Retail news

• Virgin Wines swings to loss as inflation and tech issues bite

  25-10-2023 14:46 via retailgazette.co.uk
  
  Virgin Wines swung to a loss as the company was hit by soaring inflation and teething problems with its new warehouse management system.
  The wine retailer posted a pre-tax loss of £700,000 for the year ended 30 June compared to £5.1m last year.
  Sales slipped more than 10% for the year to £59m, although the group said this was in line with expectations.
  However in the first quarter of its new financial year the business saw a 12% rise in year-over-year sales as conversion and ca
  
  Read more

• Poundland to open 75 new stores in three months

  25-10-2023 13:52 via retailgazette.co.uk
  
  Poundland has unveiled plans to open 75 new stores over the next three months as part of its rapid expansion plans.
  Set to be the discount retailer’s largest three-month growth programme in its history, the pipeline includes a mix of new stores and relocations of existing branches.
  The business is continuing the conversion of the 71 Wilko branches it acquired last month – with 19 more to open in the next two weeks, bringing the total number of stores to 56.Subscribe to Retail Gazette
  
  Read more

• Currys launches ‘Green Friday’ sale encouraging Brits to shop responsibly

  25-10-2023 13:26 via retailgazette.co.uk
  
  Currys is launching a new savings event, combining both Green Friday and Black Friday together “to unite sustainability with immense deals.”
  A first for the UK’s largest electrical retailer, it said the Green Friday sale launching this October will feature savings on over 140 tech savvy home appliances, all helping to reduce energy usage while also lowering household energy bills.
  Despite a new survey revealing 90% of Brits consider energy efficiency as the biggest deal-br
  
  Read more

• Heineken’s UK summer beer sales dampened by higher prices and poor weather

  25-10-2023 13:25 via theguardian.com
  
  Worldwide sales volumes dipped 4.2% as prices rose 9.5%, leading to 2% increase in sales to €9.6bnHeineken sold less beer in the UK during the summer as it raised prices by more than 7% and cool rainy weather put a dampener on barbecues and outdoor celebrations.The drop, at the company which also owns Amstel, Birra Moretti and Tiger as well as its namesake brand, reflected an 7.6% fall in the amount of beer sold across Europe, with the average price of beer sold up 12%, driven by inflation
  
  Read more

• Advertisement

• Superdrug unveils new VIP loyalty scheme

  25-10-2023 11:20 via retailgazette.co.uk
  
  Superdrug has launched its new VIP Rewards Loyalty Scheme today, giving shoppers access to exclusive deals and offers.
  The health and beauty retailer’s new rewards scheme will automatically update for all current Health and Beautycard app and Superdrug.com members when they log in after 25th October 2023.
  Every time a customer reaches a spend threshold, they will unlock a reward, such as 20% off Own Brand products, or free delivery.Subscribe to Retail Gazette for free
  Sign up&nbs
  
  Read more

• ScS full-year profits slump as trading ‘toughens’ in recent months

  25-10-2023 10:31 via retailgazette.co.uk
  
  Sofa retailer ScS profits plunged 63% over the year as it flagged that trading had “toughened” in recent months.
  The chain, which agreed to a near-£100m take-private deal by Italian furniture firm Poltronesofà yesterday, posted a pre-tax profit of £6m for year to 29 July, down from £16.4m reported last year.
  New acquisition Snug, which it bought out of administration in January, contributed £2.8m of pre-tax loss.
  Sales also dipped slightly across the ye
  
  Read more

• Vinted considers share sale to capitalise on pre-loved fashion boom

  25-10-2023 09:15 via retailgazette.co.uk
  
  Second-hand marketplace Vinted is considering a secondary share sale worth more than £174m (€200m) as it looks to capitalise on the pre-loved fashion boom.
  The platform is working with Morgan Stanley to explore its options for its capital structure ahead of a possible initial public offering, the Financial Times reported.
  Sources told the publication Vinted was weighing up selling new shares on top of existing ones but could also chose to stick with its current capital structure given
  
  Read more

• Vinted considers £174m share sale to capitalise on pre-loved fashion boom

  25-10-2023 09:15 via retailgazette.co.uk
  
  Second-hand marketplace Vinted is considering a secondary share sale worth more than £174m (€200m) as it looks to capitalise on the pre-loved fashion boom.
  The platform is working with Morgan Stanley to explore its options for its capital structure ahead of a possible initial public offering, the Financial Times reported.
  Sources told the publication Vinted was weighing up selling new shares on top of existing ones but could also chose to stick with its current capital structure given
  
  Read more

• Advertisement

• Frasers Group tops up Boohoo stake to 16.5%

  25-10-2023 09:04 via retailgazette.co.uk
  
  Frasers Group has topped up its stake in Boohoo once again as it continues to build on its “strategic investment” into the fashion retailer.
  Mike Ashley’s retail group – which is the largest shareholder in the online business – increased its holdings from 15.1% to 16.5%.
  It comes as the group raised its stake in Boohoo rival Asos last week to 23%, up from 22.7%.Subscribe to Retail Gazette for free
  Sign up here to get the latest news straight into your inbo
  
