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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Apr- 2019 -15 April
Debenhams CEO expected to step down
Debenhams CEO Sergio Bucher is expected to step down in the next few days, after lenders took control of the embattled department store’s chain last week. A source close to Bucher told the BBC: “Having stayed on and got the refinancing in place, Sergio thinks now would be the right…
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15 April
Intu appoints new independent non-executive director
Shopping centre owner Intu has announced the appointment of Cheryl Millington as an independent non-executive director. The appointment will take effect from the conclusion of Intu’s AGM on 3 May 2019 with Millington becoming a member of Intu’s remuneration, audit and nomination and review committees. Millington is currently a non-executive…
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15 April
Springboard predicts Easter weekend footfall to ‘bounce back’
According to retail experts Springboard, Easter weekend UK footfall is forecast to rise by +2.1%, bringing a “sigh of relief” to high streets and retail parks in what has been a challenging year. The forecast expects a “bounce back” over the key trading period from what was a poor Easter…
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12 April
Louis Vuitton owner sees revenues jump 16% in first quarter
LVMH, which owns luxury fashion retailer Louis Vuitton, has reported a 16% increase in revenues to €12.5bn (£10.8bn) for the first quarter of 2019. Like-for-like sales increased by 11% compared with the same period in 2018, and shares in the group also jumped by 3.3% to €340.50 in early trading…
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12 April
Uniqlo operator issues profit warning
Uniqlo operator, Fast Retailing, has issued a profit warning after it was forced into heavy discounting on its winter range caused by warmer than expected weather. Fast Retailing forecast an operating profit of ¥260bn (£1.79bn) for Uniqlo in the full year leading up to August, down ¥10bn (£69m) according to…
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12 April
March sees first YOY non-food footfall rise
March saw the first year-on-year rise in footfall in non-food stores for over two years rising by 1.6% since February, according to Ipsos’ Retail Performance Retail Traffic Index. Average weekly footfall was also up on the previous month, by 4.4% and was up across all parts of the UK. Ipsos…
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12 April
Bonmarche: Philip Day offer ‘undervalues’ business
Womenswear retailer Bonmarche has said Philip Day’s £5.7m acquisition of the company “materially undervalues” the business and its future prospects. Spectre Holdings, an entity wholly owned by Day, announced the acquisition of more than half of the retailer’s shares on 2 April. He made an offer of 11.445p per share…
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11 April
World’s largest Primark opens in Birmingham
Primark has opened the biggest store in its worldwide portfolio, in Birmingham. The new 161,000 square foot store will be spread across five floors and will feature a Disney cafe, two restaurants, a barber shop and a beauty studio. For the first time, the new Primark will feature a homeware…
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11 April
Quiz revenues fall short of expectations
Omni-channel fashion brand Quiz has reported a 12% increase in revenues to £130.9m for the financial year ending 31 March 2019. However, the final result is lower than the Quiz board had previously anticipated, after announcing that its target for FY 2019 would be approximately £133m. This was adjusted to…
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11 April
US deal puts dent in WHSmith profits
WHSmith’s profit before tax dropped by 21% to £65m, following the retailer’s acquisition of American airport store In Motion for £155m late last year. According to its interim results for the six months ended 28 February 2019, excluding In Motion, its travel revenue saw its profit rise 7% to £44m…
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