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 -16 August
Grocery price inflation hits new peak, Kantar finds
Supermarket sales rose by 2.2% in the 12 weeks to 7 August according to the latest take-home grocery figures from Kantar, despite grocery price inflation hitting 11.6% – the highest level since Kantar first started tracking the data this way in 2008. During the period, Lidl remained the fastest growing…
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16 August
Body Shop owner sees revenues decline 8.6%
Natura & Co, the owner of The Body Shop, Avon and Aesop has seen its group revenue decline 8.6% in the second quarter to 30 June. Net revenue at The Body Shop fell by 25.3% despite store revenues being up compared to last year due to a rise in footfall.…
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16 August
Wages see highest fall on record amid rising inflation
Regular pay in the UK has fallen by a “record” 3% in the quarter ending June 2022, the steepest decline since records began two decades ago, as the nation continues to battle rising inflation and the cost-of-living crisis. Not accounting for inflation, growth in regular pay, excluding bonuses, would be…
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16 August
Kick Game appoints PwC to explore £150m sale
Kick Game, a footwear reseller, has reportedly hired PricewaterhouseCooper (PwC) to explore options which could include a £150m sale, according to Sky News. Reports suggest Kick Game, which was founded in 2013, is working with the accountancy firm to field interest from a number of suitors. The process is expected…
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16 August
Watches of Switzerland Q1 revenues hit £391m
The Watches of Switzerland Group PLC has reported a 31% rise in group revenues year-on-year from £297m to £391m for the 13 weeks to 31 July 2022 (Q1 FY23), benefiting from de-stocking and pent up demand as showrooms reopened following Covid-19 lockdowns. Luxury watches sales grew 32% to £342m, representing…
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15 August
Canada Goose profits soar amid retail expansion
Canada Goose has reported “better than expected” gross profits of $42.7m (£35.3m) for the first quarter fiscal 2023 ended July 3 2022, up 39.1% from $30.7m (£25.3m) over the same period last year. Revenues were also up 24.2% from $56.3m (£46.5m) to $69.9m ($57.8m). The company said its EMEA revenue…
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15 August
Aldi increases pay for warehouse employees
Aldi has increased its hourly pay for colleagues working at Aldi distribution centres, the majority of distribution centre roles are warehouse selectors, who will receive a new minimum rate of £12.66 an hour. From September, it said all hourly paid colleagues within its warehouses will have received pay rises of…
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15 August
Zalando to cut back marketing spend instead of job cuts
Co-founder and co-chief executive of Zalando, Robert Gentz, has told the Financial Times that the company’s stall in internet shopping is just “a blip” and that the company aims to avoid mass job cuts by cutting its marketing spend instead. The FT reported that the European fashion retailer’s competitors, which…
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15 August
Joules names former John Lewis director as CEO
Joules has announced the appointment of Jonathon Brown as the group’s new CEO following a thorough selection process, joining as CEO designate on 7 September and becoming CEO on 30 September. Most recently, Brown was CEO of Compare the Market, part of BGL Group, where he led the business through…
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15 August
Harrods threatens to replace strikers with agency staff
Harrods has reportedly threatened to use new laws to break possible strikes by using temporary workers from agencies if industrial action persists, Unite has warned. First reported by the Daily Mirror, the luxury retailer is said to have sent a letter to staff working in store services, engineering, maintenance and…
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