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 -10 March
EG Group revenues jump 25% to $33bn
Asda owners the Issa brothers’ EG Group has revealed its full-year revenues surged 25% to $33.04bn (£22.5bn), which it said was boosted by the contribution of recent acquisitions. For the full year ended 31 December 2022, the group’s EBITDA increased by 1.9% to $1.46bn (£1.28bn). It said its foodservice business…
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10 March
Boohoo narrowly approves new growth plan
Boohoo has experienced pushback from shareholders over its plans to award executives £175m if its share price improves, despite the scheme’s narrow approval at its general meeting on 8 March. The fast fashion retailer’s growth plan saw 37% of the group’s shareholders voting to reject the plan. As a majority…
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10 March
Prada reports profits rise 21% to €4.2bn for FY22
Prada Group has reported that its 2022 revenues increased to €4.2bn (£3.7bn), marking a 21.3% rise over 2021, according to its financial for the period ending 31 December 2022. It said that retail sales, which increased 23.8% to €3.7bn (£3.27bn), was the primary driver, as well as organic expansion at…
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10 March
Mango welcomes record turnover of €2.7bn in FY22
Mango has welcomed record sales in 2022, with turnover reaching €2.7bn (£2.4bn), the highest in the company’s history and 20.3% higher than the prior year. This was also 13.2% higher than 2019, when the company last achieved a record turnover. As well as a major growth in sales the group…
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10 March
Tesco sounds out John Allan replacements
Tesco has reportedly begun sounding out potential replacements for its long-time chairman John Allan, according to Sky News. City sources told Sky that a number of big boardroom figures had been approached by headhunters working for Tesco in recent weeks. Allan will step down next year, by which time he…
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9 March
Hugo Boss welcomes record sales in FY22
Hugo Boss sales increased 27% to a new record of €3.7bn (£3.2bn), according to the latest 2022 report released today. These recent figures mean that for the first time in the history of the fashion brand, the company exceeded the €3bn threshold (£2.6bn) despite the high levels of economic implications…
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9 March
Adidas profits fall 1% to £9.45bn amid Yeezy split
Adidas has reported that its FY gross profit declined 1% to £9.45bn, down from the £9.54bn it made in 2021, according to its financial for the period ending 31 December 2022. The company stated that its revenue was impacted by the termination of Yeezy partnership with Kanye West. Adidas’ EBITDA…
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9 March
Morrisons posts £1.5bn loss after CD&R acquisition
Morrisons has posted losses of £1.5bn one year after being acquired by US private equity firm Clayton, Dubilier and Rice, according to its latest filing on Companies House. The supermarket was acquired by CD&R in October 2021 for £7bn with a debt led takeover. The deal saw £6.1bn worth of…
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9 March
Puma appoints GM of BU Sportstyle
Puma has announced the appointment of Lionel Telega as the group’s new general manager of the Business Unit Sportstyle, its largest business unit, with immediate effect. Telega has been with the brand since 2004, having most recently worked as global director of go-to-market. Prior to joining the sports company, he…
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9 March
JD Sports appoints Currys chair to board
JD Sports has appointed Ian Dyson as a new non-executive director, with effect from today (9 March 2023). Following his appointment, Dyson will join the group’s audit and risk committee as well as its remuneration committee. Dyson is currently chair of the board at Currys and is said to have…
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