  Read more

• Asos warns of full-year loss as it delays results

  25-10-2023 08:50 via retailgazette.co.uk
  
  Asos has warned that its annual earnings are set to fall short of previous expectations as it delays the release of its full-year results for a week.
  The fast fashion retailer said it was set to report a second half adjusted EBIT of more than £38m, resulting in a full-year adjusted EBIT loss of no more than £31m.
  It expects to report an adjusted group revenue of £3.5bn for the year to 3 September 2023.
  Asos announced on Tuesday it would publish its results on November 1 to allo
  
  Read more

• John Lewis boss warns on store safety as ‘organised gangs’ turn to shoplifting

  25-10-2023 08:33 via retailgazette.co.uk
  
  John Lewis boss Sharon White has expressed concerns for the safety of the Partnership’s store staff amid a rise of “organised gangs” who are targeting high-value items in their looting.
  The chairwoman said criminals were being spurred on by the lack of police response, which has reduced the fear of punishment for the crime.
  Speaking at a Policy Exchange think tank on Tuesday, she said: “It feels like in the last year we have moved from putting an extra six eggs in the sho
  
  Read more

• John Lewis boss fears for store safety as ‘organised gangs’ turn to shoplifting

  25-10-2023 08:33 via retailgazette.co.uk
  
  John Lewis boss Sharon White has expressed concerns for the safety of the Partnership’s store staff amid a rise of “organised gangs” targeting high-value items in their looting.
  The chairwoman said criminals were being spurred on by the lack of police response, which has reduced the fear of punishment for the crime.
  Speaking at a Policy Exchange think tank on Tuesday, she said: “It feels like in the last year we have moved from putting an extra six eggs in the shopping ba
  
  Read more

• Interview: How Wish aims to compete with rivals Shein and Temu

  25-10-2023 08:00 via retailgazette.co.uk
  
  Wish was once the big new disruptor on the retail scene, offering pretty much everything, from the latest fashion trends and pet accessories to household gadgets you weren’t aware existed but you now can’t live without.
  The US website shot to fame in 2018 for its cheap prices – and incredibly long delivery times – and quickly became the most downloaded shopping app worldwide, doubling its revenue that year alone to £1.5bn ($1.9bn).
  That was until rivals like Shein a
  
  Read more

• Vinted weighs €200mn share sale as sustainable fashion booms

  25-10-2023 06:00
  Europe’s top online marketplace for used clothes is working with Morgan Stanley to consider its options
  
  Read more

• Virgin Wines posts fall in revenue

  25-10-2023 02:00 via theretailbulletin.com
  
  Virgin Wines has posted annual revenue of £59 million compared to £69.2 million in the prior year. In the 12 months to 30 June, adjusted pre-tax... View Article
  
  Read more

• Shalom Lloyd: Celebrating Black History Month with resilience, transparency and impact

  25-10-2023 02:00 via theretailbulletin.com
  
  In a momentous celebration of Black History Month, Shalom Lloyd, the visionary founder of Naturally Tiwa Skincare, has been selected as one of eleven pioneering Black... View Article
  
  Read more

• ScS to be acquired by Italian furniture group

  25-10-2023 02:00 via theretailbulletin.com
  
  ScS is to be acquired by Italian furniture group Poltronesofà. The deal values the Sunderland-based sofa retailer at £99.4 million. Poltronesofà said the move will form... View Article
  
  Read more

• ScS hails ‘resilient’ year

  25-10-2023 02:00 via theretailbulletin.com
  
  Sofa retailer ScS has reported a “resilient” year as it continues to grow its market share. In the 52 weeks to 29 July, the Sunderland-based company... View Article
  
  Read more

• Poundland to open 75 stores in three months to December

  25-10-2023 02:00 via theretailbulletin.com
  
  Poundland today confirmed it intends to open or relocate 75 stores over the three months to the end of December – the largest three-month growth programme... View Article
  
  Read more

• Decathlon launches BuyBack service

  25-10-2023 02:00 via theretailbulletin.com
  
  Sports retailer Decathlon has launched a BuyBack service across its 50 UK stores where customers are given in-store credit for returning products that they may have... View Article
  
  Read more

• Cat Deeley named as Ella & Jo’s Beauty Ambassador for UK launch

  25-10-2023 02:00 via theretailbulletin.com
  
  Ella & Jo Cosmetics have announced their UK launch in partnership with their new Beauty  Ambassador, TV presenter Cat Deeley.  Speaking on the partnership Cat says, “I loved the products... View Article
  
  Read more

• Benefit Cosmetics joins British Beauty Council as supporting patrons

  25-10-2023 02:00 via theretailbulletin.com
  
  Benefit Cosmetics, part of the world’s leading luxury products group LVMH, is proud to be joining British Beauty Council as supporting Patrons. Here in the UK,... View Article
  
  Read more

• Arket to open first physical store in Italy

  25-10-2023 02:00 via theretailbulletin.com
  
  The Arket fashion and lifestyle brand is to open its first physical location in Italy with the launch of a flagship store in Milan. Due to... View Article
  
  Read more

Follow @retailuknws on Twitter!