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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Nov- 2022 -11 November
UK economy contracts 0.2% in Q3
The first signs of the UK entering a recession reared its head in the last quarter as the economy contracted by 0.2% between July and September, according to the latest figures from the Office for National Statistics (ONS). Monthly estimates published today (11 November 2022) found that GDP fell by…
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11 November
Amazon CEO launches cost-cutting review
Amazon chief executive Andy Jassy is reportedly leading a cost-review of the business while examining businesses at the company that are not profitable. First reported by the Wall Street Journal, sources reportedly revealed Amazon is examining its Alexa business alongside its robotics division. In a statement to Bloomberg, Amazon confirmed…
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11 November
Ralph Lauren welcomes ‘better than expected’ Q2
Ralph Lauren has welcomed “better than expected” trading in Q2, as revenues grew by 5% to $1.6bn (£1.36bn) over the period despite macro-economic pressures. The luxury fashion brand delivered “strong” revenue growth in both its Core business, up mid-teens to last year, and high-potential categories, including Women’s, Outerwear and Home,…
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11 November
The Works sales rise in H1 despite online slowdown
The Works has reported total sales for the half-year increased by 2.1%, with total like-for-like sales having increased 0.6%. Store trading was also positive, having increased by 3.5% on a like-for-like basis. However, the group’s online sales declined by 16.9% over the period, though results show it is still 50%…
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10 November
Poundland to close on Boxing Day and New Year’s amid recruiting drive
Poundland has revealed that for the third year in a row all its stores will be closed on Boxing Day and New Year’s Day. As part of its Christmas plans the discount retailer also confirmed it will take on around 1,200 seasonal colleagues to work in stores across the UK…
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10 November
B&M maintains FY23 outlook despite £40m profit drop
B&M has maintained its previous guidance for the full year (FY23) with group adjusted Ebitda expected to be in the range of £550m-£600m, as the company expects to retain customers due to the economic crunch. This comes despite a 16.7% drop in pre-tax profits year-on-year for the 26 weeks to…
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10 November
WH Smith profits soar amid global travel return
WH Smith has reported a headline pre-tax profit of £61m for the year to the end of August, against a £104m loss last year, beating market expectations. It also posted a “significant recovery” in group performance with revenue of £1.4bn, up from £886m in 2021. The company said it would…
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10 November
Revolution Beauty CEO resigns amid audit investigation
Revolution Beauty has announced that CEO Adam Minto has resigned as a director and stepped down from the business “with immediate effect” amid an ongoing accounting probe. Last month, Minto stepped away from the day-to-day management of the business as an independent investigation was carried out by Forensic Risk Alliance…
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10 November
Next Boss urges gov to allow more overseas workers
Next CEO Simon Wolfson has urged the government to allow more overseas workers into the UK on account of the country’s current “chronic” labour shortages, according to the BBC. As a pro-Brexit Conservative peer, Wolfson’s calls on the government to alleviate staff shortages through immigration come as the UK’s current…
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9 November
Atomos partners with WTW
Atomos has appointed WTW to provide multi-asset investment solutions for its UK-based retail investment portfolios. The agreement, based on a three-year exclusivity period for this service, will enable Atomos to take advantage of WTW’s 150 strong global investment research and portfolio management team in order to strengthen the investment propositions…
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