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 -28 April
Gap to lay off 1,800 jobs as part of restructuring plan
Gap Inc is set to eliminate approximately 1,800 jobs from its global workforce as part of a broad restructuring plan, which is expected to save the retailer an extra $300m (£240.9m) annually. In a statement, the company said yesterday (27 April) that this is part of a plan outlined in…
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28 April
Skechers to acquire Scandinavian distributor
Skechers has announced that it has signed an agreement to acquire its existing Scandinavian distributor, Sports Connection Holding Aps. The Sports Connection business comprises 58 existing Skechers retail locations, several e-commerce solutions as well as over 1,600 wholesale customers. It will become a wholly-owned subsidiary of Skechers, primarily responsible for…
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28 April
Amazon beats Q1 expectations but warns of slowed cloud growth
Amazon has beaten analysts’ expectations in the first quarter of trading, as revenues rose by 9% to $127.4bn (£102bn) against the $116.4bn (£93.4bn) reported the prior year. Over the period, North America sales and International sales increased by 11% and 1%, respectively, while Amazon Web Service AWS segment sales increased…
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28 April
Ebay launches new furniture hub to encourage pre-loved shopping
Ebay has launched a new online hub that will serve as a curated destination designed to help shoppers “consider pre-loved first” when furniture shopping. The ‘Better Than New Homeware’ Hub will encourage customers to choose vintage, refurbished or repaired pieces. It comes as new research from Ebay UK revealed that…
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27 April
Asda and EG merger threatens food supply and jobs, says GMB
The merger between Asda and petrol forecourt business EG Group will threaten the UK’s food supply, fuel prices and 100,000 jobs, the GMG union told the trade secretary Kemi Badenoch in a letter. In the letter, the union pointed out that Asda’s debts are already thought to be more than…
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27 April
Retailers not likely to benefit from King’s Coronation, GlobalData finds
Retailers may not reap significant benefits from the King’s Coronation as consumers are more likely to use it as a time to rest and relax than shop, says leading data and analytics company GlobalData. According to its recent survey conducted on 2,000 consumers, 38.9% stated that they plan to celebrate…
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27 April
Sainsbury’s posts fall in profits amid consumer cost measures
Sainsbury’s has seen its statutory pre-tax profits drop 62% to £327m, down from £854m the previous year, during the 52-week period ended 4 March. The supermarket giant attributed the decrease to the more than £560m it spent on ensuring prices for consumers remained as low as possible. However, group revenues…
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27 April
Boohoo appoints John Goold as new board member
Boohoo has announced the appointment of John Goold to its board as an independent non-executive director. Goold will become chairman of the Audit Committee and he will also be a member of the Nomination, Remuneration and Risk committees. He began his career by qualifying as a chartered accountant in 1996…
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27 April
Kering Q1 revenues hit €5bn amid ‘mixed’ results
Luxury goods company Kering has reported revenues of €5bn (£4.4bn) in its first quarter, up 2% on a reported basis and 1% on a comparable basis, though warned its overall performance remains “mixed”. Gucci sales in the directly operated store network grew 1% on a comparable basis relative to the…
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27 April
Hotel Chocolat warns sales to be lower than expected in FY23
Hotel Chocolat has reported that it expects sales in FY23 to be slightly lower than market expectations and that underlying PBT will be breakeven, according to its new trading statement and update on its strategic progress. It said that second half trading to 23 April achieved high seasonal full price…
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