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- 2019 -19 June
Over 75% of retail workers haven’t had a pay rise in the last year
New research conducted by independent job board CV-Library, revealed 78% of retail workers haven’t had a formal pay review meeting in the past year. This has resulted in just 15% of workers in the industry receiving a pay rise over the last 12 months, despite not being offered an annual…
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19 June
Dreams posts sales and profits growth for fifth consecutive year
Bed retailer Dreams has reported an increase in both sales and profits for the fifth consecutive year. In its full-year results for the year ending 24 december 2018, Dreams recorded a 2.9% increase in sales to £309m, up from £300m the previous year. Group profits before tax was also up…
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19 June
Tesco mulls premium stores
Supermarket chain Tesco is reportedly considering the launch of premium, upmarket ‘Finest’ stores to compete with the likes of M&S Simply Food. According to the Financial Times, the supermarket revealed its plans to investors at a capital markets day in Welwyn Garden City, Hertfordshire, where its headquarters are based. This…
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19 June
Mulberry swings to £5m loss in 2018
Handbag retailer Mulberry has reported losses before tax of £5m for the year ending 30 March 2019. Revenue decreased by £3.4m to £166.3m during the year, and the retailer said the disruption from the House of Fraser administration “materially affected” the group’s UK performance. Despite this, Mulberry saw revenues increase…
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18 June
H&M sales jump 11% in Q2 results
Fashion retailer H&M has reported an 11% increase in net sales to 57.4bn in Swedish kroner (£4.8bn) in its Q2 results, compared with the sales rise of 2% seen during the same period last year. It is the fifth straight quarter of consistent sales growth for the company, but despite…
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18 June
Boohoo launches first recycled collection
Online clothing retailer Boohoo has launched its first dedicated recycled fashion range. Made using recycled polyester, the fabric is created from plastic that has been directed away from landfill and repurposed to produce new yarn. Boohoo said the aim of the collection “was to not to compromise on style”, and…
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18 June
Former BHS owner in court over tax evasion allegations
Former BHS owner Dominic Chappell is to appear in court today (18 June) on accusations of tax evasion in relation to a finance company at which he was the director. Chappell is due to appear at the City of London Magistrates Court, facing three charges of cheating the public revenue…
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18 June
Gov rejects MPs’ sustainable fashion recommendations
The government has rejected all the recommendations made by the Environmental Audit Committee (ECA) in February with the aim to “end the era of throwaway fashion”. The MPs published its report called Fixing Fashion Report: Clothing Consumption and Sustainability following the end of its sustainability of the fashion industry inquiry.…
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17 June
Superdrug profits slide in 2018 amid ‘challenging times’
Health and beauty retailer Superdrug has reported pre-tax profit of £88.3m for the year ending 29 December 2018, down from £92.9m in 2017. However, the retailer reported “solid performance” during the year despite this, with an increased market share to 9.8% (from 9.2% in 2017) and increased total revenue by…
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17 June
US landlords file legal challenge against Arcadia CVA
A group of US landlords have filed a legal challenge against Philip Green’s Arcadia in light of the company voluntary agreements (CVAs) that were agreed last week, which will see its US subsidiary enter administration. According to The Sunday Times the group of property investment companies, led by Vornado, accuse…
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