Co-op invests £70m into fresh price cuts for as losses narrow September 21, 2023 The Co-op has invested a further £70m investment into lowering pricing for customers as its losses narrowed after the sale of its forecourts business to Asda. The retailer pumped £20m into price cuts in the first half year and said it now has plans for a further £70m investment, which includes 200 reductions for users [...]
DFS profits halved as sofa maker is battered by ‘tough economic climate’ September 21, 2023 Sofa seller DFS saw annual profits almost cut in half, sliding to £29.7m from £58.5m a year earlier, as the retailer was battered by economic conditions. Revenue from operations fell 5.3 per cent to £1.09bn in the year to June 25, with the group blaming soaring inflation. Chief executive Tim Stacey said that the company [...]
FTSE 100 close: Pound slumps after Bank of England leaves interest rates on hold while Ocado plummets September 21, 2023 The blue-chip FTSE 100 dropped 0.37 per cent to trade at 7,703.03 while the mid-cap FTSE 250m index fell 0.42 per cent to hit 18,632.97.
Next does it again: Profit guidance raised at retail miracle-maker September 21, 2023 Next has raised its full year profit guidance for the third time this year despite well-publicised pressures on the high street
Dunelm: ‘Value’ offer leads to record revenue amid cost of living crunch September 20, 2023 Dunelm posted record sales of £1.64bn, in its preliminary results, rising up 5.5 per cent from last year's figures, as the homeware retailer was bolstered by cost reductions.
H&M follows Next, Zara and Boohoo to charge shoppers for online returns September 19, 2023 H&M has become the latest retailer to charge shoppers to return their online shopping purchases. Customers will now be asked to pay £1.99 when they want to take back purchases they made on the H&M website, according to reports in BBC. The retailer told the outlet it introduced the scheme during the summer. Fellow high [...]
Till sales surge as retailers boosted by sunny September and back to school deals September 19, 2023 A bout of unusually hot weather in early September helped hike grocery sales at UK supermarkets, with total till sales surging 10.3 per cent in the last four weeks ending 9 September. According to data from NIQ, the figure rose up from 7.2 per cent during the wet July and early August, which deterred shoppers [...]
Kingfisher: Profit warning at B&Q owner as economy bites September 19, 2023 Kingfisher: Profit warning at B&Q owner as economy bites
Missguided sale marks a pivot in Frasers’ strategy – but a Shein deal has risks attached September 18, 2023 News that Frasers could sell Missguided to Shein potentially marks a change in strategy for the Sports Direct owner, which has been highly acquisitive in recent years.
Mike Ashley’s Frasers in talks to offload Missguided to Chinese fast fashion giant Shein September 18, 2023 Mike Ashley’s Frasers Group is reportedly in talks to offload its online clothing brand Missguided to Chinese fast fashion giant Shein. Frasers, which owns the high street favourites such as Sports Direct and Jack Wills, bought Missguided for £20m last year after it collapsed into administration. As part of the rescue deal, the Manchester business kept [...]