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 -16 September
Naked Wines hires former CEO as advisor
Naked Wines has announced it has appointed former-CEO and material shareholder, Rowan Gormley, as an advisor to the board as the company finalises its revised operational and financial plans for the business. The company will announce these revised plans during the week commencing 17 October. The position of board adviser…
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16 September
MySale rejects Frasers Group takeover bid
MySale’s directors have rejected a takeover bid from Frasers Group, whose offer to acquire the remaining shares of the Australian marketplace for 2p per share was said to undervalue the business. Frasers had previously acquired 270,666,650 MySale Shares at 2p per share on 29 June 2022, becoming MySale’s largest shareholder…
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16 September
Retail sales fall 1.6% in August as cost of living begins to bite
Retail sales fell by 1.6% in August this year, due to rising prices and cost of living which are affecting sales volumes, according to the Office of National Statistics (ONS). All main sectors, food stores, non-food stores, non-store retailing and fuel, fell over the month; which happened in July 2021,…
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16 September
B&M confirms CEO departure date
B&M has confirmed that Alex Russo will succeed Simon Arora as group chief executive officer on 26 September, the commencement of the second half of its financial year. The takeover was first announced on 31 May 2022, after Arora had announced his intention to step down as CEO on 22…
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16 September
H&M sales lower than expected in Q3
Swedish fashion chain, H&M, has revealed that net sales were lower than expected in its third quarter, rising only by 3% to 57.5bn Swedish crowns (£4.7bn) in the period ended 31 August 2022. This reportedly failed to meet a 5% analyst expectation. In local currencies, sales fell by 4% overall. …
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15 September
THG losses widen despite revenues passing £1bn
THG has revealed its losses widened to £89.2m in the first half of the year to 30 June, despite seeing revenues surpass £1bn. The online retailer said the loss reflected “consumer price protection investment strategy”, however its medium-term guidance reiterated with cost efficiencies and commodity price improvements should support margin…
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15 September
Patagonia owner gives away company to fight climate crisis
The owner and founder of Patagonia, Yvon Chouinard, has announced that he is giving away the company to an environmental trust and non-profit, with profits set to go towards environmental charities to help fight the climate crisis. The Chouinard family has split its shareholding between two new entities. The company’s…
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15 September
John Lewis swings to H1 loss of £99m
John Lewis has swung to a loss of £99m for the first half of 2022 (H1 FY22) which it attributed to a reduction in customer spending and an increase in inflation-induced costs, which have not fully been passed onto customers. Overall, Waitrose sales dropped 5% year-on-year to £3.6bn for the…
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15 September
Wickes sees H1 profits fall 6.2% to £33.5m
Wickes has reported that its profits before tax declined by 6.2% for the first half of 2022, to £33.5m compared with £35.7m for the same period last year. The company saw revenue growth of 1.3% to £822.3m from the 22 weeks ended 2 July 2022, compared with £812.0m in H1…
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15 September
Mothercare profits hit £12m in FY22
Mothercare has revealed that the group’s profit for the 52 weeks to 26 March 2022 reached £12.1m, compared to its loss of £21.5m in the previous financial year. The group has also reported that its international retail sales reached £385.3m, which is just under last year’s total of £358.6m. The…
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