Tax

Co-op FY profits soar sixfold but warns of cost pressures ahead

Co-op has seen its full-year pre-tax profits rise by nearly sixfold, soaring by £133m to £161m, up from £28m the prior year, despite facing over £200m of new headwinds and investment costs across the group. The surge in profits was driven by increased operating profits, which rose by £34m to…

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Retailers face £5.6bn rise in costs as Budget comes into play

New research by Retail Economics, along with frontline specialist Yoobic, has found that retailers face a £5.56bn rise in costs from this week as changes from the Budget are enacted, The Telegraph has reported. The rising bills will reportedly cost shoppers £1.7bn over the next year as costs are passed…

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Next raises outlook as FY profits top record £1bn

Next has reported that pre-tax profits have risen by 10.1% to £1bn for the first time in its history, with the group raising its full-year guidance for the coming year amid further strong trading. In the year to January 2025, full price sales rose by 5.8% while total group sales…

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Virgin Wines targets £100m revenues through ‘turbocharging’ growth plan

Virgin Wines has unveiled plans to “turbocharge” its growth and deliver £100m in annual revenue over the next five years through a new growth strategy, whilst the group hailed a “resilient” performance in its H1 results. The plan, which aims to deliver this revenue growth at a 7% EBITDA margin,…

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Footasylum profits soar by 188% in ‘record’ year of growth

Footasylum has welcomed a year of “record” profits and sales, with pre-tax soaring by 188% to £17.2m, up from £6m the prior year.  In the year ended 25 January 2025, total revenues rose by 9.4% to £349.5m, up from £319.5m in FY24, as the group welcomed its “best-ever financial performance”.…

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John Lewis staff miss out on bonus despite tripled profits

The John Lewis Partnership has confirmed its staff will not receive a bonus for the third year in a row, despite full-year profits tripling from £42m to £126m, with the group instead focusing on investment into employee pay.  For the year ended 25 January 2025, overall sales rose by 3%…

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Pepco explores potential sale of Poundland amid trading challenges

Pepco has announced that it is “actively exploring” a potential sale of Poundland amid rising pressures on the business, and instead plans to focus on the Pepco brand as a single future format. The discount retail group said its “ultimate ambition” is to operate under a single Pepco format, which…

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UK retail sales grow 2.3% in February, BDO reveals

Total retail sales in discretionary spend categories grew by 2.3% in February, compared to a negative base of -1.3% in the same month in 2024, according to BDO’s latest High Street Sales Tracker. The latest report from accountancy and business advisory firm BDO shows that in store sales in lifestyle…

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Budget reaction: Retail warns that higher costs will hamper investment

The retail industry has warned that increased costs following the Autumn Budget may hit businesses hard, with retailers facing higher costs amid new measures that come into place next April, with some warning the sector will face over £2.5bn in new costs in 2025.Yesterday, chancellor Rachel Reeves announced a series…

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Budget: Increases to employers’ NI and minimum wage

The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ national insurance contributions…

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