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 -11 April
Ted Baker appoints Lindsey Page as new CEO
Ted Baker has appointed Lindsay Page as the company’s new CEO, following the announcement the investigation into former CEO Ray Kelvin’s conduct had concluded. The fashion retailer’s board revealed, in light of Kelvin’s resignation with immediate effect on 4 March 2019, the conclusions and recommendations of the investigation carried out…
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10 April
Dunelm sees Q3 revenues rise 12.5%
Homewares retailer Dunelm has reported a 12.5% rise in like-for-like revenue during Q3 attributed to strong growth in online sales. For the 13 week period ending 30 March 2019 Dunelm’s store revenue over its 169 stores increased by 9.8% year-on-year, however growth was primarily driven by online revenue on Dunelm.com…
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10 April
Business confidence ‘crashes’ to lowest point since 2012
Business optimism has “crashed” to its lowest level since September 2012, according to a new report from accountants and business advisors BDO. BDO’s Optimism Index, which shows how businesses expect output to develop in the next three to six months, plummeted to 96.10 in March from 99.79 in February. According…
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10 April
Asos hit by 87% profit fall
Online clothing retailer, Asos has announced an 87% fall in pre-tax profits down to £4m for the six months leading up to 28 February, against results for the same period during the 2018 financial year. The retailer blamed its profit plunge on a difficult year caused by “heavy discounting” and…
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10 April
Mike Ashley promises to ‘save’ Debenhams
Mike Ashley has made a promise to “save as many Debenhams stores and jobs” as he can similarly to House of Fraser, following the department store going under the control of its lenders. Sports Direct released a statement after Debenhams was placed into administration saying it was a “national scandal”…
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9 April
Bristol’s Galleries shopping centre on market for discount £32m
The Galleries shopping centre has been put on the market at a discount rate of £32m, after being originally purchased for £50m, for its redevelopment potential by current owners InfraRed Capital. According to reports by Drapers, real estate investment firm, LaSalle Investment Management is set to buy the shopping centre.…
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9 April
New Look to abandon menswear store offering
Clothing retailer New Look plans to remove its menswear offering from its stores from autumn 19, moving it to an online only offering. According to Drapers, New Look aims to start the process of removing its mens offering from its 160 stores in the next four to six months. It…
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9 April
Brexit uncertainty slows retail sales in March
UK retail sales decreased by 1.1% in March, compared with the increase of 1.4% in 2018, according to the latest BRC-KPMG Retail Sales Monitor. Over the three months to March, in-store sales of non-food items declined 1.5% on a total basis and 1.7% on a like-for-like basis. This is above…
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9 April
Debenhams enters pre-pack administration
Debenhams has entered pre-pack administration and gone into the control of its lenders following the department store’s rejection of Sports Direct’s offer to underwrite £150m equity issuance. The pre-pack administration will see all of the company’s shareholders – including Sports Direct which has a 30% stake – wiped out and…
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8 April
Ann Summers calls in advisers after £3.3m loss
Lingerie retailer, Ann Summers, has announced it has appointed a property adviser in order to help with rent reductions, after a £3.3m loss last year replaced a £2.9m profit in the year previous. The retailer blamed rising store costs along with the fall of sterling due to Brexit, which it…
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