Quiz plots turnaround strategy after fashion chain swings to loss August 29, 2024 High street retailer Quiz has announced a turnaround strategy after swinging to a loss in its final year earnings, blaming cost-of-living pressures and cool consumer demand. The Glasgow-headquartered company booked a loss before tax of £6.7m, including a £1.5m non-recurring impairment charge, falling from a profit of £2.3m in 2023. Earnings before interest, tax, depreciation [...]
Hamleys: World’s oldest toy store closes 40 loss-making shops as sales fall August 27, 2024 Toy retailer Hamleys is hoping a new digital strategy will help turn around its falling sales after closing 40 loss-making stores last year. The brand’s holding company has reported a revenue of £51.4m for 2023, according to newly-filed accounts with Companies House, down from the £56.6m it posted for 2022. Over the same period, its [...]
Waitrose to ramp up convenience store expansion with 100 new sites August 21, 2024 The premium grocer Waitrose will expand its store portfolio by around a third over the next three years in one of its “biggest periods of expansion” as it ramps up investment into ‘Little Waitrose’ convenience shops. The Berkshire-headquartered company will invest over £1bn in a project to open 100 new stores and revamp a further [...]
UK retail sales tick up in July after summer discounts and Euros boost August 16, 2024 Friday's data is among a raft of economic figures released this week that will provide key indicators for Bank of England policymakers as they decide whether to cut interest rates in September.
John Lewis redundancies: What does the law say about department store job cuts? August 14, 2024 More UK retail jobs are set to be lost after John Lewis revealed plans to cut its headcount by more than 150 in the coming months. The move means the department store giant becomes the latest household name to reduce its staffing numbers so far this year. John Lewis has said it hopes to achieve [...]
John Lewis: How all the major changes will impact staff and shoppers August 14, 2024 John Lewis is poised to make a series of major changes that will affect all of its stores across the country and its partners. The organisation announced a restructuring plan yesterday that it described as a “multimillion pound” investment in technology and what it has described as ‘simplification’ would help “improve our customer service and make [...]
LG Electronics: UK sales suffer almost £100m fall as Samsung rivalry heats up August 14, 2024 Sales at the UK arm of LG Electronics have been slashed by almost £100m after it lost market share and Samsung stepped up its competition. The Surrey-headquartered division has reported a turnover of £561.4m for 2023, down from £654.3m, according to newly-filed documents with Companies House. Its pre-tax profit was also cut from £19.7m to [...]
Wickes: Brits still holding back on big-ticket items as DIY goods preferred July 31, 2024 Wickes reported a mixed set of results for the half of the year, with consumers still unwilling to spend on big-ticket items but happy to buy DIY retail goods. Overall group sales fell by 3.4 per cent in the 26 weeks to June 29 at the London-listed company. Revenue in the second quarter fell by [...]
Hammerson: Shopping centre giant hit with £500m loss after selling stake in Bicester Village July 25, 2024 British shopping centre giant Hammerson has taken a £500m loss on the £1.5bn deal to sell its share in the company behind Bicester Village, according to just-filed documents.
Retail sales slump despite higher real wages July 19, 2024 Retail sales fell faster than expected with department stores particularly badly hit.