Retail news

• Macy’s says employee hid more than $132mn in delivery expenses

  25-11-2024 22:07 via ft.com
  US retailer delays release of third-quarter results after discovering accounting entries issue spanning past three years
  
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• Starbucks has been outclassed by local rivals in China

  25-11-2024 17:33 via ft.com
  
  Coffee giant would benefit from a helping hand from a local partner
  
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• Macy’s says single employee was responsible for hiding up to $154m in expenses

  25-11-2024 17:16
  Largest US department store chain delays release of quarterly earnings report to investigate ‘erroneous accounting entries’Macy’s revealed on Monday that a single employee was responsible for hiding up to $154m in expenses over the course of nearly three years, prompting the company to delay the release of its quarterly earnings report.The US’s largest department store chain, which owns other brands such as Bloomingdale’s and Bluemercury, found so many internal acco
  
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• Kingfisher shares tumble as retailer warns on sales drop and Budget hit

  25-11-2024 17:06 via ft.com
  Owner of DIY chain B&Q reports decline in quarterly sales and extra costs from Budget
  
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• Lincolnshire Co-op hails positive trading year with sales up 6.1%

  25-11-2024 17:03 via theretailbulletin.com
  
  Lincolnshire Co-op has seen its annual sales grow by 6.1% to £375.6 million after a strong performance in food. In the year to 7 September, sales... View Article
  
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• What’s in store for returning Asda boss Allan Leighton?

  25-11-2024 16:36
  
  The ex-CEO turned the troubled supermarket around once before. Now he faces a new battle, from sorting retail basics to rebooting ITAllan Leighton faces a back to the future challenge as he once again takes charge at struggling Asda. Two decades on from his first spell turning around the supermarket chain, he has been appointed as its executive chair, tasked with repeating the feat.When Leighton, 71, left Asda in 2000 it was a scrappy challenger to Tesco and Sainsbury’s and he had just rev
  
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• Tesco to open over 150 Express stores in next 3 years

  25-11-2024 14:42 via retailgazette.co.uk
  
  Tesco is planning to open over 150 Express convenience stores in the UK over the next three years as it ramps up expansion plans.
  The changes, which will create more than 2,000 jobs in local communities, come as the grocery retailer celebrates the 30th anniversary of Tesco Express.
  The supermarket opened the doors of the first Express store in Barnes and Norbury, London in 1994 and now operates a total of 2,704 of the convenience sites. Related StoryWhich is the best retail Christmas ad of 2024?
  
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• M&S to cut prices overseas to boost growth

  25-11-2024 12:23 via retailgazette.co.uk
  
  M&S is set to slash prices in its overseas stores in a bid to boost its international business.
  CEO Stuart Machin said he was looking to “restore the competitiveness” of its stores outside the UK after finding they were “way out of kilter on price”.
  He noted that one of the retailer’s Singapore stores was around a third more expensive than its rivals.
  Machin explained that its international prices were higher because both M&S and its franchise partners were
  
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• In pictures: Sports Direct brings ‘elevated’ store concept to Milton Keynes

  25-11-2024 12:21 via retailgazette.co.uk
  
  Sports Direct has continued to roll out its “elevated” retail concept with a new 50,000sq ft two floor store at the Midsummer Place shopping centre in Milton Keynes.
  The store will house names including Nike, Adidas, Under Armour, Puma and Asics, as well as Frasers Group-owned brands USC, Evans Cycles, Game and Jack Wills.
  The sporting giant’s new store is the first in the UK to showcase Nike Strength, a premium training equipment range “designed to empower athletes of al
  
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• BRC urges public to stand against retail worker abuse this Christmas

  25-11-2024 10:39 via retailgazette.co.uk
  
  The British Retail Consortium (BRC) and its members are calling on the public to join them in making a stand against violence and abuse towards retail workers this Christmas as incidents soar.
  The move comes after the most recent crime survey from the trade association found incidents soared to 1,300 every day, with acts including threats with weapons, physical assaults and racial slurs.
  The trade body is looking to highlight that delivery drivers, who have already been subjected to abuse, physi
  
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• Boohoo fundraising secures lender consent

  25-11-2024 09:53 via retailgazette.co.uk
  
  Boohoo Group has received lender consent for its fundraising, which it claims will provide a “strong foundation from which to unlock and maximise shareholder value”.
  The fashion giant is planning to raise up to £39.3m via a share issue to help fund its turnaround plan after reporting a pre-tax loss of £147.3m in the six months to 31 August 2024.
  Boohoo chief executive Dan Finley said: “Concluding the fundraising process and securing support from the banking syndicat
  
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• Kingfisher tightens full year profit guidance

