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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Jun- 2022 -30 June
Frasers acquires minority stake in fashion marketplace MySale
The Frasers Group has announced that it has acquired a 28.7% holding in the Australian-based fashion marketplace, MySale plc, for an undisclosed sum. MySale connects global buyers and sellers to Australian and New Zealand e-commerce sites. The group said that this pipeline will be further enhanced by the benefits of…
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29 June
Morrisons sales down 6.4% in Q2
Morrisons has reported that like-for-like sales were down 6.4% in Q2, improving only towards the end of the quarter as Mother’s Day and Easter sales bolstered its performance. The company’s adjusted EBITDA grew by £9m to £71m, up from £62m the prior year, reflecting recovery of profit from areas that…
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29 June
Moonpig posts £51m profit for FY22
Moonpig has revealed adjusted profit before tax of £51.5m for the year end 30 April 2022, down 30.9% on its 2021 results, but up 55.2% on 2020. Meanwhile its group revenue was £304.4m, down 17.3% on 2021 but up 75.8% on 2020 figures. Adjusted EBITDA was down 18.7% to 74.9m,…
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29 June
Mulberry sees profits rise amid post-pandemic sales boost
Mulberry Group has reported that its revenues increased 32% to £152.4m compared with £115m in 2021, which it said reflects its strong recovery post pandemic. In its preliminary results for the 53 weeks ended 2 April 2022, Mulberry reported profits before tax reached £21.3m, up from £4.6m in 2021, however,…
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29 June
Shop price inflation hits highest level since 2008
Shop price annual inflation increased to 3.1% in June 2022, up from 2.8% in May, marking the highest rate of inflation since September 2008, according to the British Retail Consortium (BRC). Food inflation also rose to 5.6% in June, up from 4.3% in May. This marks the highest inflation rate…
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29 June
Poundstretcher to keep prices low despite FY22 profit warning
Discount chain Poundstretcher has warned that sales are set to drop to £277m in the year to March 2022, attributing this performance to fewer stores, while pre-tax profits are set to halve, falling to £40m. It comes as recent accounts filed at Companies House showed that pre-tax profit hit £88m…
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29 June
H&M Group profits surge amid high street resurgence
H&M Group has revealed its gross profits increased by 52.2% to £4.36bn in the six months to 31 May. Profits after tax increased by 33% to £390m in the second quarter, on the back of a 17% rise in sales to £4.47bn, excluding Russia, Belarus and Ukraine sales. Net sales…
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29 June
B&M retains profit forecast despite Q1 revenue drop
B&M has reported its group revenues declined 2.2% year-on-year from £1.18bn to £1.15bn in the 13 week period ending 25 June 2022 (Q1 FY23). However, the company is retaining its FY23 guidance which expects group EBITDA to be in the range of £550m to £600m. The company’s UK revenues in…
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28 June
Retail footfall recovery dampened by strikes
UK footfall dropped by 3.9% last week (20 June – 26 June 2022), compared with the average of the previous four weeks, due to the RMT Union Rail Strikes. According to British Retail Consortium (BRC) Sensormatic IQ data, Thursday (23 June) was the “worst performing” day, with a 13.7% decline…
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28 June
Dune London to launch kids footwear collection
Dune London has announced the launch of its kids’ footwear collection, which is said to be for the first time in its 30-year history. The new collection will reportedly debut on Dune London’s online platform on 1 July 2022 with a 22-piece girls range, inspired by “the premium design ethos”…
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