Retail news

• Walgreens shares plummet as discounts and thefts cut into profits

  27-06-2024 20:28
  Owner of Boots and Duane Reade sees stretched customers and lower prescription reimbursements hitting margins
  
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• H&M warns on slow June despite strong first half

  27-06-2024 17:45 via retailgazette.co.uk
  
  H&M’s share price tumbled 12.5% as it revealed that sales are expected to fall 6% in June due to “unstable weather”.
  It comes despite the new CEO Daniel Ervér hailing its “best results for many years” in its second quarter.
  The fashion giant’s sales inched up 1% over the first half to 31 May – on the back of 3% growth in its second quarter – and gross profit increased 8.9% to SEK 61,224 m (£456m).
  H&M highlighted that its June
  
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• Currys CEO: AI phones and PCs are ‘most exciting innovation since the tablet’

  27-06-2024 16:50 via retailgazette.co.uk
  
  Currys chief executive Alex Baldock said AI-powered products are “the single most exciting new product innovation since the tablet in 2010” as they start to drive sales at the electricals retailer.
  He singled out the Samsung Galaxy S24 as “one of our best sellers at the moment and is one of reasons that our mobile category is back into profitable growth and market share gains”.
  He praised AI-powered devices for their practical benefits, stating they “help consu
  
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• Is Gap getting its ‘Kenergy’ back?

  27-06-2024 16:15
  There are signs the group — under new CEO and ex-Mattel executive Richard Dickson — is winning its way back into shoppers’ drawers
  
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• Wickes Sees 80% surge in community programme applications amidst cost-of-living crisis

  27-06-2024 15:40 via theretailbulletin.com
  
  Half of applicants are schools as demand for free products rises among charities and community groups Home improvement retailer Wickes announced an 80% year-on-year increase in... View Article
  
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• Moonpig sales and profits surge as it ramps up AI

  27-06-2024 15:10 via retailgazette.co.uk
  
  Moonpig has seen strong growth in sales and profits for the past financial year, driven by accelerated adoption of AI.
  While the greetings card retailer encountered struggles earlier this year, its latest results showed a 6.6% increase in revenue, climbing to £341.1m, underpinned by growth in orders and average order value.
  Meanwhile, adjusted pre-tax profit increased to £58.2m from a prior £55.4m as stronger trading was offset in part by higher interest charges and the amortis
  
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• HelloFresh reaches 10 million meal donation milestone to The Felix Project

  27-06-2024 14:54 via theretailbulletin.com
  
  HelloFresh is celebrating a milestone donation of 10 million meals to its long-term charity partner, The Felix Project. The Felix Project supports people experiencing food insecurity... View Article
  
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• Shein: FCA urged to block London listing over forced labour concerns

  27-06-2024 14:52 via retailgazette.co.uk
  
  A UK-based human rights group is calling on the Financial Conduct Authority (FCA) to block Shein’s application to list on the London Stock Exchange amid concerns about its labour practices.
  Stop Uyghur Genocide, alleged that minority Uyghur people are being used as forced labour in the Chinese fashion giant’s cotton supply in China’s north-western Xinjiang region, and is calling on the financial regulator to refuse the application on legal grounds, the Financial Times reported
  
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• Superdrug opens largest UK store at Westfield Stratford

  27-06-2024 14:46 via retailgazette.co.uk
  
  Superdrug will open the doors to its biggest UK store on tomorrow (28 June) in Westfield Stratford, London.
  The health and beauty giant’s new “bigger and better” 9,890 sq. ft store, which has doubled in size, comes as the business looks to expand its bricks-and-mortar retail footprint.
  Last month it revealed plans to open 25 new stores in 2024, as it celebrates its 60th year on the British high street.
  The retailer’s newly extended store will offer customers access to the
  
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• Amazon to launch discount Chinese goods section in Temu fight back

  27-06-2024 14:45 via retailgazette.co.uk
  
  Amazon is set to launch a new discount marketplace with budget-friendly items shipped directly from China, Reuters reports. This move comes as the ecommerce giant intensifies its competition with fast-growing discount platforms such as Temu and Shein.
  The new section on Amazon’s platform will spotlight unbranded fashion, home goods and everyday essentials. 
  Products will be delivered to international customers within a timeframe of nine to 11 days, according to internal documents obta
  
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• Britain’s once-booming bike market slumps

  27-06-2024 14:22
  Retailers including Halfords flag sinking demand as customers avoid big purchases
  
