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 -16 June
M&S appoints non-executive director
Marks and Spencer Group has announced today (16 June) that Ronan Dunne will join the board as a non-executive director effective from 1 August 2022. Dunne is the former CEO of Verizon Consumer Group, and was previously chief financial officer of Telefónica UK (O2) before becoming CEO. He is currently…
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16 June
BoE raises interest rates to 1.25%
The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
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16 June
West End landlords Shaftesbury and Capco agree £5bn merger
Capital and Counties Properties PLC (Capco) and Shaftesbury have announced they have reached an agreement for an all-share merger, valuing the combined group’s portfolio at £5bn with annualised gross income of approximately £165.5m. Under the terms of the agreement, the Capco Group will own 100% of the issued and to…
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16 June
Halfords lowers FY23 profit expectations despite ‘resilient’ performance
Halfords Group plc has announced it has downgraded its profit expectations for the year despite seeing its profit before tax increasing 49.8% to £96.6m. In its preliminary results for the 52 weeks to 1 April 2022, the retailer posted revenues of £1.36bn – up almost 20% compared with pre-pandemic levels.…
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16 June
THG rejects ‘undervalued’ takeover approaches
THG has announced it has rejected all unsolicited proposals for the company deeming them to be “unacceptable” and to “significantly undervalued the company”. In a statement released this morning ( 16 June) it said that as confirmed in the company’s preliminary FY 2021 results on 21 April 2022, THG has…
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16 June
Boohoo announces sales drop amid cost of living crisis
Boohoo has announced that its revenues declined 8% in the first quarter of 2022, but are up 75% over the three-year pre-pandemic period reflecting multi-year market share gains across the Group’s multi-brand platform. Gross demand growth was up 9% year-on-year, with net sales impacted by the ongoing normalisation of returns…
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16 June
Asos names new CEO and chair amid profit warning
Asos has warned of lower profits this full year due to uncertain consumer purchasing behaviour and the continuation of higher return rates, with revenue growth expected to be 4% to 7% and pre-tax profits now expected to be in the range of £20m to £60m. The announcement comes as Asos…
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15 June
Swarovski appoints first non-family CEO
Swarovski has named Alexis Nasard as the company’s first external chief executive officer (CEO), effective on 4 July. This marks a further step in the jewellers transition from a family-managed to a family-owned business. Nasard is the first leader from outside the Swarovski family to hold this role in the…
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15 June
A&F partners with Gophr to expand same-day delivery to UK stores
Abercrombie and Fitch Co. has announced its plans to expand its same-day delivery service to the majority of its UK store fleet, which will include over 30 Abercrombie and Fitch, Abercrombie Kids and Hollister locations. The retailer has partnered with Stuart, Gophr and software provider, Delivery Solutions, to “build on…
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15 June
Games Workshop profits to hit £155m in FY results
Games Workshop has announced that its profit-before-tax is set to hit £155m in the year to 29 May 2022, while estimating its core revenue will “not be less than” £385m, with receivable royalties of £28m. Alongside its latest trading update, the group announced it would share bonuses amounting to £10m…
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