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 -8 June
Inditex profits surge 80% to £647.7m
The Inditex Group has reported that its profits increased 80% year-on-year to €760m (£647.7m) in the period ended 1 February to 30 April 2022 (Q1), amid a “sharp” recovery in store traffic and a “good” reception for all seven brands’ new season collections. However, the group made a provision of…
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8 June
N Brown revenue hits £43.1m in FY22
N Brown has welcomed a resilient year of trading in FY22, with a sustained growth in customer numbers as pre-tax profit hit £43.1m against £29.4m the prior year. Despite revenue dipping slightly to £715.7m, down from the £728.8m reported in FY21, EBITDA was also higher, rising from £84.9m to £95m.…
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8 June
Safestyle welcomes 6.7% revenue growth
Safestyle UK plc, the UK-focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market, has welcomed “robust” trading in the first four months of the year, with revenue up by 6.7%. Despite a cyber attack in the first quarter of the year, by the end of…
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8 June
WH Smith names new chairwoman
WH Smith has announced the appointment of Annette Court as its new chairwoman following Henry Staunton’s decision to retire after nine years in the position. The high street chain said Court, who is currently chairwoman at insurer Admiral Group, will join the board as a non-executive director and chair-designate on…
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7 June
B&M unveils new store opening in Newark
B&M has officially opened a new store in Newark, located on Northgate Retail Park. The new store boasts a range of branded products, including toys, food and drink, homeware, electricals, pet products, health and beauty and more. Representatives from Home Start Newark were invited to cut the ribbon and officially…
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7 June
Sportsshoes.com appoints former In The Style chief as CTO
Online running shoes, running clothing and outdoor gear retailer SportsShoes.com has hired a former chief technology officer (CTO) of online fashion retailer In The Style. Jon Cleaver has joined the £92m turnover business as CTO to continually enhance SportsShoes.com’s online customer and athlete experience. He has also previously held CTO…
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7 June
May footfall boosted by bank holiday weekends, but cost pressures starting to show
Footfall strengthened in May to -13.7% below 2019, up from -15.9% in April 2022, according to the latest figures from Springboard, however it warned the results still “belie the underlying cost pressures that are starting to reveal themselves”. It found footfall declined by -16.4% in high streets, -17.8% in shopping…
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7 June
Ted Baker’s preferred bidder backs out of deal
The proposed sale of Ted Baker has been thrown into doubt after it confirmed the board’s preferred bidder has backed away from a deal. The company, which has not named its bidder, was “informed by the preferred counterparty last night that it did not intend to proceed with an offer…
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7 June
May consumer spending rises 9.3%, Barclaycard reveals
Consumer card spending grew 9.3% in May compared to the same period in 2021, inflated both by the rising cost of living and the “artificially” dampened demand last year due to travel and hospitality restrictions amid the pandemic. According to data from Barclaycard, spending on essential items rose 4.8%, and…
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7 June
JD Sports faces fine over price-fixing allegations
JD Sports is facing a potential fine after the CMA provisionally found that the group, alongside Elite Sports and Rangers Football Club, broke competition law by fixing the retail price of Rangers FC merchandise. The regulator alleged that JD Sports and Elite Sports fixed the prices of a “number” of…
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