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 -4 November
Hugo Boss ups guidance after highest ever quarterly sales
Hugo Boss has upped its full-year guidance following a period of “significant” growth and “strong momentum” in its third quarter of trading, where sales figures broke historic records for the group. Over the period, group sales rose by 18% to €933m (£812m), up from €755m (£657m) the prior year, representing…
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4 November
John Lewis appoints chief transformation & technology officer
The John Lewis Partnership has announced the appointment of Zak Mian as chief transformation and technology officer, effective 7 November. In his new role, Mian will take responsibility for all of John Lewis’ technology, change and transformation activity and the teams who support it. This appointment marks the partnership’s first…
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3 November
Retailers pessimistic heading into peak season, research finds
Over half of UK retailers are concerned about their businesses’ financial performance over the upcoming peak season against a backdrop of inflationary pressures and the rising cost of living, according to new research from Flintfox. It revealed that although three in five (62%) say they will be running Black Friday…
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3 November
BoE raises interest rates to 3%
The Bank of England (BoE) has raised the base rate of interest to 3%, an increase of 0.75%, as it warned that the UK is set to face its longest recession since records began. At its meeting ending on 2 November 2022, the Bank’s MPC voted by a majority of…
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3 November
Footfall gap from 2019 narrows in October to -9.8%
The gap in footfall from 2019 narrowed in October to -9.8% from -12.6% in September and -13.2% in August, according to the latest figures from Springboard. Overall it found the footfall was -10.5% in high streets, -14.7% in shopping centres and -3.3% in retail parks. Meanwhile, the uplift in footfall…
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3 November
Tesco wins appeal in Lidl trademark dispute
Tesco has won an appeal in court which will mean it can argue at trial that Lidl applied for trademarks for a yellow circle against a blue background in “bad faith”. It comes as Tesco filed a counterclaim against Lidl last year, after the discount supermarket launched a lawsuit that…
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3 November
Clarks returns to profit in FY22 amid repositioning
Clarks has announced it has returned to profit for the year ended 29 January 2022, with pre-tax profits rising to £55.4m compared to a loss of £181.8m in the previous year, following a period of recovery and repositioning. Group operating profit also increased year-on-year from £162.2m to £61.7m, and group…
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3 November
Sainsbury’s profits fall 8% in H1 after investment to tackle cost-of-living crisis
Sainsbury’s has revealed its underlying profit before tax was £340m for the 28 weeks ended 17 September, down 8% after investing in keeping prices low amid record inflation rates and staff wage increases. Grocery sales were up 0.2% in H1, driven by strong growth in Q2 of 3.8% as lockdown…
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3 November
Zalando revenues rise by 2.9% in Q3
Zalando’s revenues have increased by 2.9% in its third quarter, with its adjusted EBIT increasing to €13.5m (£11.7m), up from €9.8m (£8.49m) in the same quarter a year ago. The group reports that its gross merchandise volume (GMV) has risen 7.1% to €3.28bn (£2.84bn), while the introduction of a minimum…
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2 November
For The Creators to launch new rental subscription service with Zoa Rental
For The Creators, a fashion rental and resale platform aimed at pregnant women and new mums looking to save money and the planet with their wardrobe curation, has appointed Zoa Rental to power its rental service, featuring its new rental subscription service. The platform curates an edit of clothing for…
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