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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Apr- 2023 -14 April
Uniqlo owner sees profits rise 16% to £1.3bn
Uniqlo owner Fast retailing has recorded a 16% rise in operating profit to ¥220bn (£1.3bn) during the first six months of the year to 28 February. Fast Retailing said that the business recovery in China and strong sales in Europe and North America was the primary driver and helped revenues…
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14 April
Superdry lowers guidance as sales fall ‘below expectations’
Superdry has lowered its FY23 guidance to £615m-£635m after sales in February and March were “below expectations”. The company stated that while sales were showing significant year-on-year growth they were not what the company expected. It has put this down to a number of external factors like the cost-of-living crisis…
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14 April
AO lifts full-year guidance after cutting costs
AO World has said it is confident its full-year profits will be at the top end of its previous guidance after the electrical retailer worked hard to reduce costs and improve margins over the year. While the group previously warned of potential adverse effects from trading risks, macroeconomic uncertainty and…
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14 April
Asda to offer a paid day off for King’s coronation
Asda has recently announced that any hourly paid store workers scheduled to work on bank holiday Monday (8 May), will be able to request a paid day off to participate in the ‘Big Help Out’, a national day of volunteering to mark His Majesty The King’s Coronation. For the Big…
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14 April
Dr Martens downgrades FY guidance amid higher costs
Dr Martens has downgraded the group’s FY23 guidance with EBITDA now expected to be around £245m due to higher costs at its US stores and lower wholesale revenue. While the group’s total revenue for the fourth quarter grew by 6% due to growth in EMEA and APAC, the expected EBITDA…
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13 April
Holland and Barrett eyes move for Planet Organic
Health foods chain Holland and Barrett is reportedly weighing up a last minute rescue deal for Planet Organic, according to reports from Sky News. Reports suggest that Holland and Barrett, which already has a supplier relationship with the company, is one of a number of suitors who are interested in…
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13 April
UK economy flatlines in Feb
Real gross domestic product (GDP) is estimated to have shown no growth in February 2023, where falls in services and production were offset by growth in construction, according to the latest figures from the Office for National Statistics (ONS). The services sector fell by 0.1% in February 2023, after growing…
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13 April
BRC calls for business rates freeze amid Labour’s high street rescue plan
The British Retail Consortium has responded to Labour’s five-point plan to revitalise high streets by calling for a permanent freeze on business rates. Leader Sir Keir Starmer revealed the party’s high streets policy during a local election campaign visit to Great Yarmouth and said that the Labour government would “boost…
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13 April
LVMH revenues rise by 17% in Q1
LVMH, one of the world’s leading high quality products groups, has reported that revenues rose by 17% to €21bn (£18.5bn) in the first quarter of 2023. It comes as the group benefited from a significant rebound in the Asia region following the lifting of health restrictions. Europe and Japan both…
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13 April
Sainsbury’s to restructure logistics operations
Sainsbury’s has announced that a major restructuring of its logistics operations will affect almost 7,000 staff throughout the UK. According to the retailer, no one will lose their job or get moved to other contractual terms, as the logistics shake-up only means that service and availability will be made better…
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