Pandemic
This coverage examines the impact of pandemics on the UK retail industry, focusing on operational disruption, financial challenges, consumer behaviour shifts, and recovery strategies. Reporting highlights store closures, safety measures, supply chain pressures, leadership decisions, and lessons learned to enhance resilience. Tailored for executives and managers, it provides insights to navigate crisis situations and strengthen preparedness.
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May- 2023 -31 MayHigh Street
B&M FY profits fall by 17% to £436m
B&M has reported that pre-tax profits fell by 17% to £436m in FY23, down from £525m the prior year. Despite this, group revenues hit £4.9bn in the year ended 25 March, meaning that the group is 30.7% ahead of its pre-pandemic FY20 levels. According to the group, despite the fall…
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31 MayNews
Amazon launches new term-time contracts for parents
Amazon has launched an innovative new contract that offers parents, grandparents and guardians of school-age children the choice to work term-time only. The new contracts guarantee time off for the six-week Summer break, as well as the two-week Easter and Christmas holiday periods, without affecting the comprehensive range of benefits…
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24 MayDepartment Stores
M&S FY sales and profits jump as turnaround strategy bites
M&S has seen its full-year profits and sales increase despite the ongoing cost-of-living crisis and tough economic conditions over the period, with the group attributing its performance to its latest turnaround strategy. Profit-before-tax rose by 21.4% to £474.7m, up against £391.7m the prior year, while group sales were up by…
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22 MayLuxury Goods
LK Bennett profits hit £30m amid spike in eventwear sales
LK Bennett has reported a 40% rise in its gross profit for the year ended January 2023 to over £30m, thanks to an increase in eventwear sales, according to Drapers. During the 12 months to January, the brand’s turnover stood at £49m, which means a 30% increase on the previous…
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19 MayFeatures
Heal’s flagship refurb is ‘a step towards commercial viability’
With Habitat having been acquired by Sainsbury’s early on in 2021 and seeing how Next also bought the scraps leftover from Made.com’s administration process for £3m at the end of last year, it’s does not come as a surprise to hear that GlobalData forecasts a 2.8% dip in the furniture…
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18 MayPeople Moves
Topps Tiles lines up Paul Forman as chair designate
Topps Tiles has announced the appointment of Paul Forman as an independent non-executive director and chair designate of the company. The news comes as its current chair, Darren Shapland, is now in his ninth year and, therefore, nearing the end of his maximum term under the UK Corporate Governance Code.…
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18 MayNews
Burberry revenues hit £3bn in FY23
British luxury fashion brand Burberry has reported a 10% revenue increase to £3bn in its preliminary results for the 52 weeks ended in April. Like-for-like sales in store increased 7% for the year, with growth accelerating to 16% in Q4 as sales in Mainland China recovered after the easing of…
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17 MayDepartment Stores
Harrods boss calls for return of VAT-free shopping for overseas visitors
The managing director of Harrods, Michael Ward, has called on the government to rethink its removal of VAT-free shopping for overseas visitors in a bid to boost luxury shopping in London. Ward, who is also the chairman of Knightsbridge Partnership, told The Times: “We’re in the middle of a difficult…
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16 MayEconomy
Unemployment rises to 3.9%
The unemployment rate for January to March 2023 increased by 0.1 percentage points during the first quarter to 3.9% amid a surge in those not working due to ill health, according to the latest statistics from the Office For National Statistics (ONS). The ONS also found that the UK employment…
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15 MayShopping Centres
LDO reports sales up 17% to £19.7m in Q1 2023
London Designer Outlet has reported that its sales reached over £19.7m– an increase of 17% in Q1 2023 compared with the same period in 2022 and 5% on pre-pandemic levels (2019). It also recorded its “strongest ever” April, where sales grew to £8.6m, representing a £1.2m increase on the year…
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