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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Dec- 2022 -23 December
Matalan sets January deadline for sale process
Matalan has announced that it plans to complete its sale process by the end of January 2023, after which a “comprehensive update to the market” will be provided, according to Drapers. The business said that, as of 15 December 2022, it had “received bids from a number of interested parties”.…
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22 December
Oak Furnitureland revenues hit £275.3m in FY22
Oak Furnitureland has revealed its revenues increased 10% to £275.3m in the financial year ended 30 June 2022. The furniture retailer’s gross margins also increased to 54.2% in 2022 compared with 51.7% in the previous year. In addition, operating profit reached £7.1m compared with £5.4m in the previous year. However,…
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22 December
Made.com board proposes vote on liquidation
The board of Made.com has formally proposed the winding up of the business through a voluntary liquidation process. In a statement to the London Stock Exchange (LSE), Made said this will enable liquidators appointed by the company to realise the company’s remaining assets pending completion of the administration of MDL…
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22 December
ASOS partners with Fashion Minority Report
Asos has announced its partnership with Fashion Minority Report (FMR), a business which aims to help fashion brands create inclusive workplaces and drive diversity across the industry. Through the partnership, Asos is supporting several of FMR’s projects that aim to help “emerging talented individuals from diverse backgrounds unlock their career…
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22 December
Under Armour appoints new CEO
Sportswear brand Under Armour has announced the appointment of Stephanie Linnartz as its CEO and president. Linnartz is currently the president of Marriott International where she is responsible for a portfolio of nearly 8,200 properties across 138 countries. She is also a member of Home Depot’s board of directors, and…
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21 December
Paul Smith halves operating loss as FY sales surge 35%
Fashion retailer Paul Smith has almost halved its operating loss from £16.16m to £8.25m for the year ended 30 June, as its retail sales surged 35% to £97.1m. The group attributed the increase to an increase in footfall as its stores remained open and were unaffected by covid restrictions that…
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21 December
Pets at Home appoints former Asda CEO to its board
Pet retailer Pets at Home has announced the appointment of former Asda CEO Roger Burnley CBE as an independent non-executive director. The appointment will come into effect 14 February 2023 and Burnley will be a member of the audit and risk committee, remuneration committee, nomination and corporate governance committee and…
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21 December
Nike Q2 revenues surge 17% to $13.3bn
Nike saw its revenues reach $13.3bn (£10.9bn) during the second quarter ended 30 November 2022, which is an increase of 17% compared to the prior year and an increase of 27% on a currency-neutral basis. In addition, the sportswear giant’s direct sales increased by 16%, reaching $5.4bn (£4.4bn), while its…
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20 December
Flannels joins rental market with Hurr partnership
Flannels has announced the launch of its new rental strategy, in partnership with rental platform Hurr. It has revealed that customers will be able to rent out items for a period of 4, 8, 10 and 20 days directly from its online store. This will be followed by the launch…
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20 December
Morrisons to close 132 McColl’s stores
Morrisons has announced plans to close 132 McColl’s stores over the year as these stores have “no realistic prospect” of achieving a breakeven position in the medium term, putting around 1,300 McColl’s colleagues at risk of redundancy. Every affected colleague will be offered alternative employment at a nearby McColl’s store,…
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