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.
-
Sep- 2022 -23 September
Made.com to shed workforce amid plans for company sale
Made.com could reportedly cut over a third of its headcount alongside plans to explore a potential sale of the group, as part of a board decision to conduct a formal review of the business amid “continued uncertainty” and challenging trade. In order to reduce costs amid the current trading environment,…
Read More » -
23 September
The Works revenues rise by 46.5% in FY22
The Works has welcomed “strong” financial results in FY22 and made strategic progress as the group’s total revenue reached £264.6m for the 52 weeks ended 1 May 2022, spelling an increase of 46.5% in revenues against the prior year. It is reported that the group’s profit before tax also hit…
Read More » -
23 September
Chancellor announces sweeping tax cuts in first mini-budget
Chancellor Kwasi Kwarteng has today (23 September) announced a ream of tax cuts alongside a £60bn energy support package as part of the new government’s first mini-budget. Setting out his aims for economic growth, Kwarteng said that he wants the economy to increase by 2.5% annually in the medium-term, through…
Read More » -
23 September
Revolution Beauty to undergo investigation into audit failures
Revolution Beauty has said it will undergo an audit investigation after its failure to complete its auditing quickly enough, as it warns over its full-year profits. The multi-channel mass beauty brand provider previously announced on 2 August that the company will now report its final results for the year ended…
Read More » -
23 September
Lidl ups pay rise to become highest paying supermarket
Lidl GB has announced plans to increase the hourly pay rate of all store and warehouse colleagues next week, representing a £39.5m investment by the discounter, and a combined total of £50m into hourly pay rates this year. From 1 October 2022, Lidl will increase entry-level rates from £10.10 to…
Read More » -
23 September
Consumer confidence plummets to record low in September
UK consumer confidence has plummeted to a record low of -49% in September, the lowest since 1974, according to the latest research from GfK. It comes amid the cost of living crisis as households struggle with soaring energy bills and inflation. Four measures were down in comparison to the 19…
Read More » -
22 September
BoE raises interest rates to 2.25%
The Bank of England has today (22 September) announced that interest rates will be raised by 0.5%, with rates rising from 1.75% to 2.25%. The latest announcement from the Monetary Policy Committee (MPC) comes as inflation remains at record highs for the UK, and marks the seventh consecutive rise in…
Read More » -
22 September
JD remains ‘cautious’ on trading as H1 profits slip
JD Sports has reported its pre-tax profits and exceptional items dropped 12% year-on-year in the 26 weeks ended 30 July 2022 (H1 FY22) from £439.5m to £383.5m, following macroeconomic uncertainty, inflationary pressures and the potential for further disruption to the supply chain. The group said it remains cautious about trading…
Read More » -
22 September
M&S unveils £15m support package for staff
Marks and Spencers has unveiled a new £15m support package to support its front-line employees during the cost-of-living crisis. This comes alongside an additional Autumn pay review, while the group also extends its wellbeing benefits for employees. According to M&S, from 1 October over 40,000 of its colleagues will get…
Read More » -
22 September
Gymshark delays Regent Street flagship opening
Gymshark has pushed back the opening of its flagship Regent Street store to 29 October, citing “mitigating circumstances”, having originally announced it would open on 1 October. The flagship will host customers, schools/universities, press, athletes, and guest speakers, with the ability to hold anywhere from single digit to 30 people…
Read More »
