M&S, Tesco and Primark bosses to face MPs over fast fashion ‘waste’ October 5, 2018 Parliament's environmental audit committee has asked the bosses of 10 UK clothing retailers to reveal their environmental records, amid concerns about serial clothes dumping. High street staples Marks & Spencer, Primark, Next, Tesco, Asda and Sports Direct – among others – will also be summoned to parliament to face questions from the committee in November. Fast fashion is shorthand [...]
Boohoo in vogue after outlook raised September 26, 2018 Boohoo had an impressive six months as revenue and pre-tax profit jumped by 50 per cent and 22 per cent respectively. The group saw strong demand for their brands at home and abroad, as the UK registered a 43 per cent rise in sales and the international division posted a 62 per cent rise in revenue. The overseas [...]
Smiles all round as Boohoo’s rising revenue trumps City forecasts September 26, 2018 Online fashion retailer Boohoo bumped up its forecast for full-year sales growth this morning in the wake of better-than-expected revenues during the first half of 2018. The PrettyLittleThing.com owner’s revenue hit £395m in the first six months of the year, marking a sharp 50 per cent rise compared with the same period in 2017. [...]
What’s Next? Questions remain over autumn results after retailer’s summer boost September 25, 2018 There’s been no shortage of negative headlines surrounding UK retail in recent weeks with the woes of the sector hitting some high profile names in recent months including House of Fraser, Moss Bros last week, and John Lewis surprising the markets in reporting huge drops in profits. Earlier this year Next warned that trading conditions [...]
Next nudges up profit guidance after blistering summer despite ‘volatile’ market September 25, 2018 British fashion retailer Next nudged up its full-year outlook this morning, after the firm’s strong summer performance unexpectedly carried on into August and September. Next posted half-year pre-tax profits of £311.1m compared with £309m in the same period last year, raising its full year guidance by £10m to £727m. The better-than-expected forecasts have largely been [...]
Online retail to be Next’s summertime saviour as hot weather boosts sales September 23, 2018 Fast fashion stalwart Next is preparing to reveal its half year results to investors on Tuesday, with many eager to see whether its online sales uptick continued throughout the UK’s extended hot summer. The retailer had previously warned earlier this year that it was facing its toughest trading conditions in 25 years as customers [...]
Boohoo snaps up Primark exec John Lyttle as new chief executive September 17, 2018 Online retailer Boohoo has announced it has snapped up Primark's chief operating officer John Lyttle to be its new chief executive. Lyttle will take on the role from 15 March 2019. Over his eight years at Primark, Lyttle oversaw a turnover growth of 158 per cent to £7bn, and has boosted operating profit by 116 per [...]
Boohoo snaps up Primark exec John Lyttle as new chief executive September 17, 2018 Online retailer Boohoo has announced it has snapped up Primark's chief operating officer John Lyttle to be its new chief executive. Lyttle will take on the role from 15 March 2019. Over his eight years at Primark, Lyttle oversaw a turnover growth of 158 per cent to £7bn, and has boosted operating profit by 116 per [...]
Sweet relief: Primark boosts revenue to alleviate owner ABF’s sugar woes September 10, 2018 Despite a gloomy outlook for retailers, Primark expects to increase revenue by 1.5 per cent to boost profits this financial year, offsetting a fall in sugar prices in Europe for owner Associated British Foods (ABF). Strong first and second half sales are expected to help the budget clothes brand to post the increase, with UK [...]
Half of BHS’s former stores are still empty two years on from collapse August 29, 2018 More than half of BHS's former sites are still vacant two years after the retail chain's collapse, new data showed today. Some 84 of the 164 stores remain empty, according to the Local Data Company. This comes two years after the final branches of the business closed their doors, resulting in the loss of 11,000 jobs. [...]