Retail news

• Adidas plunges to first loss in 30 years after Yeezy scandal

  13-03-2024 21:26 via retailgazette.co.uk
  
  Adidas has posted its first loss in over 30 years following the financial fallout from abandoning its deal with rapper Kanye West.
  The sportswear giant reported a loss of £50m (€58m) in 2023, compared to a £217m (€254m) profit the year before, as sales remained flat on a currency-neutral basis.
  Chief executive Bjorn Gulden said the group’s performance last year was “by far not good enough” but the end of 2023 was “better than what I had expected at t
  
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• Clicks and Mortar: The Turbulent Future of the High Street

  13-03-2024 18:16 via theretailbulletin.com
  
  Will retail stores exist in the future? The future of the high street hangs in the balance due to significant digital advancement and shoppers’ evolving habits.... View Article
  
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• Dobbies invites nominations for national community initiative

  13-03-2024 17:18 via theretailbulletin.com
  
  Dobbies, the premier garden centre in the UK, is proud to announce the launch of the Dobbies Community Gardens initiative. This new programme is designed to... View Article
  
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• Empowering Portsmouth’s Youth: ‘Made in Portsmouth’ challenge ignites innovation

  13-03-2024 17:08 via theretailbulletin.com
  
  Gunwharf Quays has announced the launch of the ‘Made in Portsmouth’ enterprise challenge, now in its sixth iteration. This year, students from Admiral Lord Nelson School,... View Article
  
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• Asda’s second store strike dates confirmed for Easter weekend

  13-03-2024 16:24 via retailgazette.co.uk
  
  Asda workers at its Wisbech store are set to strike during Easter weekend, one of the supermarket’s busiest times of the year, the GMB union has warned.
  Roughly 170 staff members will walk out on 29 and 30 March in a 48 hour strike, the trade union said.
  GMB claimed industrial action had been triggered by hour cuts and a rise in a bullying management culture.
  It added that workers were also angry over “poor levels of training and support for their job roles, the equal pay claim dragg
  
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• Fed welcomes new report aimed at tackling retail crime

  13-03-2024 16:08 via theretailbulletin.com
  
  The Federation of Independent Retailers (the Fed) says it is pleased to see police and crime commissioners (PCCS) across England and Wales are responding to its... View Article
  
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• Morrisons sheds more than 8,800 jobs during another year of £1bn-plus losses

  13-03-2024 14:20
  
  Latest annual accounts show supermarket paying price for debts taken on during 2021 takeoverBusiness live – latest updatesMorrisons has revealed it cut more than 8,800 jobs last year – almost 8% of the total workforce – while making a loss of more than £1bn, in part because of the rising cost of debts incurred during a private equity takeover in 2021.The UK’s fifth-largest supermarket chain had to pay finance costs of £735m up from £590m the year before,
  
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• Eli Lilly strikes drug dispensing deal with Amazon

  13-03-2024 13:49 via ft.com
  Retail group agrees first partnership with a big drug company since launching online pharmacy business in 2020
  
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• Hopes of UK exit from recession boosted as GDP rises in January

  13-03-2024 13:08
  
  Monthly increase of 0.2% after surge in high street and online spending offers relief for government A surge in high street and online spending helped Britain’s economy return to growth in January, boosting hopes that the recession of late 2023 will be short-lived.The Office for National Statistics (ONS) said national output – as measured by gross domestic product (GDP) – rose by 0.2% in the first month of 2024, largely as a result of a sharp recovery in retail sales after Dece
  
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• Hot off the press: 2024 tax trends report

  13-03-2024 13:00 via retailgazette.co.uk
  
  This complimentary report covers key changes you need to know to maintain compliance.
  We dig into impactful legislative updates, emerging trends in taxation and compliance, tax changes affecting a variety of industries, intriguing insights including why 72% of CEOs surveyed are anticipating a U.S. recession over the next 12 to 18 months and so much more.
  Be among the first to know about tax compliance changes and potential challenges for your business with your copy of Avalara Tax Changes 2
  
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• Aldi donates over 2.5 million meals in a year through partnership with Company Shop

