Retail news

• Morrisons plans to cut £700m in costs despite rise in revenue

  30-03-2023 18:03
  
  Supermarket chain reports quarterly results and says three-year savings plan will enable it to reduce pricesMorrisons has said it plans to cut £700m in costs over the next three years to allow it to reduce prices amid a squeeze on consumer spending.The supermarket group, which reported falls in quarterly sales on the previous year through 2022, said it had eked out a 0.1% increase in same-store sales in the first three months of 2023. Continue reading...
  
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• Morrisons returns to sales growth as targets £700m in cost cutting

  30-03-2023 17:15 via retailgazette.co.uk
  
  // Morrisons returns to sales growth in the first quarter
  // The grocer recorded a 3.4% rise in total sales to £4.7bn for the 13 weeks ending January 29Morrisons has returned to sales growth in the first quarter as it sets a target of finding £700m of cost savings over the next three years.
  Boss David Potts said: “This saving will help drive the performance of the business by enabling further investment in our loyalty programme, increasing the pace of McColl’s conversions
  
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• Morrisons returns to sales growth as it opens 500th convenience store

  30-03-2023 17:15 via retailgazette.co.uk
  
  // Morrisons returns to sales growth in the first quarter
  // The grocer recorded a 3.4% rise in total sales to £4.7bn for the 13 weeks ending January 29Morrisons has returned to sales growth in the first quarter as it celebrates the opening of its 500th convenience store.
  For the 13 weeks ending January 29, 2023, the grocer recorded a 3.4% rise in total sales to £4.7bn, with group like-for-like sales excluding fuel rising 0.1%.
  During the period, Morrisons invested further in “
  
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• M&S to expand frozen garlic bread food waste scheme to 125 stores

  30-03-2023 17:05 via retailgazette.co.uk
  
  // M&S to expand frozen garlic bread food waste initiative to 125 stores in April
  // Unsold baguettes and boules are sold as frozen garlic bread from £1 to combat food wasteM&S is expanding its frozen garlic bread food waste initiative to an additional 125 stores next month.
  Unsold baguettes and boules are prepared and filled with garlic butter, and then sold as frozen garlic bread from £1, with an extended shelf life of 30 days.
  The initiative is currently operating in 253 M
  
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• Toys R Us and Ben Sherman owner eyes takeover of footwear retailer Hunter

  30-03-2023 16:42 via retailgazette.co.uk
  
  // Toys R Us and Ben Sherman owner WHP Global is among rival suitors for takeover of Hunter
  // Earlier this month, Reebok and Ted Baker owner Authentic Brands Group had entered the bidding for HunterToys R Us and Ben Sherman owner WHP Global is among rival suitors weighing up offers for footwear brand Hunter.
  WHP Global, which owns the toy retailer, and Marquee Brands, owner of Ben Sherman, have both shown interest in Hunter ahead of a bid deadline this week.
  Baozun, a Chinese digital commerce g
  
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• River Island chief product officer steps down with immediate effect

  30-03-2023 15:36 via retailgazette.co.uk
  
  // Phil Cooke is stepping down as River Island’s chief product officer with immediate effect
  // Cooke joined the fashion retailer in 2018River Island’s chief product officer Phil Cooke has stepped down from his role with immediate effect.
  According to Drapers, Cooke has left the fashion retailer after five years to pursue new opportunities.
  Prior to River Island, he worked at Topman between 2005 and 2018 holding roles in the buying department before becoming the managing di
  
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• H&M shares jump 16% as it ekes out a profit

  30-03-2023 14:26
  Swedish fashion retailer hails progress on cutting costs and excess stock
  
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• New Look CTO Ed Alford to depart the business

  30-03-2023 13:18 via retailgazette.co.uk
  
  //  New Look chief technology officer Ed Alford will step down from his role at the fashion retailer at the end of this month, Charged can reveal.
  //  Ed was appointed to the newly created role of CTO back in April 2021 and is responsible for leading the company’s omnichannel strategy, as well as its technology investment, engineering and IT functions.Read more about the departure here
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• Sweaty Betty to make UK job cuts in a bid to safeguard success and boost growth

