Ukraine
This coverage examines how events in Ukraine affect the UK retail sector, focusing on supply chain disruption, commodity prices, consumer sentiment, and corporate responses. Reporting highlights how retailers adapt operations and strategy to mitigate risks and navigate challenges arising from the conflict — offering insight for executives, managers, and professionals making decisions in a volatile global context.
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Mar- 2022 -31 MarchNews
H&M sales slow as war in Ukraine starts to dampen outlook
H&M has announced the group’s net sales have slowed to 6% in March from 23% in the first quarter due to the Russian invasion of Ukraine, according to its first quarter results from 1 December 2021 – 28 February 2022. The group reported net sales in local currencies increased by…
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30 MarchNews
Burberry names new senior director
British luxury Burberry Group plc has announced that Orna NíChionna has been appointed as senior independent director with effect from 2 April 2022. According to the brand, NíChionna has been an independent non-executive director since 3 January 2018, she is chair of the Remuneration Committee and is a member of…
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29 MarchSupermarkets
Iceland reintroduces palm oil ‘with regret’ amid rising prices
Iceland has reintroduced palm oil “with huge regret” after sunflower oil has become “totally unobtainable” amid the ongoing Ukraine crisis and consequent rising food prices. In a blog post, Richard Walker, managing director of Iceland, said an unintended consequence of the war is the scarcity of sunflower oil. Ukraine and…
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24 MarchClothing & Shoes
Next hit with £85m sales loss amid Ukraine and Russia closures
Next has revealed it has lowered its sales guidance for the financial year 2022/23 to £85m, down 2% following “anticipated losses overseas” amid the closure of the company’s websites in Ukraine and Russia. The company has also lowered its profit guidance by 1.2% to £10m following the loss of £18m…
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23 MarchEconomy
Spring Statement: Chancellor raises NI threshold to £12,570
The chancellor has outlined a series of measures to help combat the rising cost of living in his latest spring statement, including increasing the national insurance threshold by £3,000. Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…
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23 MarchNews
Inflation hits 30-year high at 6.2% in February
The Consumer Prices Index (CPI) rose by 6.2% in the 12 months to February 2022, up from 5.5% in January, according to the Office for National Statistics (ONS). It revealed this is the highest CPI 12-month inflation rate in the national statistic series which began in January 1997, and the…
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22 MarchDIY
ScS posts a £3.6m loss amid supply chain disruptions
Home furnishings retailer ScS has reported a loss before tax of £3.6m during the 26 weeks ended 29 January 2022, as supply chain disruption impacted sales and revenues. ScS reported a 16% drop in revenues to £145.9m compared with FY21 and a 4% drop in comparison with H1 2020. Despite…
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21 MarchDIY
Decathalon owners face backlash over Russian expansion plans
The French owners of sporting goods store Decathlon could be set to face public backlash after being accused of profiting from Russia’s invasion of Ukraine amid reports it has set out plans to increase its presence in the country. According to The Telegraph, its owners the Mulliez family plan to…
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18 MarchOnline & Digital
Ocado lowers growth forecast amid drop in Q1 sales
Ocado Retail Ltd has announced its revenues dropped 5.7% year-on-year in the 13 weeks to 27 February 2022 (Q1) to £564.7m, and the group said that while revenue growth for the year should be in the high-teens, the forecast has dropped to 10%. The announcement comes amid uncertainties over inflation…
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18 MarchComment
13 Spring Statement predictions
With both the global and UK economies coming under pressure from the rising cost of living crisis, which has only been exacerbated by Russia’s invasion of Ukraine, all eyes will be on the chancellor when he makes his Spring Statement speech on 23 March 2022. Here, Christy Wilson, tax associate…
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