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.
-
Jul- 2022 -19 July
Grant Thorton fined £1.3m over Sports Direct audit
The Financial Reporting Council (FRC) has fined Grant Thornton UK LLP £1.3m for “serious failings” in the statutory audits of Sports Direct International plc for the financial years ended 24 April 2016 and 29 April 2018. Grant Thornton’s former partner, Philip Westerman, has also received a sanction of £79,575. For…
Read More » -
19 July
Joules raises FY profit guidance as cost cuts bear fruit
Clothing and homeware brand Joules has revealed it expects FY22 adjusted profit before tax and adjusting items to be “slightly ahead of current market expectations” as its additional cost reductions begin to bear fruit. It revealed the trading trends outlined in the group’s previous update have also continued for the…
Read More » -
19 July
In The Style profits soar 22%
In The Style Group has revealed its gross profit grew 22% to £25.2m for the year ended 31 March 2022, compared to £20.6m in 2021. Meanwhile group revenues increased by 28% to £57.3m, and direct-to-consumer revenue grew by 23% to £44.7m. The company said its revenue growth was driven by…
Read More » -
19 July
Made.com issues FY profit warning amid ‘volatile’ trading
Made.com has issued a profit warning for FY22 as recent trading has been “volatile” amid worsening consumer confidence, which has in turn impacted demand for big-ticket purchases. According to the retailer, the dip in consumer confidence has made new customer acquisition at financially attractive rates “challenging”, while gross sales for…
Read More » -
19 July
H&M Group to exit Russia
The H&M Group has announced its decision to begin winding down its business in Russia over the coming months, following current operational challenges and an “unpredictable” future. The company will temporarily reopen physical stores for a limited period of time to sell remaining inventory in Russia. The entire wind-down is…
Read More » -
19 July
Dobbies partners with Waitrose on new foodhall offering
Garden centre retailer, Dobbies, has revealed a new partnership with Waitrose to provide Dobbies’ customers with Waitrose’s wide range of food, grocery products and everyday essentials in over 50 Dobbies Garden Centres across the UK. It is reported that Dobbies launched its new-style foodhall in July 2020, and since then,…
Read More » -
18 July
Footfall drops as heatwave hits UK
Footfall across UK high streets are down -7.3% on last week as the country experiences a heatwave, according to Springboard. However, high streets in coastal towns have seen a surge of footfall, rising by 9.0%. The largest drop was seen in greater London, which was down -13% across high streets…
Read More » -
18 July
Mattress Online appoints chief innovation officer
Tech-driven retailer, Mattress Online, has announced the appointment of Martin Adams as the company’s new chief innovation officer. It is reported that Adams has been unofficially involved in a consultancy capacity with the company since it was founded 19 years ago, but now took up a position on the leadership…
Read More » -
18 July
Fever-Tree profits ‘worsened’ by cost of headwinds
Fever-Tree has revealed that it anticipates gross margins of around 37% and an EBITDA margin of around 14% for the first half due to the reported impact of logistics and cost of headwinds having “worsened” in recent months. The business expects this to continue to impact the business during the…
Read More » -
18 July
Profit warnings surge 66% in H1 FY22
The number of profit warnings issued by UK-listed companies in the first six months of 2022 has increased 66% year-on-year, with a “record” number of companies citing rising costs as the reason behind their warning, according to EY-Parthenon’s latest Profit Warnings report. A “record” 58% of companies cited rising costs…
Read More »
