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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Sep- 2022 -30 September
Joules says turnaround plan is ‘going well’ amid CVA rumours
Lifestyle retailer Joules has confirmed that it has appointed Interpath Advisory to help the company with its turnaround plan. The retailer confirmed the news in a statement released yesterday (29 September) which revealed that the financial advisors are “assisting the board with an initial assessment of certain elements as part…
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29 September
Co-op pre-tax profits fall to £7m
The Co-op has revealed its group pre-tax profits fell 84% to £7m in the first half of the year as it was impacted by “challenging market conditions”. It also revealed that underlying operating profit was down £33m to £18m. The firm said that in “very challenging markets” it delivered a…
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29 September
Food inflation rises to a ‘record’ 10.6% in September
Food inflation has grown to 10.6% in September 2022, up from 9.3% in August, which is above the three-month average rate of 9.1% and marks the highest rate of inflation in the food category on record, according to the British Retail Consortium (BRC) Nielsen IQ index. Fresh food inflation also…
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29 September
Next cuts sales and profit guidance
Next plc has reported that its profit before tax is up 16% compared to the previous year at £401m, and up 22% compared with 2019 despite issuing its second profit warning this year. The company said the profit warning is due to soaring inflation and a devaluation of the pound…
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29 September
H&M profits hit by Russian exit
H&M has announced pre-tax profits of SEK 689m (£56.5m), down from SEK 6.09bn (£220m) a year prior, in the group’s fiscal third quarter from 1 December 2021 to 31 August 2022. It said its results were impacted by a one-time cost of SEK 2.1bn (£76.1m), related to the winding down…
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29 September
Morrisons profits halve in Q3 as inflation pressures hit
Morrisons has seen its profits halve in its latest quarter, falling from £356m to £177m, with the group warning that consumer sentiment continues to be “very subdued”. Despite total revenue rising by 4.5% to £4.8bn in the quarter ended 31 July, 2022, the group’s profit was hit by record inflation,…
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28 September
Burberry creative officer to step down
Burberry has announced that Riccardo Tisci will be stepping down as chief creative officer and is set to leave the company at the end of the month, with Daniel Lee assuming the position. Tisci has decided to leave after almost five years at the group, during which time he spearheaded…
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28 September
Boohoo warns of further sales decline as profits drop 90%
Boohoo has warned that its sales are likely to be hit over the remainder of the financial year due to increases in inflation-driven costs and lower sales than previously anticipated for the six months ended 31 August 2022 (H1). Revenues are expected to continue to decline and adjusted EBITDA margins…
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28 September
Gymshark poaches Asos CFO
Gymshark has announced that Mat Dunn is to join as its new chief financial officer (CFO), effective early 2023, who joins from his role as CFO at Asos. He will be replacing outgoing CFO Philip Daw, and is the latest in a recent spate of senior appointments at Gymshark, following…
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28 September
Boxpark to open first site outside London in Liverpool
Boxpark, a retail, dining and leisure group, has announced its sixth site and first Boxpark-branded development in Liverpool, set to open in 2023. Boxpark has agreed a 15-year lease with Terracotta Asset Management Limited for The Canning Hall site in the south of Liverpool city, which sits within the Baltic…
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