Tax

The Works PBT jumps 20% to £8.3m

The Works has revealed that its profit-before-tax rose 20.3% to £8.3m for the year ended 4 May 2025, up from £6.9m in the previous year. Alongside this, the company delivered total revenues of £277m, a decrease of 2% from the prior year, which benefitted from an additional trading week. The…

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Spending power falls for 40% of UK households, Asda finds

Some 40% of UK households have seen their spending power growth fall in June, according to the latest Asda Income Tracker. The decrease comes as inflation rose to a near 18-month high of 3.6% in June, driven in part by the rising cost of transport and food. According to the…

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Burberry CEO calls for VAT-free shopping return

Burberry CEO Joshua Schulman has called on the government to reinstate VAT-free shopping for international visitors claiming it will help Britain become Europe’s top shopping destination once again. Schulman told The Times that international consumers were “still not shopping in the UK to the extent that we would like” as…

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John Lewis workers could receive bonus for first time in four years

John Lewis workers could reportedly receive their bonus for the first time in four years if the company beats its £200m profit target amid turnaround plans, The Financial Times has reported.   In an internal update seen by the paper, the employee-owned company said that if profits exceeded the target then…

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Retail insolvencies hit 72,000 as risks mount for firms

More than 72,000 UK retail businesses are now technically insolvent, with over half at imminent risk of closure, according to analysis by accountancy firm Price Bailey. The firm said exactly 72,625 retailers, which represents about 15% of the sector, have negative net assets on their balance sheets. Of these, 37,332…

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Dunelm Q4 sales rise amid Spring heatwave

Dunelm has revealed that its sales rose 4% to £415m for the 13 weeks ended 28 June 2025, driven by the Spring heatwave. Overall, the homeware retailer has seen its full year sales increase 3.8% to £1.77bn. As a result the company expects its full-year gross margin to be up…

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Frasers warns of £50m budget hit despite FY25 profit rise

Frasers has seen pre-tax profits rise by 2.8% to £560.2m in its full-year results, but has warned it faces over £50m in extra costs caused by last year’s budget. In the year ended 27 April 2025, trading was particularly strong in the second half, where  profits were up by 8.3%,…

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DFS annual profits to exceed guidance for FY25

DFS Furniture expects its full-year profits before tax to be “slightly above” the top end of its £25m to £29m guidance range, and up by about £20m year-on-year, for the year to 29 June.  The retailer of upholstered furniture attributed its performance to a combination of strong trading and tighter…

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Sosandar lowers FY26 guidance after M&S cyber attack

Sosandar has lowered its profit expectation for the current year, revealing that it now expects revenues to rise 18% to £43.6m with pre-tax profits of £400k, after a cyber attack at its second largest third-party partner M&S disrupted sales in the first quarter.  The company previously expected £46.2m in revenues…

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Reeves eyes business rates rise for supermarkets and department stores

Chancellor Rachel Reeves is reportedly considering increasing business rates for department stores and supermarkets as she looks to raise £1.7bn from businesses this autumn, according to The Telegraph. The outlet revealed that the chancellor is looking to plug the £5bn hole left after the government was forced to abandon cuts…

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