decided against the report. Despite this all directors were reelected with 99% of…
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23 June
Revolution Beauty sales jump 60% in Q1
Revolution Beauty saw a 60% increase in sales within the first three months of FY23, as gross margins were 48.2% in the period compared with 41.7% in the same period last year. Meanwhile, the group’s EBITDA remained at a constant currency level of £3.5m. Bob Holt, CEO of Revolution Beauty,…
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23 June
Victoria’s Secret unveils new senior team appointments
Victoria’s Secret has announced key leadership appointments to “further advance its strategic pillars” of strengthening the core, and transforming the foundation of the company. Greg Unis will assume the role of brand president, Victoria’s Secret and PINK. Unis will continue to report to Martin Waters, CEO of Victoria’s Secret and…
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22 June
Ocado shares jump amid rumours of Amazon interest
Ocado has seen its share jump price surge by almost 32% this morning (23 June) among rumours that online retail giant Amazon could be interested in a potential takeover, according to The Times. Ocado saw its share price jump from from 424p per share at close on Wednesday to 607p…
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22 June
Lloyds Pharmacy continues offloading stores as CEO departs
Lloyds Pharmacy parent company Hallo Healthcare has sold 32 Masta stores, its private travel clinic, to Irish firm Nomad Travel last week as part of its continued drive to offload assets. It has also been revealed in Companies House listings that Lloyds CEO Ken Birch stepped down from his role…
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22 June
Sainsbury’s expands Nectar prices to fresh produce
Sainsbury’s has announced the expansion of its loyalty initiative by introducing offers on fresh produce for the first time. Nectar’s 18 million users can now access a wide range of fresh fruit and vegetables at a lower price, helping to make big savings when shopping in Sainsbury’s supermarkets or online. …
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22 June
BoE raises interest rate to 15-year high
The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…
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