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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Jul- 2019 -31 July
Next raises profit forecast after ‘better than anticipated’ Q2
Clothing and home retailer Next has increased its full-year profit by £10m to £725m +0.3% on last year. The increase is expected to add up to £20m extra profits after expenses. Full price sales in the first half of the year up to 27 July, were up 4.3% on last…
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31 July
Consumer confidence increases by two points in July
Consumer confidence rose by 2 overall to -11 for the month of July, according to GFK’s Consumer Confidence Index. Personal finance situation for the next 12 months continues to recover, +5 for the month, matching the same period last year. The major purchase index increased six points in July to…
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30 July
Centre manager appointed for upcoming Waterloo development
Commercial Developer LCR has appointed Lynne Glover as centre manager for its new development Waterloo.London. She brings over 30 years’ experience in the retail industry, joining from Angel Central Shopping Centre, where she acted as centre manager for nine years. She previously worked for CBRE, Savills, Debenhams and Buro Four.…
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30 July
Cath Kidston global commerce director joins Boots
Lynn Ritson, global commerce director at fashion and lifestyle brand Cath Kidston has left the company after five years, to join Walgreens Boots Alliance as its new global digital editor. Ritson previously worked at Karen Millen for three years as e-commerce director and then brand communications director from 2012-2014. Ritson…
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30 July
Grant Thornton set to quit as Sports Direct auditor
Accountancy firm Grant Thornton is reportedly set to quit as the auditor to Mike Ashley’s Sports Direct following concerns over the revelations of a €674m (£605m) tax bill. According to the Financial Times, the auditor has told UK regulator The Financial Reporting Council of its intention to step down, citing…
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29 July
Sports Direct hit with €674m tax bill from Belgian authorities
Shares in sports fashion retailer Sports Direct plummeted by as much as 27% to 166.6p in early trading today, later recovering to 208p, following its chaotic results announcement last Friday (26 July). The results were expected to have been announced at 7am ahead of the market opening, less than an…
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29 July
Hammerson reports £319.8m loss
Shopping centre owner Hammerson has reported a £319.8m loss during the first six months of the year ending 30 June. Hammerson, which owns shopping centres such as London’s Brent Cross and Birmingham’s Bullring, revealed on an adjusted basis profits were down 10.5% to £107.3m. The company also reported a 6.8%…
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29 July
Ocado to create 300 jobs at new customer service hub
Online grocery retailer Ocado has signed a 15-year deal to let the top two floors of The Beam, in Sunderland, where it will base its second customer service hub. The 300 new roles at the site are expected to “provide key customer service support” for the upcoming joint venture with…
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29 July
Primark to push for reduction in rent
Fashion brand Primark is pushing for a reduction in rents at stores, after a number of competitors have secured rental reductions via CVAs this year. The retailer is pushing for a 30% reduction in rates on stores where leases have several years left to run, and is offering to invest…
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26 July
Sports Direct delay results for second time
Sports Direct has again delayed the release of its latest financial results and has asked investors for more time, insisting they may still be released by the end of the day (Friday 26 July). The results were expected to have been announced at 7am ahead of the market opening, less…
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