  30-03-2023 13:01 via retailgazette.co.uk
  
  // Sweaty Betty announces job cuts to safeguard long-term success
  // Owner Wolverine Worldwide said the move will “more closely align Sweaty Betty with Wolverine’s global centres of excellence”Sweaty Betty is making cuts to its staff in a move to fuel its long-term growth.
  The sportswear retailer’s owner will consolidate the London space and reduce headcount as it looks to streamline the company’s operations.
  Wolverine Worldwide, who acquired the retailer in Au
  
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• Tesco to increase minimum spend for home-delivery orders

  30-03-2023 12:26 via retailgazette.co.uk
  
  // READ MORE ON GROCERY GAZETTETesco has revealed it is increasing the minimum spend that customers have to reach for home-delivery orders.
  From 2 May, shoppers at the UK’s largest retailer must spend a minimum of £50, up from £40.
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• Farfetch Yoox Net-A-Porter deal gets UK watchdog approval

  30-03-2023 12:16 via retailgazette.co.uk
  
  // The Competition and Markets Authority has approved the deal between Farfetch and Yoox Net-A-Porter
  // Luxury group Richemont sold a 47.5% stake in the online fashion retailer to Farfetch in August last yearThe Competition and Markets Authority has dropped its investigation into Farfetch’s deal to buy a stake in Yoox Net-A-Porter.
  The watchdog said it had cleared the acquisition following concerns the deal could lead to a “substantial lessening of competition” within the UK.
  
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• Primark gives thousands of store staff 12% pay rise

  30-03-2023 11:13 via retailgazette.co.uk
  
  // Primark is increasing the hourly pay for its store staff by an average of 12%
  // The fashion retailer is also removing age-related pay rates for under 23sPrimark will increase the hourly pay for its retail staff by an average of 12% from 1 April.
  Some 26,000 store colleagues across England, Scotland and Wales will see their wage increase to £11 an hour and £11.51 in London.
  The fashion retailer will also move all its retail employees onto one rate of pay, removing age-related
  
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• H&M profits surge as cost-cutting measures pay off

  30-03-2023 10:04 via retailgazette.co.uk
  
  // H&M enjoys a surge in profits surge as its cost-cutting programme pays off
  // The fashion retailer posted operating profit climbed 57% to £56.5m in the first quarterH&M first quarter profits have surged despite consumers cutting spending as cost-cutting measures start to pay off.
  The fashion retailer posted operating profit rocketed 57% to £56.5m in the three months to 28 February 2023, up from £35.5m.
  Operating margins grew to 1.3%, up from 0.9%.
  The group&rsqu
  
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• Moonpig enjoys record sales before Mother’s Day as profits remain flat

  30-03-2023 09:30 via retailgazette.co.uk
  
  // Moonpig praises “resilient” performance thanks to a surge in demand ahead of Mother’s Day
  // The greetings card retailer said its profit expectations remain unchangedMoonpig recorded its largest ever week of sales ahead of Mother’s Day as trading remained “resilient” for the second half of the year.
  The greetings card retailer said its expectations of adjusted EBITDA and group annual revenue remain unchanged at £320m for the year to 30 April 2023
  
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• New Look CEO Helen Connolly: consumers have ‘changed dramatically’

  30-03-2023 09:29 via retailgazette.co.uk
  
  // New Look boss Helen Connolly praises the fashion retailer’s ability to shit and remain agile, citing it as a key reason for maintaining its business
  // “Having the agility to change your buy patterns and your category mix has never been more important.”New Look CEO Helen Connolly said its move “to shift as drastically as consumers do” is how the business has managed to stay afloat over the last three years as Covid-19 and sky-high inflation threatened retailers a
  
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• Alibaba may cede control of new businesses if they list after break-up

  30-03-2023 06:47
  Restructured Chinese tech group also plans to continue divestments in portfolio companies, says finance chief
  
