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 -10 May
Charles Tyrwhitt to roll out green asset control tech
Menswear brand Charles Tyrwhitt has invested in green asset control technology provided by LoweConex in order to reduce energy consumption and minimise its carbon footprint. LoweConex, which provides IoT energy management solutions, will be rolled out across the retailer’s estate to help hit its sustainability targets. This will see the…
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10 May
Asda targets Express expansion with new Caine store
Asda has announced plans to open a convenience store in Calne on Tuesday 23 May, which will mark the retailer’s third ‘Asda Express’ format and create 15 new jobs in the community. The store will be located just outside of the town centre on London Road and the new format…
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10 May
Asos losses widen to £87m
Asos has revealed a loss before tax of £87.4m in its half-year results for the six months ended 28 February 2023. Furthermore, the company also posted an 8% drop in revenues down to £1.8bn from £2bn in the same period last year. The online retailer reported an adjusted EBIT loss…
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10 May
JD Sports to name BGL exec as new CFO
JD Sports is reportedly set to announce the appointment of a top executive from BGL Group as its new CFO later this week. According to Sky News, the retailer has finalised the appointment of Dominic Platt as its new finance chief, completing the overhaul of its executive team. He will…
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10 May
Natura and Co Q1 profits up 2.4% to BRL5.4bn
Natura and Co has reported that its gross profits were up 2.8% to BRazilian Real (BRL) 5.4bn (£858m) in Q1 2023, compared with BRL5.2bn (£835m) it reported in the first quarter of 2022. Its adjusted EBITDA was also increased 41.3% to BRL841m (£133m). The brands Q1-23 consolidated net revenue was…
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10 May
UK footfall falls 13% on Coronation Day but London welcomes boost
Last week saw mixed results for retailers as footfall dropped by 13.2% from results in 2022 on Coronation Day (6 May), while central London saw a 11.3% boost in footfall and an additional 21.5% between the hours of 10am and 3pm, according to Springboard. Across the whole week, footfall increased…
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10 May
Ikea opens new 452,000 sq ft Dartford distribution centre
Ikea UK has recently opened a new 452,000 sq ft customer distribution centre in Dartford, Kent. This new multi-million pound facility will enable faster, more sustainable home deliveries to customers in London and the southeast of England, according to the group. Located at the former Littlebrook Power Station site near…
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9 May
Regulator to investigate Joules auditor Deloitte
The Financial Reporting Council (FRC) has launched an investigation in relation to Deloitte’s audit of clothing retailer Joules. The investigation will examine Deloitte’s audit of the group’s consolidated financial statements for the year ended 30 May 2021. The retailer fell into administration last year, appointing administrators from Interpath Advisory to…
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9 May
Under Armour FY revenues rise by 3% to $1.4bn
Sportswear company Under Armour has reported that full-year revenues rose by 3% to $5.9bn (£4.6bn), with fourth quarter revenues up by 8% to $1.4bn (£1.1bn). For the full year, Under Armour reported a 6% increase in wholesale revenues to $3.5bn (£2.7bn). However, there was a -3% decrease in direct-to-consumer revenue…
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9 May
M&S to further fund Nobody’s Child growth
Marks and Spencer has announced its plans to further fund the eco-conscious fashion brand Nobody’s Child as it continues to go “from strength to strength”. The news comes as the fashion brand, which has over 340,000 customers each year, continues to be one of M&S’ top performing third-party brand partners.…
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