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• Boots delivers 13th consecutive quarter of growth

  27-06-2024 13:40 via retailgazette.co.uk
  
  Boots has delivered a thirteenth consecutive quarter of market share growth with both retail and pharmacy sales up in the three months ended 31 May 2024.
  Retail sales at the health and beauty giant were up by 6%, on top of a 13% increase in the prior year quarter.
  It said “digital sales continue to grow rapidly” up 13.8%, on top of 25% growth in the year ago quarter, as investment in the Boots App “resulted in more customers choosing to shop personalised offers” via their
  
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• Halfords posts drop in profit as demand for bikes wanes

  27-06-2024 13:07 via theretailbulletin.com
  
  Halfords has posted a drop in full year profit as it warned of soft trading in its new financial year. The car parts and cycling retailer... View Article
  
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• [ ON-DEMAND ] HR: The changing face of 1:1s: Fixing the people leader skills gap

  27-06-2024 12:38 via theretailbulletin.com
  
  The effectiveness of people managers is the single biggest challenge faced by organisations today. Over the last 10 years, the impact of numerous societal shifts such... View Article
  
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• Rituals doubles store size at Manchester Arndale

  27-06-2024 11:44 via theretailbulletin.com
  
  Rituals is increasing its presence at Manchester Arndale after signing for a new 2,194 square foot store. The beauty and wellbeing brand is relocating to a... View Article
  
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• ReturnBear announces strategic expansion into the United Kingdom

  27-06-2024 11:44 via theretailbulletin.com
  
  ReturnBear’s Expansion Means Faster, Verified Refunds for Cross-Border Returns Today, ReturnBear, the reverse logistics solution for end-to-end eCommerce returns, announces its strategic move to expand its operations... View Article
  
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• Ascensos partners with SentiSum to transform customer experience.

  27-06-2024 11:44 via theretailbulletin.com
  
  Ascensos, a leader in customer experience management, is proud to announce an innovative partnership with SentiSum, an AI-powered CX analytics platform. This collaboration aims to transform... View Article
  
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• Currys looks to AI tech to drive growth as profits climb

  27-06-2024 10:59
  
  Retailer says AI-enabled phones and computers helped pre-tax profits rise by 10% despite UK sales slideBusiness live – latest updatesThe boss of the UK electrical chain Currys has said it stands to gain from the rise of artificial intelligence, with AI-enabled mobile phones and computers selling well, as the company battles to get back on track.Samsung’s Galaxy S24 mobile phone, which uses AI tools to offer better photography and instant translation, is one of its bestsellers, alongs
  
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• Watches of Switzerland Group ‘cautiously optimistic’ despite drop in full year profit

  27-06-2024 10:50 via theretailbulletin.com
  
  Watches of Switzerland Group has said it is cautiously optimistic about the year ahead despite reporting a 40% decline in annual pre-tax profit to £92 million. ... View Article
  
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• Exotec Selects Clustag as Solution Partner for Item-Level RFID Solutions

  27-06-2024 10:18 via theretailbulletin.com
  
  New project to be deployed in the Netherlands for a world-renowned fashion brand Clustag by Rielec, a global leader in innovative RFID solutions, has today announced... View Article
  
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• Currys says performance is improving as it posts 10% profit uplift

  27-06-2024 10:18 via theretailbulletin.com
  
  Currys has said its performance has continued to improve as it reported a 10% increase in adjusted pre-tax profit to £118 million in the year to... View Article
  
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• Quiz UK sales ‘severely impacted’ by cost-of-living pressures

  27-06-2024 09:45 via retailgazette.co.uk
  
  Quiz sales have continued to decline amid challenging conditions with online traffic “severely impacted”.
  Over April and May, the fashion retailer’s sales dipped £1.7m year on year to £13.8m. Despite this, its gross margin remained consistent with last year.
  The brand saw a 12% uptick in demand for its products in international markets and sales within its stores remained stable on a like-for-like basis year-on-year.However, it said its UK online operations felt a s
  
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• Watches of Switzerland UK sales slip as price rises and tourist tax hit trade

  27-06-2024 09:39 via retailgazette.co.uk
  
  Watches of Switzerland UK and Europe full-year sales fell 5% – in contrast to an 11% jump in the US – as group pre-tax profit plunged 40% to £90m.
  On an adjusted EBITDA basis, profits fell 11% to £179m.
  CEO Brian Duffy said the UK and Europe was impacted by significant price increases at a time of reduced consumer confidence influencing discretionary spending.However, he sees these pressures easing in its current financial year and flagged that the UK is “starting t
  