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• What Next? The game-changing ideas that will power future growth at Next

  30-03-2023 02:13 via retailgazette.co.uk
  
  Next has always been a well-run, healthy business that delivers shareholders good, solid returns.
  However, boss Lord Wolfson admits that although it outpaces inflation, the 5.4% compound annual growth rate it has delivered for shareholders over the past 8 years is “unexciting” for investors.
  However, Wolfson and co have some new ideas that should power further growth at the business.
  “As it stands today the group has far more ideas and opportunities for long term growth than it
  
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• Wheat launches in the UK exclusively on kids-wear platform thelittleloop

  30-03-2023 02:00 via theretailbulletin.com
  
  In a UK first, Danish kids-wear brand Wheat has launched exclusively on the award-winning clothing rental platform thelittleloop. According to a study by Dotte, an estimated... View Article
  
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• Sweaty Betty to make UK job cuts

  30-03-2023 02:00 via theretailbulletin.com
  
  Wolverine Worldwide is set to “streamline operations” at Sweaty Betty including consolidating London office space and proposing a UK workforce reduction. The owner of Sweaty Betty... View Article
  
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• Swaine unveils new flagship store

  30-03-2023 02:00 via theretailbulletin.com
  
  Luxury brand Swaine has opened a new flagship store on London’s New Bond Street. The move forms part of the company’s most radical rebrand in its... View Article
  
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• Primark’s UK workers to get 12% pay rise

  30-03-2023 02:00 via theretailbulletin.com
  
  Primark’s 26,000 retail assistants are to get an inflation-beating pay rise of 12% from 1 April, the fashion retailer has said. Primark, part of the Associated... View Article
  
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• Moonpig hails record sales before Mother’s Day

  30-03-2023 02:00 via theretailbulletin.com
  
  Moonpig has said it recorded its biggest week of sales in the UK before Mother’s Day earlier this month. The online greetings card business assured investors... View Article
  
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• HM expands sizing range in US

  30-03-2023 02:00 via theretailbulletin.com
  
  H&M has extended its range of size options in the US as part of its mission to make its brand more inclusive. The fashion retailer now... View Article
  
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• Fitflop secures long term funding to accelerate ambitious growth plans

  30-03-2023 02:00 via theretailbulletin.com
  
  FitFlop has secured a new 5-year $30 million revolving credit facility from the independent lender AURELIUS Finance Company (AFC)  to support its long-term growth ambitions. The... View Article
  
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• Farfetch deal gets green light from competition regulator

  30-03-2023 02:00 via theretailbulletin.com
  
  The U.K. Competition and Markets Authority (CMA) has approved the deal between Yoox Net-a-porter Group and Farfetch, and said it has no further plans to investigate.... View Article
  
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• Canary Wharf Group opens streetwear store to support youth employment

  30-03-2023 02:00 via theretailbulletin.com
  
  Canary Wharf Group has today announced its partnership with Circle Collective, a social enterprise, to help unemployed young people get into permanent work. The London-based Social... View Article
  
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• Boots offers free health MOTs to over 40s

  30-03-2023 02:00 via theretailbulletin.com
  
  Boots is offering free health MOTs to people aged over 40 from now until the end of June. With appointments available to book at over 1,000... View Article
  
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• Banana Republic launches new homeware categories

  30-03-2023 02:00 via theretailbulletin.com
  
  Fashion retailer Banana Republic is continuing to establish itself as a premium lifestyle brand by expanding its selection of homeware categories. The BR Home offering now... View Article
  
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• Asda posts drop in full year profit

  30-03-2023 02:00 via theretailbulletin.com
  
  Asda has posted a significant drop in full year profit after it invested in absorbing cost price inflation and keeping prices low for customers, In the... View Article
  
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• Are you ready for the future of PIM?

  30-03-2023 02:00 via theretailbulletin.com
  
  As demands for product information grow and the product journey goes circular, ensuring you have the right PIM software in place today is essential to meet customer... View Article
  
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