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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Nov- 2020 -16 November
Tribunal reverses CMA’s block of JD Sports’ Footasylum takeover
The Competition Appeal Tribunal (CAT) has overturned the Competition and Market Authority’s (CMA) decision to block JD Sports’ acquisition of Footasylum. In its ruling, the CAT said the CMA “acted irrationally” in its decision-making and failed to provide the essential evidence needed to block the takeover. Following this result, JD…
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13 November
New Asda owners sell stake in EG holding company
The Issa brothers, the new billionaire owners of supermarket giant Asda, have reportedly generated hundreds of millions of pounds by offloading a stake in its holding company to a number of global investors. According to Sky News, an Abu Dhabi sovereign fund and two Canadian pension funds have acquired a…
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13 November
Burberry H1 revenues fall 31%
Burberry has revealed sales have managed to return to growth in October, after the luxury retailer said revenue for the first half of the year decreased by 31% to £878m. In the same period, operating profit plummeted 75% to £51m amid the effects of the ongoing pandemic. The fashion house…
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13 November
Tesco sets plans to reach net zero emissions by 2035
Tesco has announced its partnership with Low Carbon to create three new solar farms in a new effort to reach net zero emissions by 2035. The new solar farms are situated in Essex, Anglesey and Oxfordshire and will aim to generate up to 130 giga-watt hours of energy per year,…
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13 November
Farfetch revenue soars 73% in Q3
Farfetch has reported that its revenue soared by 73% year-on-year to $438m (£332m) in its third quarter of trading. The luxury fashion platform’s gross merchandise value and digital platform GMV growth rates also accelerated in the period, up 62% and 60% year-on-year respectively, to “record highs” of $798m (£606m) and…
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12 November
WH Smith swings to £226m loss
WH Smith has swung to a pre-tax loss of £226m in the 12 months ending 31 August 2020, down from a £135m profit reported last year. Group revenue for the retailer also fell 33% to £1.02bn in the period, down from £1.39bn the previous year. Liquidity increased to £200m, up…
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12 November
B&M profit and earnings soar in H1
B&M has announced that adjusted pre-tax profit more than doubled in the half-year ended 26 September, with profit soaring 128.5% to £253.6m, up from £111m the prior year. In the same period, the business, which has remained open during national lockdowns, saw group adjusted EBITDA rocket 95.3% to £295.6m, up…
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12 November
UK GDP recovers 15.5% in Q3
The UK economy showed signs of recovery in Q3 as GDP grew a record 15.5% from July to September. The latest figures from the Office of National Statistics ( ONS) come after the UK suffered its largest ever decrease in GDP of 20.4% in Q2. This means that despite the…
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12 November
LK Bennett set to launch CVA
LK Bennett has launched a CVA proposal, which will result in five store closures and a small number of job losses. The womenswear retailer will also move its remaining shops to turnover-based rents in order to “mitigate the ongoing financial impact of the Covid-19 pandemic”, Drapers reported. Currently, the business…
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11 November
Homebase hunts for new owners to fund next growth stage
DIY retailer Homebase has reportedly started a search for a new owner as it looks for funding for its next stage of growth. According to Retail Week, Homebase chief executive Damian McGloughlin said the company is hopeful of a deal being completed by April of next year. McGloughlin reportedly added…
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