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
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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9 May
Coronation Day footfall down by 20%
On Coronation Day, footfall across all UK retail destinations was -20.6% lower than the previous Saturday, and -24.6% lower between 10am and 3pm, as the event “somewhat inevitably” drew customers away from stores. However, according to the latest findings from Springboard, the coronation did lead to an uplift in footfall…
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9 May
Lidl to add over 1,500 warehouse staff amid new distribution centre plans
Lidl GB has announced that it is recruiting over 1,500 warehouse colleagues across its existing regional distribution centre (RDC) network, while confirming plans to build a new RDC on a 35-acre site in Gildersome, Leeds. It said the plans submitted to Leeds City Council for a 54,000m2 build represent a…
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9 May
JD Sports set to acquire Courir for £452.6m
JD Sports has announced that it has entered into exclusive talks to acquire French retailer Courir in a £452.6m deal. The company stated it will pay £282.7m for the company through existing cash resources and £169.6m through debt. In accordance with French law, Courir’s management will now start a consultation…
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