Year: 2019

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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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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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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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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Retail should embrace serial returners – not ban them

How do you solve a rising rate of returns? It’s a question which has been asked with more frequently over the last twelve months as retailers grapple with an increasingly returns-savvy customer base. There’s no denying that businesses are feeling the impact. Rebound data indicates that returns cost UK retail…

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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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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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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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Hard times on the high street

The widespread impact of digital is a daily reality, but few cases have been so apparent to the everyday consumer than the disruption of retail. This trend has contributed to familiar retail names like Toys R Us, BHS and HMV falling into the hands of administrators, at risk of joining…

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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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