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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Sep- 2019 -12 September
Morrisons quarterly sales drop for first time since 2016
‘Big Four’ grocer Morrisons has reported a 1.9% drop in like-for-like sales in its Q2 results, compared with the 6.3% increase seen the previous year. For the six months ending 4 August 2019, group like-for-like sales increased by a marginal 0.2%, compared with 4.9% last year, and total revenue grew…
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12 September
Co-op profits dropped by almost 50% in H1
The Co-operative Group saw profits drop by almost 50% in the six months to July, as the firm’s funerals business took a hit from an “unexpected” drop in the number of deaths. Profit before tax reduced to £25m for the period, compared with £44m for the same period last year.…
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11 September
Labour pledges £10 minimum wage for all workers over 16
Jeremey Corbyn has pledged a £10 an hour minimum wage for all workers over 16 if his party is elected to government. In a speech delivered to the Trades Union Congress (TUC) in Brighton, Corbyn said Labour would also deliver action on the gender pay gap, equal rights for all…
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11 September
Most valuable UK retailers ‘falling behind’ global rivals, study finds
The value growth of the UK’s top retail brands is “falling behind” that of the leading global retail brands, according to Kantar’s ‘2019 BrandZTM Top 75 Most Valuable UK Brands’ ranking. While the UK retailers in the Top 75 grew their combined value by 4% over the last year, their…
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11 September
Inditex reports record net sales and revenue in H1
Inditex Group, owners of retail chain Zara has reported record revenue and net sales for the first half of 2019. Net sales topped €12.82bn (£11.4bn) for the first time, a year-on-year growth of 7%, for the period from 1 February-31 July 2019. Net profit hit a new record of €1.55bn…
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11 September
Store closures hit record levels in the first half of 2019
The number of stores closing down in the first six months of the year has reached its highest levels, with 2868 closures recorded for the period. An average of 16 stores a day shut their doors, according to research by the Local Data Company (LDC) and accounting firm PwC. The…
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10 September
JD Sports revenues jump 47% in wake of Finish Line acquisition
Sports fashion retailer JD Sports has reported a 47% increase in revenue to £2.7m for the 26 week period ending 3 August 2019. The increase in revenue was attributed to a £725.2m contribution from Finish Line, which the retailer acquired in a £396m deal last year, and its JD stores…
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10 September
Sports Direct among bidders for Links of London
Sports Direct is one of two final bidders attempting to buy jewellery brand Links of London from current owner Folli Follie (FF Group), according to reports from Sky News. FF Group appointed firms Deloitte and Savigny to find a buyer for Links in late August, after the brand pulled out…
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10 September
Eric Vallat to step down as Richemont’s head of fashion
Richemont has revealed Eric Vallat, its head of fashion and accessories, will step down from his current position and from its senior executive committee on the 26 October 2019. The luxury goods group, which owns brands such as Cartier, Montblanc and Yoox-Net-A-Porter, said that Vallat was leaving his role due…
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10 September
Unibail-Rodamco-Westfield appoints new MD for UK and Italy
Shopping centre operator Unibail-Rodamco-Westfield (URM) has appointed Scott Parsons as regional managing director for the UK and Italy. Parsons will take up the position on 13 November, reporting to Michel Dessolain, COO of Europe at URW. He will be responsible for the group’s asset portfolio and development projects in the…
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