  13-03-2024 13:00 via theretailbulletin.com
  
  Aldi is celebrating a significant milestone in its partnership with surplus food and household products redistributor, Company Shop Group. In the past year, Britain’s fourth-largest supermarket... View Article
  
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• Zara owner Inditex adds €1.8bn in logistics ‘muscle’ to power sales growth

  13-03-2024 12:30 via ft.com
  Spanish group’s shares jump as it reports ‘strong start’ to quarter
  
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• [Interview] PiRA Judge: Alison Payne, COOK

  13-03-2024 12:05 via theretailbulletin.com
  
  Meet Alison Payne, People Director at COOK, who is joining us on the judging panel for the People in Retail Awards 2024. With a background in... View Article
  
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• Sephora and Next to open flagships at Newcastle’s Eldon Square

  13-03-2024 11:59 via retailgazette.co.uk
  
  Sephora and Next are set to open new stores in Newcastle’s Eldon Square later this year as the landlord unveiled a new partnership with the local council to accelerate planning applications.
  Next has signed a ten-year lease to open a 61,000 sq ft department store inside the former Debenhams unit in November.
  Beauty giant Sephora will also unveil a new 6,600 sq ft flagship later this year, making it the brand’s fourth location in the UK.
  The new openings come as Eldon Square revealed
  
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• Zalando targets return to growth as it unveils ‘ecosystem’ strategy

  13-03-2024 11:13 via retailgazette.co.uk
  
  Zalando has forecast a return to growth this year as it revealed it will be opening up its logistics business to more players, describing it as a new evolved pan-European “ecosystem”, in a bid to boost to its performance.
  In a statement, the German fashion giant said the updated evolved “ecosystem” strategy would help the business drive growth through 2028 after its gross merchandise volume slipped 1.1% to €14.6bn in 2023.
  It said it will boost its B2B business by &l
  
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• Morrisons reports more than £1bn loss as debt pile incurs rising costs

  13-03-2024 11:01
  
  Latest annual accounts show supermarket paying price for debts taken on during 2021 takeoverBusiness live – latest updatesMorrisons has revealed it made a loss of more than £1bn last year, in part because of the rising cost of debts incurred during a private equity takeover in 2021.The UK’s fifth-largest supermarket had to pay finance costs of £735m, up from £590m the year before, according to its latest annual accounts for the year to 29 October. Continue reading..
  
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• Lego profits shaken by the most challenging toy market in 15 years

  13-03-2024 10:46 via retailgazette.co.uk
  
  Lego profits were hit by the most difficult toy market in over 15 years, as it warned its business would remain under pressure in 2024.
  The Danish toy retailer saw net profit drop 5% to £1.50bn in 2023, while it pulled in annual sales of £7.55bn, marking a 2% rise from 2022.
  The company beat rival brands with a 4% uplift in sales, as the global toy market declined 7% last year.
  The rise was supported by strong growth in the US and central and eastern Europe, but was counteracted by p
  
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• Marks & Spencer names new lingerie director

  13-03-2024 10:18 via retailgazette.co.uk
  Marks & Spencer has named Charlotte Davies as its new lingerie director.
  At the end of June, Davies will officially step in the role, transitioning from her current job as chief product officer at European lingerie, swimwear, and nightwear brand Hunkemöller, where she has served since 2015.
  The appointment comes as Laura Charles retires from the role at the end of March, after over decade with the high street titan, Drapers reports.
  With a career spanning almost four decades in the fash
  
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• Zara owner Inditex unveils £1.5bn logistics investment as profits jump

  13-03-2024 09:59 via retailgazette.co.uk
  
  Zara owner Inditex has unveiled a £1.5bn investment plan to bolster its logistics operations as it posts a near 30% jump in full-year profits.Subscribe to Retail Gazette for free
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• Matches CEO and CFO exit following administration

