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 -13 October
Boohoo CIO exits business after three years
Boohoo’s chief information officer (CIO), Jo Graham, has announced her departure from the business after three and a half years in the role. Yesterday (12 October) was her last day, and Graham said she is going to take time off before pursuing a new role. Previously, Graham was a technology…
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13 October
Lidl to trial on-shelf smart refills to help customers save money
Lidl has become the first supermarket in the UK that gives customers access to an on-shelf smart refill machine with ‘smart’ pouches for their laundry detergent, which will feature in Lidl’s Swadlincote, Lichfield and Kingswinford stores. The news of this trial is said to meet Lidl’s commitment to being “big…
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12 October
Poundland owner sees revenues rise 17.4% in FY22
Pepco Group, the parent company of Poundland, has revealed an increase in the group’s full year revenues of 17.4% on a constant currency basis to €4.8bn (£4.2bn) for the financial year ending 30 September 2022. Poundland experienced a “strong” like-for-like full-year growth of 5.2%, as the discount goods brand increased…
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12 October
Yoox Net-a-Porter announces interim CEO
Yoox Net-a-Porter has announced it has appointed Alison Loehnis as interim CEO, effective 31 October 2022, replacing Geoffroy Lefebvre who has decided to step down to pursue a private equity-backed entrepreneurial career outside of Richemont after 11 years with the group. Loehnis is currently president of the company, having joined…
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12 October
Angling Direct H1 profits drop 69.8%
Angling Direct has reported that its pre-tax profits dropped 69.8% from £3.7m to £1.1m for the six months ended 31 July 2022 (H1 FY23), and gross profits decreased 6.5% from £14.4m to £13.4m. Angling Direct said that due to the challenging and highly volatile trading conditions the company faces, and…
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12 October
Frasers acquires minority stake in N Brown
Frasers Group has revealed it has acquired a 4.54% stake in fashion retailer N Brown, according to the latest holding documents filed by the company. The pureplay retailer’s brands include Jacamo, Simply Be and JD Williams and was founded in 1859 in Manchester – where its headquarters remain to this…
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12 October
Elliott in talks with Matalan founder over takeover bid
Elliott Advisors has reportedly entered talks with John Hargreaves, the founder of Matalan, regarding his bid to buy back the business, according to Sky News. The investment firm is said to be discussing potential plans to help fund his offer, as the group undergoes a sales process while facing “hundreds…
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11 October
ScS sees revenues rise but warns of reduced consumer confidence
ScS has reported a record 8.6% revenue rise in its preliminary results for the 52-week period ended 30 July 2022, as it also warned that recent trading had been impacted by falling consumer confidence. ScS confirmed revenues hit £331.6m, up from £305.2m. Despite the revenue increase it added its pre-tax…
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11 October
Marks Electrical sees H1 revenues rise 15%
Marks Electrical has reported a revenue growth of 15.1% to £43.1m (HY22 £37.5m) for the six months ended 30 September 2022, sequentially improving against the 13.7% revenue growth in the first four months of FY23 and against a “particularly challenging market back-drop”. It reported strong performance driven across all categories…
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11 October
Unemployment at lowest level in 50 years as pay levels fall
The UK unemployment rate dropped to 75.5% for June to August 2022, down 0.3 percentage points from the previous quarter (March to May 2022), and this marks the lowest level of unemployment rates since December to February 1974. According to the Office for National Statistics (ONS), rising inflation has caused…
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