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 -9 November
Allbirds sees Q3 profits fall despite strong revenues
US footwear retailer Allbirds, which operates three stores in London and a concession in Selfridges, has revealed its gross profits declined 4% in Q3 to $32.5m (£28.2m), down from $33.9m (£33.9m) the previous year. The decline comes despite it experiencing an uptick in revenues, up 15.9% YoY to $72.7m (£63.3m).…
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9 November
Adidas lowers forecast amid Yeezy split
Adidas has lowered its full year guidance for FY22 with total revenues now expected to grow at a low-single-digit rate and net income from continuing operations will reach around €250m (£219m), following Adidas’ decision to terminate its ‘Yeezy’ partnership with Kanye West on 25 October which sees “high seasonality” towards…
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9 November
M&S profits fall by 24% in H2
Marks and Spencers has seen its profit-before-tax fall by 23.7% to £205.5m in the second half of the year. Nonetheless, it revealed that its food offering “outperformed” both in value and volume in the UK as its sales grew 5.6% in its half year results ended 1 October 2022. It…
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9 November
Next snaps up Made.com brand following collapse
Next has acquired the Made.com brand for £3.4m following the furniture retailer’s collapse into administration, which may see the loss of up to 500 jobs. It comes as MDL, Made’s operating subsidiary, appointed Zelf Hussain, Peter David Dickens and Rachael Maria Wilkinson of PwC as administrators of the group. Following…
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9 November
DFS appoints former Asda boss as CFO
DFS Furniture has announced that John Fallon is to be appointed as an executive director and chief financial officer (CFO) of the group from 14 November 2022. Fallon joins DFS Group from Asda, where he most recently served as group CFO and played a key role in the recent change…
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8 November
Asda opens first ‘Asda Express’ convenience store
Asda has opened its first standalone ‘Asda Express’ convenience store in Sutton Coldfield in the West Midlands, creating 17 new jobs in the local community. A second Asda Express store will open at Tottenham Hale next month, followed by 30 sites next year, creating circa 500 new jobs. The launch…
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8 November
Retail sales recovery slows in October
The recovery of retail sales slowed in October, as on a total basis, retail sales increased by 1.6%, against an increase of 1.3% in the same month last year. This is also below the three-month average of 1.7% and the 12-month average growth of 2.7%, according to the British Retail…
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8 November
Grocery price inflation hits record 14.7%
Four-week grocery price inflation has hit another record high figure at 14.7%, according to Kantar, marking another “record” high and adding a potential extra £682 to annual grocery bills. The news comes as take-home grocery sales increased by 5.2% in the 12 weeks to 30 October 2022, marking the fastest…
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8 November
Primark sales rocket 43% in FY22
The parent company of Primark, Associated British Foods, has announced that Primark’s total sales rocketed by 43% to £7.7bn in FY22, as the group welcomed a “significant” rise in customer footfall and sales densities. In the UK, like-for-like sales and market shares returned to pre-pandemic levels, though weaker like-for-like sales…
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8 November
John Lewis COO to leave after 30 years
John Lewis Partnership COO Andrew Murphy has announced his intention to leave the retail group after 30 years. He will leave next summer, after he revealed his decision was influenced by the milestone of reaching 30 years with the company, and the desire to pursue other opportunities. Writing on Linkedin,…
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