  25-11-2024 09:47 via theretailbulletin.com
  
  Home improvement group Kingfisher has tightened its full year profit guidance after reporting that its third quarter sales edged down 0.6% to £3.22 billion. In the... View Article
  
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• B&Q owner says budget uncertainty hit spending and tax rise will cost it £31m

  25-11-2024 09:32
  
  Kingfisher says it faced weak market in October, as Greggs also complains of cost of national insurance increaseBusiness live – latest updatesThe B&Q owner, Kingfisher, has said uncertainty around the UK government’s budget hit consumer spending, and it will pay an extra £31m in taxes after Rachel Reeves’s rise in national insurance.The DIY and building supplies retailer said it had seen “solid underlying trading in August and September” but that had chang
  
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• In pictures: Zara opens upsized 51,000sq ft Birmingham flagship

  25-11-2024 09:27 via retailgazette.co.uk
  
  Zara has opened an upsized 51,000sq ft flagship store at Birmingham’s Bullring & Grand Central shopping centre inside the former Debenhams department store.
  The fashion giant’s new store will showcase its full range of womenswear, menswear and childrenswear.
  The interior design is minimalist and features automated collection and returns points to deliver a seamless customer experience.This latest move is in line with Zara’s global flagship store strategy, which sees it focu
  
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• BRC calls on public to give retail workers the gift of a safe Christmas

  25-11-2024 08:57 via theretailbulletin.com
  
  As Black Friday approaches, the British Retail Consortium and its retail members are calling on the public to join them as they stand together against violence... View Article
  
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• H&M Group to close Monki stores as part of Weekday integration

  25-11-2024 08:56 via theretailbulletin.com
  
  H&M Group is preparing to close its Monki stores as it looks ahead to integrating the brand into Weekday’s platform. Cheap Monday joined Weekday in September... View Article
  
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• Zara opens upsized 51,000 square foot store at Bullring & Grand Central

  25-11-2024 08:55 via theretailbulletin.com
  
  Zara has opened an upsized store at Birmingham’s Bullring & Grand Central with the flagship measuring 51,000 square feet. The new store will act as a... View Article
  
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• H&M celebrates re-opening of flagship store in New York’s Times Square

  25-11-2024 08:52 via theretailbulletin.com
  
  H&M has celebrated the reopening of its flagship store in New York’s Times Square with a special appearance and ribbon cutting ceremony with Christina Aguilera. The... View Article
  
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• Data: UK shoppers to spend over £2bn on secondhand gifts this Christmas

  25-11-2024 08:41 via retailgazette.co.uk
  
  UK Shoppers plan to spend a total of £2.05bn on secondhand gifts over this festive season as pre-loved rises in popularity, new research from Vinted and Retail Economics has found.
  Sales of pre-loved gifts are forecast to make up 10.2% of the total UK Christmas gift market this year, with the category particularly popular among those aged 18-45. More than half (53%) of consumers in this age group buy secondhand items at least once a month.Of the shoppers surveyed, 84% said they are likely
  
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• B&Q owner Kingfisher narrows profit forecast amid flat sales

  25-11-2024 08:23 via retailgazette.co.uk
  
  Kingfisher posts flat sales for the third quarter, with sales in line or ahead of market expectations across its banners, despite a dip in consumer sentiment and weak market conditions in the UK and France.
  The B&Q and Screwfix owner reported total sales of £3.2bn for the quarter to 31 October,  a 0.6% decline, while like-for-like sales slipped 1.1%.
  While sales performance was solid in August and September, October saw a slowdown, driven by uncertainty in the UK and France relate
  
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• Ikea’s global retail boss on price cuts, marketplaces and why its betting big on sleep

  25-11-2024 08:00 via retailgazette.co.uk
  
  Ikea global retail boss Tolga Öncü is feeling chipper after finishing its last financial year on a high.
  Operating profits edged up 4% from £1.8bn (€2.2bn) to £1.9bn (€2.3bn) in the year to 31 August at Inter Ikea, the owner of the Swedish furniture giant, despite a 9% drop in sales, as the retailer decided to cut prices in the face of the cost-of-living crisis.
  “I am quite proud of the work that we have done during FY24,” he says, explaining the busin
  
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• Amazon workers in 20 countries to protest or strike on Black Friday

  25-11-2024 06:00
  
  Workers and their representatives to press US retailer to respect their rights and take action on the climate crisisThousands of Amazon workers are expected to protest or strike in more than 20 countries during Black Friday to press for better workers’ rights and climate action from the US retailer..Workers and representatives from unions and workers’ groups intend to join protests against the Seattle-based company’s practices between Black Friday and Cyber Monday (29 November
  
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