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 -2 September
Lululemon lifts FY22 outlook as profits hit $7.86bn
Lululemon has raised its FY22 outlook, with revenues expected to be in the range of $7.86bn (£6.8bn) to $7.94bn (£6.87bn), representing a three-year annual growth rate of 26%. Revenues for Q3 are also expected to be in the range of $1.78bn (£1.54bn) to $1.8bn (£1.56bn), representing a three-year annual growth…
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2 September
Motatos raises €38m to fund UK expansion
Discount supermarket Motatos has announced it has raised €38m (£33m) through a new share issue to existing shareholders. The financing round was jointly led by Exor Capital and the company’s largest owner, SEB Private Equity. The new funds will be used to accelerate growth in Motatos’ key markets of Germany…
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1 September
Battersea Power Station confirms 14 October opening date
Battersea Power Station has confirmed it will open its doors to the public for the first time from Friday 14 October 2022. Electric Boulevard, a new pedestrianised high street, which runs from the south of the Power Station, between Frank Gehry’s Prospect Place and Foster + Partners’ Battersea Roof Gardens…
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1 September
Tommy Hilfiger and CK owner lowers FY22 outlook
PVH Corp has lowered its full year outlook for 2022, with revenues now expected to decrease 4% to 3% (increase 3% to 4% on a constant currency basis). The company also plans to reduce people costs in its global offices by 10% to streamline the organisation, drive efficiencies and fuel…
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1 September
Truss in talks to further cut business rates amid rising costs
Liz Truss has reportedly entered discussions with industry lobbyists over plans to further cut business rates. According to The Telegraph, the frontrunner in the Tory leadership campaign could extend business rates relief to more premises in order to protect them from the rising energy costs they face. Reports said the…
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1 September
Footfall recovers in August despite cost of living crisis
Footfall has strengthened across UK retail destinations in August 2022 to -13.2% below 2019 compared with -14.2% in July 2022, after it had weakened from -12.3% in June 2022, according to Springboard’s Footfall Monitor. The “unexpected turnaround” covering the four weeks 31 July to 27 August saw footfall strengthened in…
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1 September
Sainsbury’s to invest £65m to help ease cost-of-living crisis
Sainsbury’s has announced the launch of its biggest ever September value offer, spending £65m across the business to “help ease the growing pressure customers are feeling from the rising cost of living”. Some £60m will be invested throughout autumn in food and grocery via its Sainsbury’s quality, Aldi price match…
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1 September
John Lewis to offer free staff meals as it recruits 10,000 seasonal workers
The John Lewis Partnership has revealed its plans to recruit more than 10,000 temporary roles across the country this Christmas, as well as plans to offer free food to all partners and temporary workers from 3 October to 6 January to help with the cost of living. It is reported…
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Aug- 2022 -31 August
Brunello Cucinelli reports net profit of €50m
Casa di Moda Brunello Cucinelli has reported net profit of €50.6m (£43.4m) for the first half of 2022 ending June 30, up +131.4% compared with €21.9m (£18.8m) in H1 2021. It also revealed net sales of €415m (£356m), up +32.4% at current exchange rates compared with 2021. It comes as…
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31 August
Food prices rise at fastest rate since 2008, BRC finds
New data from the British Retail Consortium (BRC) and NielsenIQ index has shown that food prices have risen at their fastest rate since 2008 in August, with an increase of 9.3% after an initial 7% increase last month. The BRC reported that fresh food was more than 10% more expensive…
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