National Living Wage
This coverage explores the implications of the National Living Wage for UK retailers, including its impact on staffing costs, operational decisions, and workforce management. Reporting highlights wage policy changes, employer responses, legal obligations, and strategies to balance compliance with commercial performance — providing insight for retail executives, HR managers, and business owners navigating wage legislation.
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May- 2024 -21 MayHigh Street
The Works expects return to profit amid cost-cutting plans
The Works is anticipating a return to profit in its new financial year, having reported flat sales for FY24, following its relisting to AIM and further cost-cutting measures. In its latest trading update for the year ended 5 May 2024, revenues inched up by 0.9% to £282.6m, while total like-for-like…
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Apr- 2024 -29 AprilNews
Today’s news in brief-29/4/24
Ted Baker’s European operations are on the brink of administration, endangering 149 jobs. The potential collapse affects stores and concessions in the Netherlands, Belgium, and Spain. This development follows the appointment of restructuring firm Teneo as administrator of Ted Baker by its owner, Authentic Brands Group, after a £210m acquisition…
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29 AprilHigh Street
Monsoon Accessorize profits fall amid ‘difficult trading’
Monsoon Accessorize has seen its EBITDA fall 18% to £20m for the year ended 26 August 2023. The company stated that trading remained “difficult” despite pressures easing causing the profit drop. Group sales for Adena Brands, parent company of Monsoon Accessorize and East. fell 4% down to £248m. Despite this,…
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8 AprilHigh Street
Number of retailers going insolvent jumps to 2,195, says Mazars
The number of insolvencies of retailers increased 19% in the past year to 2,195 in 2023/24, up from 1,843 in 2022/23, Mazars, the international audit, tax and advisory firm has found. High profile retail insolvencies include The Body Shop in February, as well as fashion brand Ted Baker and online…
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2 AprilEconomy
Shop price inflation falls to lowest level in two years
Shop Price annual inflation eased to 1.3% in March, down from 2.5% in February, marking its lowest level since December 2021. It comes as non-Food inflation fell to 0.2% in March, down from 1.3% in the preceding month. This is below the three-month average rate of 0.9%. Inflation is its…
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Mar- 2024 -20 MarchHealth & Beauty
Holland and Barrett to increase hourly staff pay to £12
Holland and Barrett is set to increase its hourly pay by 9% to £12, almost 5% above the National Living Wage, from April. The retailer’s London-based employees will receive a further increase to £13 an hour. The new upcoming pay rates will mean that in the past two years alone,…
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13 MarchNews
Today’s news in brief-13/3/24
Morrisons reported a loss of £1.1bn for the year ending October 2023. The increase in debt, mainly due to the takeover by Clayton Dubilier and Rice, has led to rising finance costs, reaching £735 million. Despite a slight drop in revenues to £1.84bn, underlying profits excluding debt interest costs have…
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13 MarchClothing & Shoes
Shoe Zone warns trading to be ‘marginally below’ expectations
Shoe Zone has warned that its trading is marginally below expectations, due to an increase in National Living Wage and higher costs caused by the ongoing Suez Canal situation. At its annual general meeting on 12 March the group also reported a slower than expected end to its Autumn/Winter season.…
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Jan- 2024 -30 JanuaryEconomy
Shop price inflation drops to lowest level since 2022
Shop Price annual inflation eased to 2.9% in January, down from 4.3% in December, marking the lowest level since May 2022. It comes as non-food inflation fell to 1.3% in January, down from 3.1% in December. This is below the three-month average rate of 2.4%. Meanwhile, food inflation decelerated to…
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24 JanuaryNews
ProCook announces commitment to Real Living Wage
ProCook has announced today its commitment to paying at least the Real Living Wage for all colleagues, reflecting its ongoing investment in its people. The base rate of £12 per hour will be offered as a minimum to all colleagues regardless of age, with London workers receiving £13.15 per hour. …
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