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 -7 December
Naked Wines appoints UK MD as new CFO
Naked Wines has appointed James Crawford as CFO and as an executive director with immediate effect. Crawford has been serving as interim CFO, in addition to his role as managing director of Naked Wines UK, since July 2022. Prior to that, he served as Naked’s group finance director (March 2014…
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7 December
Moonpig lowers sales forecast ahead of uncertain Christmas
Greeting card retailer Moonpig has lowered its sales forecast for 2023 to £320m down from £350m in the half year to 31 October 2022. The company cited challenging trading conditions in October and November, including Royal Mail strikes, as the reason for changing its forecast. It has seen mild growth…
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7 December
MusicMagpie sees revenues drop to £144.8m
Music Magpie, who specialises in refurbished consumer technology, has announced its full-year revenue for the group will be £144.8m, down from £145.5m in 2021, for the full year ended 30 November 2022. It also revealed that EBITDA will be “in line” with management’s expectations. Net debt at 30 November 2022…
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7 December
Quiz returns to profitability in H1 as demand rises
Quiz has welcomed a “significant” increase in profitability in its half-year results, as profit before tax hit £1.8m, up from a loss of £1.3m the prior year, after the group witnessed stronger consumer demand for the brand. The group, which also benefited from softer prior year comparatives as a result…
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7 December
Fenwick sells Bond Street store for £430m
Fenwick, the 140-year-old department store, has announced that it will be closing its New Bond Street branch in central London as it has been sold to Lazari Investments for £430m. As a result, it is reported that the store, along with the adjoining property, will shut its doors sometime in…
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6 December
Victorian Plumbing revenues recover in H2
Victorian Plumbing has revealed its performance recovered in the second half of the year with revenues up 6% meaning its FY revenues came in ahead of expectations broadly flat at £269.4m (2021: £268.8m). For the 52-week period ended 30 September 2022, the bathroom retailer said its average order value was…
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6 December
Asda to create 10,000 new jobs
Asda has announced plans to create 10,000 new jobs over the next four years as it rolls out its Asda Express convenience store concept. The supermarket chain opened its second Asda Express Tottenham Hale, north London and confirmed its plans to open 300 more by the end of 2026. New…
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6 December
VF Corp names Benno Dorer as interim CEO
VF Corporation has announced that Benno Dorer, lead independent director of the VF board, has been named interim president and CEO, effective immediately. His appointment follows Steve Rendle’s decision to retire from his position as chairman, president and CEO. The company, which owns brands including Vans and the North Face,…
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6 December
Footfall rises 5.4% amid ‘cause for optimism’
Footfall rose by +5.4% across all UK retail destinations last week from the week before, with increases across all three key destination types (+6.9% in high streets, +4.8% in shopping centres and +3% in retail parks), according to Springboard. Springboard said this offers a “cause for some optimism” for retailers…
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6 December
Sephora appoints new UK managing director
Sephora has announced the appointment of Sarah Boyd as its new managing director for the UK business. She is due to start her role on 2 January 2023, reporting to Sylvie Moreau, the president of Sephora Europe and Middle East. The news of her appointment follows the French beauty retailer’s…
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