Retail news

• Panic over at John Lewis Partnership, but still a long way to go | Nils Pratley

  14-03-2024 19:10
  
  The pre-tax profit of £56m lags well behind the £400m that the group calls a sustainable annual returnIs the crisis over at the John Lewis Partnership? Not yet. A pre-tax profit of £56m was a big improvement from a thumping loss of £234m last time, but remember that the group’s definition of a sustainable annual return is £400m. That isn’t scheduled to be achieved until the financial year that ends in January 2028. There is still a long way to go.But the
  
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• John Lewis scraps non-retail profit target as it confirms it will not sell partnership stake

  14-03-2024 17:20 via retailgazette.co.uk
  
  John Lewis Partnership has scrapped its target of making 40% of its profits from non-retail activities by 2030 as it refreshes its turnaround plan.
  The new plan, which is introduced as the retail group revealed it bounced back into profit in its last financial year, “does not set a specific target” on the scale of non-retail activities, such as its efforts to build rental houses and its financial services arm.
  Chair Dame Sharon White put the change down to the economic environment. &
  
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• AS Watson Group Appoints CEO and Deputy CEO of Marionnaud Group

  14-03-2024 17:07 via theretailbulletin.com
  
  AS Watson Group today announced the appointments of Kulvinder Birring as CEO of Marionnaud Group and Gabriele Betti as Deputy CEO of Marionnaud Group, subsidiaries of... View Article
  
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• US retail sales bounce back in February; producer prices rise more than expected – as it happened

  14-03-2024 16:03
  
  US data dampens expectations of early interest rate cutsBuyer inquiries have risen for a second month in the UK housing market and listings also improved, according to surveyors and estate agents.The latest monthly survey from the Royal Institution of Chartered Surveyors said the near-term outlook is still cautious, in part due to the suspicion that the recent easing in mortgage rates is likely to stall as the timing and speed of interest rate cuts remain uncertain.The February RICS survey provi
  
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• US retail sales bounce back in February; producer prices rise more than expected – business live

  14-03-2024 15:08
  
  US data dampens expectations of early interest rate cutsBuyer inquiries have risen for a second month in the UK housing market and listings also improved, according to surveyors and estate agents.The latest monthly survey from the Royal Institution of Chartered Surveyors said the near-term outlook is still cautious, in part due to the suspicion that the recent easing in mortgage rates is likely to stall as the timing and speed of interest rate cuts remain uncertain.The February RICS survey provi
  
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• Next Beauty CEO Amanda Scott steps down

  14-03-2024 14:55 via retailgazette.co.uk
  
  Next Beauty chief executive Amanda Scott has resigned from her position at the company.
  Scott was at the helm of the retail giant’s beauty arm for almost five years, where she spearheaded its initial steps into the world of premium beauty.
  According to Retail Week, Scott has exited Next Beauty and now taken on advisory roles with other beauty brands.
  Scott has a wealth of experience in the beauty and retail sectors and prior to Next she was chief executive of Marie Claire.
  She’s also
  
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• Deliveroo trims losses as order values rise amid grocery inflation

  14-03-2024 14:30 via retailgazette.co.uk
  Deliveroo narrowed its losses by £262m to £32m in 2023, a significant improvement from the £294m loss seen in 2022 as the average amount spent on orders increased amid higher grocery price inflation.
  On an adjusted EBITDA level, the delivery app made a profit of £85m, compared to a £45m loss in 2023, as sales across the year edged up 3% to £2.03bn.
  The business benefitted as gross transaction value (GTV) per order rose 6% from £22.90 to £24.30 caus
  
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• Moonpig trades ‘in line with expectations’ as it secures new credit facility

  14-03-2024 14:21 via retailgazette.co.uk
  
  Moonpig has claimed its trading has remained in line with expectations across all of its brands in an update on its current financial year, and unveiled a new revolving credit facility.
  The card company said its growth for the current year ended 30 April had been supported by rising volume growth over the peaks of Christmas, Valentine’s Day and Mother’s Day.
  It noted that while the external environment remained “challenging,” expectations for its adjusted EBITDA and full-
  
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• Ann Summers appoints finance director

  14-03-2024 13:09 via theretailbulletin.com
  
  Ann Summers has announced that Kristina Moln-Page is being promoted to the role of finance director. Due to take up her new role on 1 July,... View Article
  
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• Welsh Water to pay £40m for misleading regulator; John Lewis back in profit but won’t pay a staff bonus – business live

  14-03-2024 12:00
  
  Ofwat investigation finds the utility misled customers and regulators on leakage and consumption performanceBuyer inquiries have risen for a second month in the UK housing market and listings also improved, according to surveyors and estate agents.The latest monthly survey from the Royal Institution of Chartered Surveyors said the near-term outlook is still cautious, in part due to the suspicion that the recent easing in mortgage rates is likely to stall as the timing and speed of interest rate
  
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• Car finance mis-selling unlikely to reach PPI scandal levels, says UK watchdog