  13-03-2024 09:57 via retailgazette.co.uk
  
  Matches CEO Nick Beighton and CFO Dave Murray have both left the fashion retailer after it fell into administration last week.
  Both executives are understood to be part of the 273 job cuts announced on 8 March, Drapers reports.
  Former Asos boss Beighton took on the top job at Matches back in July 2022 following his departure from Asos after over a decade, having transformed the platform into a £4bn operation.
  He had been spearheading a turnaround strategy focused on enhancing curation and
  
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• Music Magpie benefits from margin improvement and overhead reduction

  13-03-2024 09:44 via theretailbulletin.com
  
  Music Magpie grew its adjusted EBITDA by 15.4% to £7.5 million in the year to 30 November after it benefited from tight control of margins and... View Article
  
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• Zara owner Inditex says first quarter off to ‘strong start’

  13-03-2024 09:40 via ft.com
  World’s largest fashion retailer has managed to lift prices and profits in 2023
  
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• Waitrose under fire for loyalty scheme change as shoppers switch to M&S

  13-03-2024 09:37 via retailgazette.co.uk
  
  Waitrose has been criticised for changing its loyalty scheme so that “weekly” vouchers may now only be delivered from “time-to-time”.
  Under the change, personalised discount vouchers given to members of the supermarket‘s myWaitrose loyalty scheme each week to grant money off shops are no longer guaranteed, and may take up to four weeks to arrive.
  Shoppers were previously “entitled to two vouchers each week,” which could be spent in-store or online the ne
  
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• Claire’s partners with Walgreens

  13-03-2024 08:58 via theretailbulletin.com
  
  Claire’s has embarked on a collaboration with Walgreens in the US as part of its strategy to extend its brand through global partnerships with leading retailers.... View Article
  
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• Amazon faces more strikes at two UK sites this month

  13-03-2024 08:55 via retailgazette.co.uk
  
  Amazon will face further strikes at its Coventry and Birmingham sites, the GMB union has confirmed.
  Staff are set to walkout at the retailer’s Coventry fulfilment centre on 19 and 20 March, and will down tools at the new Birmingham warehouse on 27 and 28 March.
  The strike dates come days after the trade union’s members at Amazon submitted an application for mandatory recognition at the ecommerce giant to the Central Arbitration Committee (CAC).
  The government body can force businesse
  
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• Shoe Zone trading “marginally below” expectations

  13-03-2024 08:48 via theretailbulletin.com
  
  Shoe Zone has warned that it is trading is marginally below expectations following a range of issues. The footwear retailer said it has been impacted by... View Article
  
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• Solihull’s Touchwood welcomes Oliver Bonas to its line-up

  13-03-2024 08:47 via theretailbulletin.com
  
  The Touchwood shopping centre Solihull is approaching full occupancy following the addition of Oliver Bonas to its line-up. The fashion and homeware retailer has taken a... View Article
  
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• Morrisons plunges further into the red as debt interest payments surge

  13-03-2024 08:30 via retailgazette.co.uk
  
  Morrisons pulled in a £1bn loss last year, as debt interest payments related to its private equity takeover soared.
  Accounts for the grocery giant’s parent company, Market Topco, revealed it fell to a pre-tax loss of £1.1bn for the year ended October, as its interest costs surged to £735m.
  These were related to external debt and inter-company loans, with its debt-financing bill 23% above the £593m incurred the year prior.
  Sales slumped to £18.4bn from £1
  
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• Morrisons makes £1bn loss as debt interest payments surge

  13-03-2024 08:30 via retailgazette.co.uk
  
  Morrisons pulled in a £1bn loss last year, as debt interest payments related to its private equity takeover soared.
  Accounts for the grocery giant’s parent company, Market Topco, revealed it fell to a pre-tax loss of £1.1bn for the year ended October, as its interest costs surged to £735m.
  These were related to external debt and inter-company loans, with its debt-financing bill 23% above the £593m incurred the year prior.
  Sales slumped to £18.4bn from £1
  
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• Barker and Stonehouse introduces hydrogen delivery vehicle prototype

  13-03-2024 07:47 via theretailbulletin.com
  
  Furniture retailer Barker and Stonehouse is to trial of a prototype hydrogen delivery vehicle as it looks to reduce emissions above and beyond its own carbon... View Article
  
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