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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Aug- 2022 -31 August
Boohoo warns suppliers risk further HMRC costs over polybag content
The Boohoo Group has reportedly been charged by HMRC as some of its polybags don’t have the certificate to confirm their recycled content. According to Drapers, Boohoo Group sent a letter to product suppliers on 26 August which said that this charge will be passed on to suppliers if they…
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31 August
Co-op sells petrol forecourt estate to Asda for £600m
Co-op has agreed to sell its petrol forecourt business to Asda in a £600m deal. The enterprise value of approximately £600m, which includes a cash consideration of £438m and is also inclusive of IFRS 16 lease liabilities of approximately £162m. This transaction includes 129 petrol forecourt sites, spread across the…
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30 August
Joules deal with Next in danger after share price tumbles
Joules’ hope of securing an investment lifeline from Next has taken a blow after reports suggest that the two companies are still not close to coming to an agreement, according to Sky News. The news comes three weeks after it the companies first confirmed they were in discussions. Joules’ valuation…
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30 August
Farfetch revenues increase 10.7% in Q2
Online luxury fashion retail platform, Farfetch, has announced that the group’s revenue increased by 10.7% year-over-year in Q2 to $579.3m (£493.1m). The group’s profit after tax also reached $67.7m (£57.6m) in the period, which included a non-cash benefit arising from impact of lower share price on items held at fair…
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30 August
Asda eyes £450m bid for Co-op’s petrol forecourts
Supermarket group Asda is reportedly preparing to make a £450m swoop on the Co-op Group’s petrol forecourt business, according to Sky News. The outlet reports that Asda is the leading contender to buy Co-op’s fuel retailing arm, which includes a sizeable convenience operation. According to the source, a deal could…
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30 August
Store closures drop to lowest rate in seven years
Store closures have stabilised to the lowest rate in over seven years, with 6,146 store closures in H1 2022 (-30%) year-on-year from multiple retail operators, compared to 3,888 openings (+11%). According to PwC’s latest Store Openings and Closures report for H1 2022, there were 34 closures, 21 openings, and a…
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26 August
Retail entrepreneur swoops to acquire Paperchase
Steve Curtis, an operating partner at Rcapital, the turnaround investor, has reportedly agreed to buy Paperchase as a private investor for an undisclosed sum, according to Sky News. Its sources said on Thursday (25 August) that the deal was expected to be confirmed before the end of the week. Curtis,…
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26 August
Abercrombie lowers sales forecast amid Hollister pressures
Abercrombie and Fitch Co. has lowered its sales forecast for FY22, with sales expected to be down mid single-digits from $3.7bn (£3.1bn) in FY21, compared with the previous outlook of flat to up 2%. Its sales forecast for the third quarter (Q3) has also lowered to high single-digits at $905m…
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26 August
Asda sees Q2 sales improve but remain down on 2021
Asda has revealed that it saw like-for-like sales in Q2 2022 ending June 30 fall by 1.9% year-on-year compared to the same period last year. The performance represents an improvement on the 9.2% decline in like for like sales during the previous quarter of this year. The supermarket delivered positive…
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26 August
Energy price cap to rise by 80% to £3,549 from October
Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022. The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…
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