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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Mar- 2023 -23 March
Ownership of business will ‘remain a constant’, says John Lewis chair
John Lewis chairwoman Sharon White has assured that employees’ ownership of the John Lewis Partnership will “remain a constant”, following reports that the group was considering selling a minority ownership stake. It comes as reports emerged earlier this week that the employee-owned group could dilute its 100% staff ownership structure…
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23 March
Ebay appoints new UK general manager
Ebay has promoted UK chief marketing officer Eve Williams to the role of vice president, general manager of its UK business. Williams replaces Murray Lambell who held the role since 2020 and has now been promoted to global general manager of the home, garden and refurbished categories based at Ebay’s…
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22 March
Inflation unexpectedly jumps to 10.4% amid rising food prices
The UK inflation rate unexpectedly increased to 10.4% in February driven by increased drink and food prices which reached their highest rate in 45 years, according to the latest figures from the Office for National Statistics (ONS). The rise in the CPI annual rate between January and February 2023 came…
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22 March
Porcelain Superstore’s sales rise to £16m
Online tile retailer Porcelain Superstore has reported a rise in sales to £15.9m from £15m in 2021, recording its eighth consecutive year of growth despite supply chain issues. Sales for 2021 totaled £15m, more than doubling the £6.65m recorded during 2020. The amount in 2019 was £3,706,000, a significant rise…
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22 March
Scotch & Soda files for bankruptcy for Dutch operations
Scotch and Soda has filed for bankruptcy for its Dutch operations after a structural cash flow deficit led to a “failure to absorb the negative effects of corona and high inflation”, despite record revenues last year. In a statement published on its Linkedin page, the clothing brand said the courts…
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22 March
Nike Q3 revenues up 14% to $12.4bn
Sportswear brand Nike has announced that its Q3 revenues increased 14% to $12.4bn (£10bn) for the three months ended 28 February 2023. It stated that Nike Direct sales were $5.3bn (£4.3bn), up 17% on a reported basis and up 22% on a currency-neutral basis. Alongside this Nike brand digital sales…
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22 March
Asda expands Claire’s partnership to 500 locations
Accessories and jewellery retailer Claire’s is partnering up with supermarket chain Asda to bring Claire’s products to more than 500 Asda stores across the UK. The partnership comes after a successful initial ‘test and learn’ with 10 stores in October 2020, which has now been expanded. This partnership will allow…
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22 March
Currys raises staff pay for fourth time in 18 months
Currys has announced an additional rise for hourly paid store colleagues in the UK from £10.35 per hour to £10.50, the fourth rise in the last 18 months. The retailer also revealed that the average store colleague bonus is 89p per hour, with top earners making up to £3 per…
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21 March
ScS reports ‘good strategic progress’ despite losses in H1
Furniture retailer ScS has reported making “good strategic progress” in the first half of the year, despite its loss before tax falling to £6.3m in the period, down from a loss of £3.6m the prior year. Nonetheless, its underlying loss before tax was £4.7m, down from a loss of £5.6m…
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21 March
Kingfisher FY22 performance suffers amid strong FY21 comparables
Kingfisher has revealed its post tax profits fell 44% to £471m for the full-year period ended 31 January 2023. The company posted sales of £1.30bn, down 0.9% from the £1.32bn it posted the previous year. It also posted gross profits of £4.8bn down 2.8% from £4.9bn last year and operating…
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