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- 2021 -11 June
Morrisons shareholders vote against exec bonuses
Morrisons shareholders have overwhelmingly voted against the retailer’s remuneration proposals which included paying David Potts, chief executive, £1.7m in bonuses, according to the BBC. Last year all Morrisons colleagues had their bonus “significantly enhanced” and paid early to recognise their “extraordinary commitment, innovation, selflessness” and hard work during the past…
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11 June
Hornby sales soar as lockdown drives hobbies
Hornby has announced that revenue soared by 28% to £48.5m in the year ended 31 March 2021, up from £38.7m the year before, as lockdown saw that the “old adage that people turn to hobbies in times of recession proved correct”. The group returned to profit for the first time…
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11 June
Naked Wines sees revenues soar 68%
Naked Wines has seen its revenues increase by 68% to £340.2m in the year ending 29 March 2021 – following a surge in new customers and sales. In a trading update, the pure play e-commerce wine retailer thanked an “accelerated shift” in online wine purchasing due to Covid-19 for the…
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11 June
Wiggle acquired as part of $3.2bn deal
German online retail group Signa Sports United (SSU) has announced the acquisition of Portsmouth-based online bike retailer WiggleCRC, as part of a $3.2bn (£2.26bn) transaction with Yucaipa Acquisition Corporation. Through the deal, SSU will also acquire the Wiggle-owned Northern Irish retailer Chain Reaction Cycles. Upon completion of the combination with…
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11 June
Retail sector boosted by ‘buoyant’ sales
The UK’s retail sector in May has been boosted by “buoyant” sales, according to the British Retail Consortium (BRC). Over the period, sales increased by 10% on a year-on-two-years basis, against a decline of 2.7% in May 2019. This represents a rise from the three-month average growth of 8.5%. Due…
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10 June
JLP to provide six months’ equal paid parental leave
The John Lewis Partnership (JLP) has announced that it will provide six months of equal parenthood paid leave, becoming the first UK retailer to do so. In addition, two weeks’ paid leave will be given for any of the group’s staff members that experience the loss of a pregnancy. The…
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10 June
N Brown Group appoints non-executive director
N Brown Group has confirmed the appointment of Dominic Platt as an independent non-executive director with immediate effect. Platt will chair the group’s audit and risk committee, a role that Vicky Mitchell has assumed in an interim capacity since 31 March 2021. He is currently the CFO of BGL Group,…
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10 June
Ted Baker delays FY results amid further Covid-19 disruption
Fashion retailer Ted Baker has delayed the release of its full-year results for a third time due to the impact of Covid-19 on the audit process. In a statement, the retailer said it now expects its results to be released on 14 June and expects them to be “in line…
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10 June
Card Factory swings to £16.4m loss in 2020
Card Factory has reported a pre-tax loss of £16.4m for the full-year ending 31 January 2021, down from £65.2m profit the previous year, as the company continued to be affected by the Covid-19 pandemic and ongoing lockdowns. Revenue plummeted 36.9% to £285.1m in the period, down from £451.5m in 2020,…
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10 June
Kingfisher unveils carbon reduction targets
Kingfisher has announced its new carbon reduction targets, which are consistent with reductions needed to keep global warming at 1.5°C. Over the past four years, the business has successfully cut operational carbon emissions by 27%. The group also formed a partnership with the Rainforest Alliance to “protect, restore and enable…
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