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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Oct- 2022 -4 October
Greggs sales rise 15% in Q3
Greggs has seen its total sales rise by 14.6% for the 13 weeks to 1 October 2022, with company-managed shop like-for-like sales up 9.7% in the quarter. Despite this sales boost, year-on-year growth slowed in August given the “particularly strong” staycation effect, though momentum returned in September. The closure of…
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3 October
Currys confirms third hourly pay increase in 13 months
Currys has announced an additional rise for hourly paid colleagues in the UK by a further 3.5% to £10.35 per hour (£11.43 per hour in London), the third rise in the last 13 months, one month after the latest rise came into effect. In total, Currys said it has increased…
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3 October
John Lewis launches womenswear rental platform
John Lewis has partnered with rental platform HURR to launch its first ever womenswear rental platform to help “encourage a more sustainable way of shopping”. Launching today (3 October), the John Lewis Fashion Rental will host over 25 brands from Olivia Rubin, O Pioneers, & Other Stories and Seraphina with…
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3 October
Morrisons faces £100m hit to borrowing costs amid debt pile up
Morrisons is facing a near-£100m hit to its borrowing costs amid market turmoil adding pressure on the supermarket chain. According to The Times, over half of the grocer’s longer-term debt is at a floating rate and it has no interest hedging in place. Ratings agency Moody’s reportedly estimates that recent…
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3 October
Frasers urges MySale shareholders to accept offer
Frasers has published a letter in which it urged MySale shareholders who have not yet accepted the mandatory offer to do so “as soon as possible” so as to be received or settled by no later than 1.00pm on 1 November 2022. It comes after Frasers announced that, as at…
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Sep- 2022 -30 September
Made.com H1 losses widen amid lower demand
Made.com has revealed its loss before tax has dropped by 25.2% to £35.3m for the six months to 30 June 2022 (H1 FY22), down from a loss of £10.1m in the same period last year. Adjusted EBITDA also declined by 32.6% year-on-year from £1.1m to a loss of £31.5m amid…
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30 September
JD Sports and Nike announce connected partnership
JD Sports has announced that it has been selected as Nike’s first European retail partner for its connected partnership, designed to “enhance the shopping experience of customers through access to an additional range of Nike member-exclusive products and experiences”. Nike’s connected partnership offers JD’s customers, starting in the UK, access…
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30 September
Joules says turnaround plan is ‘going well’ amid CVA rumours
Lifestyle retailer Joules has confirmed that it has appointed Interpath Advisory to help the company with its turnaround plan. The retailer confirmed the news in a statement released yesterday (29 September) which revealed that the financial advisors are “assisting the board with an initial assessment of certain elements as part…
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29 September
Co-op pre-tax profits fall to £7m
The Co-op has revealed its group pre-tax profits fell 84% to £7m in the first half of the year as it was impacted by “challenging market conditions”. It also revealed that underlying operating profit was down £33m to £18m. The firm said that in “very challenging markets” it delivered a…
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29 September
Food inflation rises to a ‘record’ 10.6% in September
Food inflation has grown to 10.6% in September 2022, up from 9.3% in August, which is above the three-month average rate of 9.1% and marks the highest rate of inflation in the food category on record, according to the British Retail Consortium (BRC) Nielsen IQ index. Fresh food inflation also…
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