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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Jul- 2021 -1 July
AO World sees revenues soar 62% in FY21
AO World has seen group revenue soar 62% to £1.7bn in the year ended 31 March, 2021, as the group reaped the benefits of the online shopping shift that was driven by the pandemic over the period. The retailer’s operating profit rose to £30m, up from a £4m loss reported…
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1 July
JD Sports raises full-year outlook to £550m
JD Sports has increased its full-year profit outlook to “no less than” £550m, compared to £324m the previous year, after a period of solid trading since shops reopened after lockdown. In a trading update, JD Sports said business in the UK has been “particularly encouraging” following the retailer’s trading boost…
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1 July
H&M Q2 profits reaches £303m
H&M has reported pre-tax profits of SEK 3.59bn (£303m) from a previous year’s loss of SEK 6.4bn (£547m) for its second quarter ended 31 May 2021. The group’s net sales in local currencies increased by 75% to SEK 46.5bn (£2.9bn) from SEK 28.6bn (£2.4bn) in the corresponding period last year.…
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1 July
Primark owner sees Q3 revenues rise 47% to £3.65bn
Associated British Foods, the owner of Primark, saw group revenues jump 47% year-on-year to £3.65bn for Q3 FY21. Released as a part of the company’s trading update for the 40 weeks to 19 June 2021, the group revealed that its retail revenues spiked 207% year-on-year to £1.6bn for the quarter.…
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1 July
Gap to close all UK and Ireland stores
Gap has announced plans to close all 81 of its UK and Ireland stores following a strategic review of its European business. The move comes as a part of the group’s 2023 power plan, which commenced with a strategic review of Gap’s European operations last year. While the closures will…
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Jun- 2021 -30 June
M&S partners with Clarks on kids collection
M&S has revealed a new partnership with Clarks shoes which includes selling the brand online and in eight UK destination stores. This latest brand partnership is part of the continued momentum for the retailer in its strategic shift from “special occasion” clothing and footwear to everyday “style and value”. The…
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30 June
Cake Box FY21 revenue climbs 16.9% to £21.9m
Cream cake retailer Cake Box saw revenues spike 16.9% year-on-year to £21.9m for the full year ended 31 March 2021. The group’s adjusted pre-tax profit also jumped in the period, up 24.8% from £3.8m in FY20 to £4.7m in FY21. Cake Box’s strong performance was driven by an 84% growth…
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30 June
Dixons Carphone profits reach £33m amid online surge
Dixons Carphone has reported pre-tax profits of £33m for the year ended 1 May 2021, climbing from a £140m loss last year when the group was hit by the effects of Covid-19. Revenue for the period reached £10.3bn and was boosted by a 103% online sales growth to £4.7bn during…
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30 June
GDP shrinks 1.6% in Q1
The UK’s quarterly gross domestic product (GDP) fell an estimated 1.6% in Q1 2021, a larger margin than the previously expected decline of 1.5%. The Office for National Statistics (ONS) revealed that GDP is now 8.8% below the final pre-pandemic quarter of October to December 2019. Moreover, compared with the…
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30 June
Studio Retail profit soars 513% in FY21
Studio Retail has reported that profit-before-tax skyrocketed 513% in its financial results for the year ended 26 March 2021. The retail group revealed its plans to target a revenue of £1bn, after the online shopping firm posted profits of £41.7m, a rise from the £6.8m it posted in the previous…
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