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• Watches of Switzerland UK sales plunge as price rises and tourist tax hit trade

  27-06-2024 09:39 via retailgazette.co.uk
  
  Watches of Switzerland UK and Europe full-year sales fell 5% – in contrast to an 11% jump in the US – as group pre-tax profit plunged 40% to £90m.
  On an adjusted EBITDA basis, profits fell 11% to £179m.
  CEO Brian Duffy said the UK and Europe was impacted by significant price increases at a time of reduced consumer confidence influencing discretionary spending.However, he sees these pressures easing in its current financial year and flagged that the UK is “starting t
  
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• H&M chief backs business model despite sales drop and online rivals’ threat

  27-06-2024 09:36
  Daniel Ervér says having physical stores and a website puts business in ‘a very strong position’
  
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• Amazon set to take on Temu and Shein with new discount section

  27-06-2024 09:24
  Ecommerce giant seeks to mirror cut-price rivals’ business model of direct-from-China offerings
  
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• Original Penguin expands into Spain

  27-06-2024 09:16 via theretailbulletin.com
  
  US lifestyle brand Original Penguin has entered Spain with the opening of a flagship store in Madrid. Situated at Jorge Juan 11 in the upmarket Barrio... View Article
  
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• Moonpig revenues boosted by strong customer loyalty

  27-06-2024 09:16 via theretailbulletin.com
  
  Online greeting card and gifting retailer Moonpig Group has posted growth in annual revenue and profit after its investment in innovation and technology helped it to... View Article
  
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• Halfords profits fall amid market challenges

  27-06-2024 09:00 via retailgazette.co.uk
  
  Halfords has seen a fall in annual profits as it grapples with “very tough markets”.
  For the year ended March 29, the cycling and motoring retailer posted an underlying pre-tax profit of £36.1m, down 18.3% from last year, but in line with revised market guidance.
  While revenue grew 7.9% to £1.7bn, Halfords said tough trading conditions persist, and that it expects volumes to fall or be flat in key product areas this year as it sees continuing declines in the consumer
  
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• Currys CEO hails ‘improving momentum’ as profit climbs 10%

  27-06-2024 08:40 via retailgazette.co.uk
  
  Currys has seen its full year profit before tax rise 10% year-on-year as its trading momentum improved throughout the year.
  In the year to April 27, the electricals giant made an adjusted profit before tax of £118m, in line with its guidance which was upgraded last month and up from £107m made in 2022/23.
  Currys’ CEO Alex Baldock said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK&I, our Nordics business is getti
  
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• Currys CEO hails ‘improving momentum’ as full-year profits climb 10%

  27-06-2024 08:40 via retailgazette.co.uk
  
  Currys full-year pre-tax profit jumped 10% year-on-year as its trading momentum improved throughout the year.
  In the year to April 27, the electricals giant made an adjusted profit before tax of £118m, in line with its guidance which was upgraded last month and up from the £107m made in 2022/23.
  Currys’ CEO Alex Baldock said: “Our performance continues to strengthen. We’ve kept up our encouraging momentum in the UK and Ireland, our Nordics business is getting b
  
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• Wickes extends kitchen collection with new colours and styles

  27-06-2024 07:56 via theretailbulletin.com
  
  Home improvement retailer Wickes has expanded its kitchen collection to include a range of new colour ways and designs. The move means it now has 55... View Article
  
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• Morrisons aims to open 400 more convenience stores by 2025

  27-06-2024 07:38 via theretailbulletin.com
  
  Morrisons is aiming to open 400 more convenience stores to take its total to 2,000 in 2025. The news comes as the supermarket announced its second... View Article
  
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• Wilko to open new Poole store

  27-06-2024 07:11 via theretailbulletin.com
  
  Wilko is to open one of its new concept stores in Poole later this summer. Situated at the town’s Dolphin Centre, the store will span 23,500... View Article
  
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• Cost of toothpaste can double through the year in UK, study finds

  27-06-2024 01:01
  
  Research discovers the cost of some healthcare products fluctuates wildly, according to time of year you buy themDentists agree that brushing twice a day is the best way to look after your teeth. But depending on what month it is, dental hygiene can be a dramatically more expensive habit to maintain.New research has shown that the cost of a tube of toothpaste at some times of the year can be double its price at other times. The price of other popular health products such as Gillette razors can a
  
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