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Primark owner warns ‘trading was challenging’ for November

Primark owner, Associated British Foods has warned that trading for November was “challenging” for the clothing retailer. The group’s chairman, Michael McLintock, will say at its AGM today that a “tough retail market” was to blame for a challenging month. Trading was “in line with expectations” for the first eight…

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Victoria’s Secret plans 20 store closures

Victoria’s Secret has announced plans to close 20 stores, the retailer has already closed six North American stores and has announced it intends to close 14 more stores in undisclosed locations. When asked if closures would affect UK stores by Retail Sector, the company failed to provide a response. The…

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Former Amazon finance VP returns to Asda as CFO

Asda has appointed Rob McWilliam as chief financial officer (CFO), replacing Alex Russo as he leaves the business to take on a new role at Wilko. McWilliams initially began working with the group again in January 2018 on a consultancy basis, supporting the development of a new ‘Asda Strategy’. However,…

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Carpetright secures 92% of £60m CVA funds

Embattled retailer Carpetright has managed to secure the majority of the £60m funding it needs to fund its company voluntary agreement (CVA) and restructuring costs. In April, the company proposed an issue of 232.5 million new shares through a placing and an open offer priced at 28p per share. The…

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H&M and Kering named among world’s most sustainable corporations

H&M and Kering are the only fashion retailers to be named in an annual ranking of the world’s most sustainable corporations. The Corporate Knights’ Global 100 index, which was announced at the World Economic Forum in Davos, Switzerland, named H&M as the most sustainable speciality retail company. Meanwhile Kering was…

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Lidl Unveil plans for its largest UK warehouse

Lidl has announced plans to build its largest warehouse yet, creating up to 1,000 new jobs. The supermarket has exchanged contracts with Houghton Regis Management, a consortium of Aviva Investors, LIH and the Diocese of St Albans, on a 58-acre site in Luton. The new regional distribution centre (RDC) will…

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Walgreens Boots Alliance quarterly profit drops 22%

Walgreens Boots Alliance has posted a 22% drop in quarterly profit in the wake of the sale of some of its shares in Guangzhou Pharmaceuticals. For the quarter ending November 30, net earnings decreased 22.1% to $821m (£606m) compared with the same time last year, while sales increased 7.9 percent…

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Poundstretcher fined £1m for Health & Safety Breaches

Poundstretcher has been fined £1m for violating health and safety regulations at three of its stores. Following three separate investigations, Poundstretcher in Trident Business Park, Leeds Road, Huddersfield, was convicted for a series of breaches of the Health and Safety at Work etc Act 1974.   The counts, which included…

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Aldi sales reach £10bn after record December

Aldi has reported a record December with UK year-on-year UK sales increasing by more than 15% during the festive season. The Christmas spending boost pushed the cut-price supermarket chain’s full year sales over the £10bn mark for the first time since it entered the UK and Ireland market.      Christmas…

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Debenhams shares plunge 20% amid profit warning

Debenhams’ share price has lost a fifth of its value as the retailer warned full year earnings could fall to as little as £55m after a “disappointing” Christmas trading period. In a trading update for the 17 weeks to December 30, the firm said pre-tax profit would “probably” fall to…

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