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 -1 December
Foot Locker reshuffles leadership as CFO steps down
New York-based athletic retailer Footlocker has announced the appointments of Frank Bracken and Elliott Rogers as chief commercial officer and chief operations officer respectively, as Andrew Page steps down from his role as chief financial officer. It is reported that Page will transition out of his role as CFO following…
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1 December
Hotel Chocolat falls to £9.2m loss in FY22
Hotel Chocolat has fallen to a pre-tax loss of £9.2m in its latest full-year results, down from a profit of £3.7m the prior year, with results in part affected by the restructuring of its joint venture in Japan. The group noted that without impairments from its business operations in Japan…
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1 December
Foschini eyes Joules rescue deal
The Foschini Group is reportedly close to agreeing a deal to acquire the majority of collapsed retailer Joules’ stores and assets, according to Sky News. If the deal goes ahead, it is likely to see roughly a quarter of Joules’ 132 shops closed, with the loss of “several hundred” jobs.…
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1 December
Footfall gap to 2019 widens to -11.1% in Nov despite Black Friday boost
The gap in footfall from 2019 widened in November to -11.1% from -9.8% in October and -12.6% in September; -12.4% in high streets, -17.3% in shopping centres and -3% in retail parks, according to the latest figures from Springboard. Springboard added that in the absence of Black Friday the gap…
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1 December
Primark invests €100m into Spanish expansion
Primark has announced an investment of €100m (£86m) in the Spanish market including opening eight new stores and creating 1,000 jobs. The company will spend €80m (£69m) on opening the eight new stores and extending one existing store over the next two years. There are also plans to spend €20m…
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Nov- 2022 -30 November
Topps tiles announces second consecutive year of record revenue
Topps tiles has announced a second consecutive year of record revenues, as its gross revenues increased 8% to £247.2m. For the full-year period ended 1 October 2022, it confirmed that gross profit was up nearly 4% to £135.4m compared with £130.7m for 2021. Adjusted profit before tax was also up…
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30 November
Mulberry reports £3.8m loss in H1
British sustainable luxury brand Mulberry reported a pre-tax loss of £3.8m in the first half of this year, down from a profit of £10.2m the year before, as UK sales saw a 10% decrease to £34.1m compared to £38m last year. The group’s results are thought to have been impacted…
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30 November
Boohoo alters suppliers payment terms
Boohoo has changed payment terms for suppliers from 30 days to 60 days, effective from 1 December, according to Drapers. Manufacturers will be paid 30 days from the invoice date, up from 14 days currently. In a letter to suppliers, seen by Drapers, Boohoo Group said: “As the business grows,…
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30 November
‘Bleak’ winter ahead as shop price inflation hits 7.4%, says BRC
The BRC has warned of a “bleak” winter ahead after shop price annual inflation accelerated to 7.4% in November, up from 6.6% in October. This 7.4% is above the three-month average rate of 6.5% and marks another record for shop price inflation since the index started in 2005. Food inflation…
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29 November
Ikea invests £12m in cost of living support package
Ikea has announced that it is investing £12m in a pay increase and wellbeing support package for staff across the UK and Ireland to support them during the cost-of-living crisis. Salaried staff will receive a pay rise of 6% on average, in line with the retailer’s commitment to paying a…
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