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.
-
Mar- 2023 -9 March
Hammerson earnings surge 60% amid rental income boost
Shopping centre owner Hammerson has revealed that its FY22 adjusted earnings increased 60% to £105m, boosted by a positive income rental performance. It confirmed that its net rental income increased 29% as it said “occupiers pivot to best-in-class destinations”. This comes despite group portfolio value falling 5% to £5.1bn (2021…
Read More » -
8 March
Hotel Chocolat revenues and profit tumble in H1
Hotel Chocolat has reported a fall in revenues in the half-year ended 25 December 2022, falling from £142m last year to £129m, with its underlying PBT dropping to £10.2m in H1 from £25.4m in the same period last year. In addition, the retailer also reported that its underlying operating profit…
Read More » -
8 March
TK Maxx eyes further London expansion
TK Maxx is reportedly looking to expand its presence in London, the Evening Standard has reported. As the capital continues to bounce back from Covid restrictions and with the recent ONS analysis regarding a boost in footfall levels, TK Maxx is reportedly among the companies keen to open more shops…
Read More » -
8 March
MusicMagpie FY profits fall despite record Black Friday sales
MusicMagpie has seen its profits fall by 14% from £44m to £38m in FY22 despite record sales on the week of Black Friday. Moreover, the company more than doubled its active rental subscribers to 30,500 up from 13,500 in 2021. Its revenue from consumer technology was up 12.2% to £96.6m…
Read More » -
8 March
Poundland launches new price comparison campaign
Poundland is reportedly set to launch a new price comparison campaign that will see it compete as an alternative to larger supermarkets, The Grocer has reported. According to reports, in-store posters around its stores have shown the group comparing its prices to the likes of Asda, Morrisons and Wilko. A…
Read More » -
8 March
Co-op hires new chief financial officer
The Co-op has announced the appointment of Rachel Izzard as chief financial officer and a member of the Co-op Group board. Izzard will take up the position from current interim CFO Mike Hazell. Prior to this role, Izzard held a number of senior leadership and CFO positions, including IFA Cargo,…
Read More » -
7 March
UK sales receive Valentine’s Day boost despite inflation
February retail sales have benefited from Valentine’s Day but numbers remain low compared to last year, according to the latest British Retail Consortium (BRC) survey. The analysis, which was monitored by BRC and the consultancy KPMG, shows that UK total retail sales increased by 5.2% in February, against an increase…
Read More » -
7 March
Zalando’s customer base surpasses 50 million
Zalando, European fashion and lifestyle retailer, has announced that its customer base grew 6% more than 51 million last year because of the success of its loyalty programme. According to its financial results for FY22, Zalando’s loyalty programme, Plus, more than doubled its membership to over two million compared with…
Read More » -
7 March
Feb supermarket sales rise to 11% amid accelerating inflation
Total till grocery sales soared to 11.1% in the last four weeks ending 25 February 2023, up from 7.6% recorded in January as a result of accelerating food inflation, according to the latest data from NIQ (previously known as NielsenIQ). NIQ data shows that Total Till sales growth comes despite…
Read More » -
7 March
In The Style offloads business for £1.2m to avoid administration
Online fashion retailer In The Style has agreed to sell the business for just £1.2m as a way to avoid administration. In The Style Fashion Limited, which was valued at £105m in 2021, will be acquired by private equity investor Baaj Capital. Founder and CEO Adam Frisby will take a…
Read More »
