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 -4 August
Next raises profit guidance amid strong sales performance
Next has revealed its sales performance exceeded expectations by £50m, leading the retailer to raise its full-year profit guidance by £10m to £860m. Full price sales were 4.7% stronger than expected in the second quarter to 30 July, which Next said was due to “unusually warm and dry weather in…
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3 August
Mulberry profits rise to £21m as revenues jump 35%
British luxury fashion brand Mulberry has posted profits before tax of £21.3m for the 53-week period ended April 2022, up from £4.6m the previous year, as its revenues reflected “strong recovery post Covid-19”. It revealed group revenue increased 32% during the period to £152.4m, with UK retail sales also up…
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3 August
Poundland targets 25 new sites amid wide-ranging price cuts
Poundland has confirmed it is set to open 10 new and relocated stores before the end of September, with up to another 15 in the pipeline by the end of the year. The new openings stretch from South Wales and southern England to the north of Scotland, and its store…
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3 August
Just Eat parent suffers €3.5bn write down on US business in H1
Just Eat Takeaway has reported a loss of €3.5bn (£2.9bn) in the first half of 2022 (H1), due to an impairment of €3bn (£2.5bn) from the acquisition of US rival Grubhub in 2021, the impact of increasing interest rates and equity volatility on technical valuation metrics. However, the company expects…
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3 August
Hugo Boss hails strongest Q2 in its history
Hugo Boss has reported an operating profit of €100m (£83.4m) for Q2, over double the €42m (£35m) it recorded in Q2 2021. The three month period also saw group sales surge 34% compared with the prior-year period and its revenues increased 40%, totaling €878m (£728.9m), marking its “strongest second quarter…
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3 August
JD Group to open flagship store in Trafford Centre
The JD Group has announced it has agreed a deal with Manchester’s Trafford Centre which will see it launch a new flagship store at the location. The new 42,412 sq ft flagship store will be the largest in its global portfolio. The news comes shortly after the announcement that Next…
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3 August
Co-op and Deliveroo extend partnership to 1,400 stores
Co-op and Deliveroo have extended their partnership for a further three years, with plans for the service to be available from up to 1,400 of the convenience retailer’s stores by the end of the year. The two companies first joined forces in 2017, with quick commerce since reportedly becoming a…
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2 August
VF Corp Q1 revenues surge to $2.3bn
VF Corporation has revealed its Q1 revenues surged 3% to $2.3bn (£1.9bn) boosted by its performance in EMEA and the Americas. The group saw revenues at its North Face brand jump 31% to $0.5bn which helped to offset a 7% fall in sales at its primary brand Vans to $0.9bn.…
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2 August
Former Asda exec named CEO of Poundstretcher
Poundstretcher has announced the appointment of Derek Lawlor as its new CEO, who succeeds current CEO, Aziz Tayub, with immediate effect. Following the appointment, Tayub will assume the role of chairman at the group. Lawlor brings with him a “wealth” of experience, having started his retail career with Tesco over…
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2 August
Women’s Euros final win boosts footfall post-match
High street footfall across the UK on Sunday was up by 4.4% against the previous week during shopping hours, as footfall was boosted by those visiting cities and large towns to watch the Women’s Euros final this year. According to Springboard, between the hours when the match was taking place,…
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