Covid-19
This coverage examines the effects of Covid-19 on the UK retail industry, focusing on operational disruption, financial pressures, consumer behaviour shifts, and recovery strategies. Reporting includes lockdown impacts, safety measures, supply chain challenges, online growth, and leadership decisions that shaped responses to the crisis. Designed for executives and managers, it offers lessons and insights for navigating future disruptions.
-
Aug- 2022 -23 AugustAnalysis
Do staff cuts really help in a recession?
The European fashion retailer, Zalando, has predicted a return to growth of up to 3% in H2 despite a 58% profit drop during Q2, which reportedly brought the company’s operating profit down to £64.7m from £153.3m in the same period last year. In light of these results, and in spite…
Read More » -
23 AugustPeople Moves
Adidas CEO Kasper Rorsted to step down in 2023
Adidas AG has announced that it has initiated a CEO transition as its current chief executive, Kasper Rorsted, will step down and hand over the position in 2023 in order to “pave the way for a restart”. The search for a succession has started, and Rorsted will remain CEO until…
Read More » -
16 AugustNews
Watches of Switzerland Q1 revenues hit £391m
The Watches of Switzerland Group PLC has reported a 31% rise in group revenues year-on-year from £297m to £391m for the 13 weeks to 31 July 2022 (Q1 FY23), benefiting from de-stocking and pent up demand as showrooms reopened following Covid-19 lockdowns. Luxury watches sales grew 32% to £342m, representing…
Read More » -
15 AugustHigh Street
Canada Goose profits soar amid retail expansion
Canada Goose has reported “better than expected” gross profits of $42.7m (£35.3m) for the first quarter fiscal 2023 ended July 3 2022, up 39.1% from $30.7m (£25.3m) over the same period last year. Revenues were also up 24.2% from $56.3m (£46.5m) to $69.9m ($57.8m). The company said its EMEA revenue…
Read More » -
12 AugustEconomy
UK economy contracts 0.1% in second quarter
The UK economy contracted by 0.1% in the second quarter of the year (Apr to June) 2022, according to the latest estimate from the Office for National Statistics (ONS). On a monthly basis GDP is estimated to have fallen by 0.6% in June 2022, following an increase of 0.4% in…
Read More » -
12 AugustHigh Street
Superdrug and Savers to provide 25,000 UK jobs
A.S. Watson Group, the owner of Superdrug and Savers, has announced its commitment to create 200,000 job opportunities for 16-23 year olds globally, and of which 25,000 jobs will be provided across both retailers in the UK by 2030. The group will equip the young starters with “essential” skills to…
Read More » -
10 AugustAnalysis
JD Sports and the Footasylum merger saga – what went wrong?
Following JD Sports’ acquisition of Footasylum for £91.1m in March 2019, The Competition and Markets Authority (CMA), a non-ministerial government department responsible for strengthening business competition and reducing anti-competitive activities, announced it had launched an investigation into the deal on 24 July 2019, citing that it would examine whether the…
Read More » -
3 AugustClothing & Shoes
Mulberry profits rise to £21m as revenues jump 35%
British luxury fashion brand Mulberry has posted profits before tax of £21.3m for the 53-week period ended April 2022, up from £4.6m the previous year, as its revenues reflected “strong recovery post Covid-19”. It revealed group revenue increased 32% during the period to £152.4m, with UK retail sales also up…
Read More » -
3 AugustEconomy
Hugo Boss hails strongest Q2 in its history
Hugo Boss has reported an operating profit of €100m (£83.4m) for Q2, over double the €42m (£35m) it recorded in Q2 2021. The three month period also saw group sales surge 34% compared with the prior-year period and its revenues increased 40%, totaling €878m (£728.9m), marking its “strongest second quarter…
Read More » -
Jul- 2022 -28 JulyEconomy
Virgin Wines revenue up 63% on pre-Covid levels
Online wine retailer, Virgin Wines, has revealed that the company’s revenue is up 63% on a three-year, pre-Covid basis, compared to the FY19 result of £42.4m, highlighting that the business has retained much of the substantial growth achieved during the pandemic. However, it is reported that the company has a…
Read More »
