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 -11 October
Retail sales rise 2.2% in September
The British Retail Consortium (BRC) Sales Monitor reports that, on a total basis, sales increased by 2.2% in September, against an increase of 0.6% in September 2021. According to the BRC, the UK retail sales also increased 1.8% on a like-for-like basis from September 2021, when they had reportedly decreased…
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11 October
CMA set to greenlight Morrisons’ McColl’s takeover
The Competition and Markets Authority (CMA) is set to greenlight Morissons’ proposal to acquire McColl’s after accepting proposals for the supermarket giant to sell 28 stores to address competition concerns. It comes as the authority launched an investigation into Morrisons’ proposed £190m purchase of McColl’s-owned stores last July. Following Phase…
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10 October
Studio Retail audits to be investigated by watchdog
The Financial Reporting Council (FRC) has revealed it has commenced an investigation in relation to the audit conducted by Mazars LLP of the financial statements of Studio Retail Group plc for the period ended 26 March 2021. The decision was made at a meeting of the FRC’s Conduct Committee on…
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10 October
Sephora to make UK return
Cosmetic retailer Sephora is set to return to the United Kingdom. The retailer is first launching online on 17 October, with its flagship store in London set to open its doors in Spring 2023. The news comes after the brand acquired online cosmetic store, Feelunique, around a year ago. As…
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10 October
Levi Strauss & Co reports stagnant profits amid unfavourable conditions
Levi Strauss and Co has announced its gross profits for the three months ended 28 August 2022 were up by 0.08% year on year to $862.9m (£775.6m), with unfavourable currency exchanges, higher product costs and lower full-priced sales marked as the main barriers faced by the company. As a result,…
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10 October
Joules says CVA is a ‘potential option’ amid turnaround plan
Joules has announced that a Company Voluntary Arrangement (CVA) is one of other “potential options” as the retailer develops its turnaround plan to drive higher profitability. The company said it is making “good progress” in the plan, and that it continues to assess its ongoing financing requirements, including a possible…
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10 October
Quiz revenues rocket 37% as demand soars
Quiz revenues have soared by 37.2% in the last six months, hitting £49.4m in results that were ahead of its previous expectations. Between 1 April and 30 September, revenues were £13.4m higher than the prior year, reportedly reflecting the brand’s appeal and reputation for dressy and occasion wear, with demand…
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7 October
Farfetch to accept cryptocurrency payment option
Farfetch, the global platform for the luxury fashion industry, has announced that it will offer cryptocurrency as a payment method on the Farfetch Marketplace for customers in 37 countries. Farfetch said it will initially accept six cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), among others. Customers with an…
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7 October
AO scraps COO role after resignation
AO has announced it has scrapped its COO role following the departure of Danny Emmett from the position, according to Retail Week. Emmett was expected to succeed chief executive John Roberts but has left the business with immediate effect. He worked at AO for nearly 14 years, having first joined…
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7 October
Pets at Home appoints chief people officer
Pets at Home has announced the appointment of Rachel Mooney as its new chief people officer. Prior to joining the group, Mooney held senior roles at global brands including Google and Vodafone, and was previously chief people officer at Monzo and Snow Software. According to Pets at Home, she has…
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