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.
-
Aug- 2022 -5 August
UK recession can be averted, claims Truss
In an interview with Sky News’s Kay Burley last night (4 August), foreign secretary Liz Truss claimed she could avert a recession if she wins the leadership contest. The claim comes after the Bank of England projected that the UK would enter a recession in this year’s fourth quarter, with…
Read More » -
5 August
Tesco and Morrisons trim 50g from ready meals
Both Tesco and Morrisons have cut 50g from the weight of its range of own-label ready meals as they attempt to cut costs, according to research by The Grocer. Tesco has swapped its 450g ready meals for new 400g packs, and its 800g ready meals for 750g ones. Examples include…
Read More » -
5 August
Tapestry COO to step down
Tapestry, a leading New York-based house of modern luxury accessories and lifestyle brands has announced the retirement of Tom Glaser, the company’s chief operations officer (COO). He will remain with the company until 1 October, and Scott Roe, who has been chief financial officer (CFO) since June 2021, will take…
Read More » -
5 August
Pets at Home Q1 revenues hit £404.7m amid ‘record’ VIP numbers
Pets at Home has reported that group revenues rose 7.1% year-on-year to £404.7m in the 16 week period from 1 April to 21 July 2022 (Q1 FY23), as the number of active VIPs increased 10.7% to a “record” 7.4m, 27% of which were shopping across more than one channel. Vet…
Read More » -
4 August
BoE hikes rates to 1.75%, warns UK to enter recession until 2024
The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…
Read More » -
4 August
Footfall declines in July as north-south divide grows
Footfall weakened in July to -14.2% below 2019 from -12.3% in June 2022 with the month’s performance also highlighting the growing divide between the north and south of the country, according to the latest data from Springboard. July saw a -17% decline compared with 2019 in high streets, a -18.6%…
Read More » -
4 August
Zalando to return to growth in H2 despite Q2 profit fall
Zalando, the online fashion retailer, has revealed it expects to return to growth in H2 despite seeing a 58% drop in its Q2 operating profits to €77.4m (£64.7m), down from €184.1m (£153.3m) in the same period last year. However, the Q2 performance marks a rebound from a Q1 loss of…
Read More » -
4 August
Adidas lowers full year forecast as Q2 profits drop 27.9%
Adidas has reported that its operating profits dropped 27.9% year-on-year from €543m (£454.5m) to €392m (£328.1m) in the second quarter ending June 30 2022 (Q2 FY22), following the suspension of operations in Russia, Covid-related lockdowns in Greater China, and higher supply chain costs. Consequently, Adidas has adjusted its FY22 guidance,…
Read More » -
4 August
Aldi named cheapest supermarket second month in a row
Which? has named Aldi as the cheapest UK supermarket for the second consecutive month, with savings of £12.62 compared to the average Big Four basket. Its research comes as consumers continue to look for ways to cut household costs amid the cost-of-living crisis. Which? conducted its monthly Cheapest Supermarket price…
Read More » -
4 August
ScS ups FY guidance as orders rise by 3.9%
ScS has upped its full-year guidance after its like-for-like order growth rose by 3.9% in the 52-week period ended 30 July, 2022. In its latest training update, the board said it was “pleased” with its positive trading, strong margin, and effective cost management during the year and therefore expects its…
Read More »