  14-03-2024 11:31
  
  Financial Conduct Authority says prompt intervention should ensure wrongdoing will be dealt with efficientlyThe city watchdog has said its investigation into potential mis-selling in the car finance industry is unlikely to reach the scale of the PPI scandal, which saw banks pay out nearly £50bn over more than a decade.Nikhil Rathi, the chief executive of the Financial Conduct Authority, said he understood there was “uncertainty” about the scale of potential fines and compensati
  
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• Car finance mis-selling is not the next PPI scandal, says UK watchdog

  14-03-2024 11:31
  
  Financial Conduct Authority says prompt intervention should ensure wrongdoing will be dealt with efficientlyThe City watchdog has said potential mis-selling in the car finance industry is unlikely to mirror the lengthy PPI scandal, which led to banks paying out nearly £50bn over more than a decade.Nikhil Rathi, the chief executive of the Financial Conduct Authority, said he understood there was “uncertainty” about the scale of potential fines and compensation, but he played dow
  
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• Poundland to begin first TV advertising campaign for new clothing and GM ranges

  14-03-2024 10:20 via theretailbulletin.com
  
  Discount retailer Poundland is to begin advertising its all-new clothing, homewares and grocery ranges on UK and Ireland TV for the first time. Starting on 15... View Article
  
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• [Interview] A day in the life… John Stubbs, co-founder YesColours

  14-03-2024 10:12 via theretailbulletin.com
  
  John Stubbs, co-founder and driving force behind YesColours, brings a diverse and extensive background from various design-related sectors to his role. At the helm of this... View Article
  
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• [Interview] A day in the life… John Stubbs, CEO and Founder YesColours

  14-03-2024 10:12 via theretailbulletin.com
  
  John Stubbs, Founder and driving force behind YesColours, brings a diverse and extensive background from various design-related sectors to his role. At the helm of this... View Article
  
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• Under Armour founder takes back CEO role

  14-03-2024 10:10 via retailgazette.co.uk
  Under Armour founder Kevin Plank will be returning to the CEO role at the sportswear brand, replacing current boss Stephanie Linnartz.
  Plank founded the business in 1996 and served as CEO and chairman of the board until January 2020, when he was appointed executive chair and brand chief.Returning on 1 April, he is succeeding Linnartz who had held the top job for just over a year. She will remain an adviser to the company through 30 April.
  Following Plank’s appointment, the company said tha
  
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• Poundland launches first national TV campaign to attract new customers

  14-03-2024 09:51 via retailgazette.co.uk
  
  Poundland will be advertising its new clothing, homewares and grocery ranges on UK and Ireland TV for the first time.
  The discounter’s TV slots, fronted by Irish comedian Alan Devally, which will debut on 15 March and run until mid-April, showcasing “the significant value Poundland is now able to bring shoppers having completely revamped and extended into whole new categories.”
  Over the past few years the retailer has brought a sizeable chilled and frozen food offer to hundreds
  
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• John Lewis Partnership returns to profit but will not pay bonus

  14-03-2024 09:46 via theretailbulletin.com
  
  The John Lewis Partnership has returned to annual profit and announced that it will be investing significantly in the business as part of its refreshed plan.... View Article
  
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• Primark mulls click-and-collect trial expansion

  14-03-2024 09:32 via retailgazette.co.uk
  
  Primark is looking to expand its click-and-collect trial across further stores, with the possibility of launching the service to markets outside Britain, its CEO has confirmed.
  The fast fashion chain is currently trialling click-and-collect across 57 stores, for its womenswear and kidswear products.
  Speaking at the LIVE Retail Week x Grocer conference, Primark CEO Paul Marchant said: “It plays into our bricks-and-mortar strategy because it is driving more customers to the stores. They&rsqu
  
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• 14 store closures a day lead to 5,000 fewer UK shops

  14-03-2024 09:27 via retailgazette.co.uk
  
  Large scale retail restructuring and administrations such as Wilko led to a net of 14 store closures a day last year with 5,000 fewer shops now trading across the UK.
  Despite an increase in store openings, dominated by the likes of fast food sites and coffee shops, high profile collapses such as Wilko, Paperchase and Lloyds Pharmacy resulted in more closures than openings, according to research from LDC and accounting firm PwC.
  Although the 9,138 new openings in 2023 marked the highest rate sinc
  
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• 14 store closures a day lead to 5,000 fewer shops across the UK

  14-03-2024 09:27 via retailgazette.co.uk
  
  Large scale retail restructuring and administrations such as Wilko led to a net of 14 store closures a day last year with 5,000 fewer shops now trading across the UK.
  Despite an increase in store openings, dominated by the likes of fast food sites and coffee shops, high profile collapses such as Wilko, Paperchase and Lloyds Pharmacy resulted in more closures than openings, according to research from LDC and accounting firm PwC.
  Although the 9,138 new openings in 2023 marked the highest rate sinc
  
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• John Lewis Partnership returns to profit but pays no staff bonus

