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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Mar- 2019 -21 March
Carphone Warehouse rebuked over ‘Cyber Monday’ promotion
Carphone Warehouse has been rebuked by the Advertising Standards Authority (ASA) over an iPhone promotion. Four complainants who had attempted to take up the offer which stated “Apple iPhone XR £36.00 P/M free handset 100GB data cyber monday”, and were later told their order could not be processed, challenged whether…
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21 March
Next sees profits dip as store sales continue to fall
Next has announced a dip in its annual profits as the decline of its physical store sales continues. The fashion retailer’s pre-tax profits for the year to January were in line with expectations at £722.9m, a fall of 0.4%, this was attributed to store sales decreasing by 8% from…
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21 March
Ted Baker profits plunge 26% in 2018
Fashion retailer Ted Baker has reported a 26.1% drop in pre-tax profit to £50.9m for the year ending 26 January 2019, compared with £68.8m the previous year. In February, the retailer issued a profit warning and said profits had been “adversely affected” by three non-cash impacts, including: Foreign exchange movements…
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21 March
Retailers left waiting for rates discounts as deadline approaches
Businesses in England were promised millions of pounds in support by the chancellor last October but, less than two weeks before the start of the new tax year on 1 April, many are still either waiting for discounts worth up to £8,000 or haven’t yet applied. The government announced a…
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20 March
Kingfisher boss to depart amid falling profits
DIY retailer Kingfisher has announced its CEO is to step down on the same day it revealed profits for the year had plummeted 13% to £693m. Veronqiue Laury, who had been overseeing the turnaround plan of the company which owns B&Q and Screwfix, will leave the company although no date…
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20 March
Sainsbury’s and Asda pledge £1bn in price cuts
Sainsbury’s and Asda have announced plans to deliver £1bn of lower prices annually by the third year after its proposed merger. It comes after The Competitions and Market Authority (CMA) said it had provisionally found “extensive competition concerns” over the merger, and said that prices could rise at a large…
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20 March
Superdrug launches in-store consultations on breast cancer checks
Superdrug has announced its partnership with charity CoppaFeel! to offer a no touch consultation on how to carry out a breast examination in all 56 of its nurse clinics across the UK. It has become the first high street retailer to offer the check which has an aim to educate…
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20 March
Office Outlet falls into administration
Stationery retailer, Office Outlet, has entered administration putting 1,200 jobs at risk at the retailer formerly known as Staples. The collapse of the 90-store retailer comes less than a year after its management team first initiated a CVA to reduce rent and cut stores. The retailer appointed Deloitte to oversee…
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19 March
Asos sales jump 13%
Online retailer Asos has reported a 13% increase in total sales on a reported basis, for the three months ending 28 February 2019. Total orders placed during the period increased by 15% to 17.3m year-on-year, and retail gross margin increased by 40 bps. Additionally, the retailer said it continued to…
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19 March
Marco Agnolin departs Diesel CEO role
Marco Agnolin has announced he has stepped down as CEO of Diesel after just over a year in the role. Agnolin will officially leave the role on 27 March, however he will continue to serve on the company’s board. The CEO joined Diesel in January 2018 after leaving Inditex’s Bershka…
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