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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Jan- 2023 -23 January
Consumer confidence improves for first time in 15 months
UK consumer confidence in the final quarter of 2022 improved by half (+0.6) a percentage point, according to the latest Deloitte Consumer Tracker, marking the end of a 15-month period of consecutive decline. Deloitte said overall confidence was boosted by “significant” quarter-on-quarter improvement in sentiment towards levels of debt (+3.8…
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23 January
Waterstones profits rise by £40m in FY22
Waterstones has seen its profit-before-tax rise to £42.1m in the year to April 2022, up from £2.9m the prior year and £19.7 in FY20, as customers returned to the high street. The bookseller also reported that full-year revenues soared 73% to £399.8m, as Covid-related restrictions came to an end. Although…
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23 January
The Works hails ‘resilient’ sales amid 5.7% jump
The Works has revealed it has seen a strengthening in trade since the end of its first half, with like-for-like sales increasing by 5.7% in the 11 weeks ended 15 January. The retailer also saw strong performance in-store where sales rose by 9.7%, although online sales declined by 14%, which…
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23 January
In The Style warns of FY losses as revenues fall 22%
Online womenswear fashion brand, In The Style, has revealed that its total revenue for the quarter ending 31 December 2022 declined by 22% on the prior year, while its direct-to-consumer revenue dropped by a further 13%. As a result, the company expects to report an adjusted EBITDA loss of between…
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20 January
Mamas & Papas appoints new CEO ahead of global expansion
Mamas and Papas, the high street nursery brand, has announced chief operating officer Nathan Williams as its new CEO to lead the company’s next phase of growth, which it said would include expansion into new and existing international markets. Current CEO Mark Saunders, who joined the business three years ago…
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20 January
December retail sales fall 1% despite Christmas boost
Retail sales volumes fell by 1% in December 2022 after a 0.5% fall in November 2022, according to data from the Office for National Statistics (ONS). Alongside this, sales volumes were down 1.7% compared with pre-pandemic levels in February 2020. Non-food store sales volumes also dropped 2.1% over December. ONS…
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20 January
Argos to close all Irish operations
Argos has announced that it will shut all of its 34 stores in the Republic of Ireland at the end of June in 2023. The company, owned by Sainsbury’s, has said its operations in Northern Ireland, or the rest of the UK, will not be affected by the decision. It…
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20 January
Superdrug sales rise by 16% over December
Superdrug revealed that its like-for-like sales increased by 16% in December, with the group confirming that this Christmas trading period was the “strongest” so far. The group has attributed its performance to consistently good footfall across the entire month, as average weekly transactions in shops were 19% higher than in…
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20 January
Eve & Renshaw to cease trading after 240 years
Eve and Renshaw, one of the UK”s oldest department stores, has announced it will cease trading after 240 years of operation. The family-run business confirmed that its last day of trading will be 4 March 2023, while its online shop will close on 30 January. It comes as the business…
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19 January
Topps Tiles chairman survives shareholder revolt
Topps Tiles has revealed that Darren Shapland will remain as its chairman after surviving a vote tabled by its biggest shareholder MS Galleon to oust him. At the company’s AGM, 62.5% of the company’s shareholders voted against the requisition resolution put forward by the Austrian private equity firm. The shareholder,…
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