  14-03-2024 09:04 via retailgazette.co.uk
  
  John Lewis Partnership returned to profit in its last financial year, but confirmed it would not pay its staff a bonus for the third time in four years.
  The retail group pulled in pre-tax profit of £42m before exceptional items for the year ended 27 January, up from a £78m loss the year before.
  The partnership’s sales nudged up 1% on last year to £12.4bn, while total revenue rose 2% to £10.8bn.
  Waitrose sales advanced 5% to £7.7bn over the year as trading oper
  
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• John Lewis Partnership returns to profit but pays no bonus to staff

  14-03-2024 09:04 via retailgazette.co.uk
  
  John Lewis Partnership returned to profit in its last financial year, but confirmed it would not pay its staff a bonus for the third time in four years.
  The retail group pulled in pre-tax profit of £42m before exceptional items for the year ended 27 January, up from a £78m loss the year before.
  The partnership’s sales nudged up 1% on last year to £12.4bn, while total revenue rose 2% to £10.8bn.
  Waitrose sales advanced 5% to £7.7bn over the year as trading oper
  
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• John Lewis bounces back to profit but no bonus for workers again

  14-03-2024 09:04
  
  Chain says ‘plan is working’ after 2% rise in sales helps transforms £234m loss in 2023 into £56m profitThe owner of John Lewis and Waitrose has returned to annual profit but will not pay its workers a bonus for the second year in a row.The John Lewis Partnership (JLP) said it made a £56m pre-tax profit in the year to 27 January, compared with a £234m loss in the previous year. Continue reading...
  
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• Primark unveils collaboration with Hello Kitty and launches Hello Kitty Cafés in select stores

  14-03-2024 09:00 via theretailbulletin.com
  
  Primark has partnered with Sanrio on a new collection inspired by Hello Kitty. Celebrating 50 years of the pop culture icon, the move has also included... View Article
  
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• Nearly 5,000 UK chain stores closed last year at rate of 14 a day

  14-03-2024 09:00
  
  Pharmacies, banks and pubs retreat from town and city centres knocked by failure of Wilko last yearAlmost 5,000 more chain stores were left empty last year – a rate of about 14 closures a day – as high streets were hurt by the failure of Wilko and the retreat of banks and pubs.Pharmacies were the biggest loser with 787 chain outlets disappearing – although many of these were Lloyds outlets which were taken over by independents. Continue reading...
  
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• Does my bum look bigger in these? M&S hopes to cash in on ‘Kim Kardashian effect’

  14-03-2024 09:00
  
  High street retailer unveils padded shorts designed to give wearer a ‘curvy, contoured’ derriere“Does my bum look big in this?” When it comes to M&S’s bottom-shaping shorts, the desired answer is a definite yes.At a preview of its summer collection on Thursday, the high street retailer unveiled a pair of £15 shorts featuring padding designed to enhance the wearer’s buttocks. Continue reading...
  
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• Marks & Spencer appoints new lingerie director

  14-03-2024 08:34 via theretailbulletin.com
  
  Marks & Spencer has appointed Charlotte Davies as its new lingerie director. According to Drapers, she will succeed Laura Charles who is stepping down from the... View Article
  
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• Marks & Spencer appoints Charlotte Davies as lingerie director

  14-03-2024 08:34 via theretailbulletin.com
  
  Marks & Spencer has appointed Charlotte Davies as its new lingerie director. According to Drapers, she will succeed Laura Charles who is stepping down from the... View Article
  
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• John Lewis returns to profit but pays no staff bonus; bitcoin hits new high – business live

  14-03-2024 08:27
  
  Department store chain reports £56m profit but says improving its business must take priority over paying a bonus Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The John Lewis Partnership has swung back to an annual profit but will not pay a bonus to staff for the second year in a row, saying investing in pay and improving its business must take priority.12.30pm GMT: US producer prices for February (forecast: 0.3%; prior: 0.3%)12.
  
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• John Lewis Partnership returns to profit after three years of losses

  14-03-2024 08:24
  Retail group behind Waitrose plans to increase investment
  
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• John Lewis Partnership returns to profit after 3 years of losses

  14-03-2024 08:24
  Retail group says it plans to increase investment rather than pay staff a bonus
  
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• Foot Locker appoints chief human resources officer

  14-03-2024 07:46 via theretailbulletin.com
  
  Foot Locker has appointed Cindy Carlisle as executive vice president and chief human resources officer. She previously worked with Stryker Corporation where she was group vice... View Article
  
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• Hobbs joins line-up at Atria Watford

  14-03-2024 07:44 via theretailbulletin.com
  
  Womenswear brand Hobbs has opened a new store at Atria Watford. The 3,300 square foot space will showcase the brand’s latest collections, including everyday, workwear and... View Article
  
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• Australia’s best dishwashing liquid is also one of the cheapest, 2024 Choice test finds

  14-03-2024 07:17
  
  Three Aldi products, which cost a quarter of the price of other high-scoring brands, take top three placesFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcast
  There’s no reason to splurge on expensive dishwashing liquids. Consumer advocacy group Choice has named some of Australia’s cheapest detergents among the best on the market.Choice put 50 dishwashing liquids to the test over three weeks, with Aldi’s
  
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