Asos losses widened to £120m in its half year as sales plummeted amid its turnaround plan.
Adjusted pre-tax losses fell by almost a third over the half to 3 March, as group sales were down 18%.
Despite this, Asos reiterated its full-year guidance of a revenues fall of between 5 to 15% alongside positive adjusted EBITDA.
The online retailer said it was ahead of plan with its stock reduction process, as it continued to push ahead with its turnaround plan. Asos offloaded 83% of its autumn col
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-
Asos plunges to £120m loss as sales nosedive amid turnaround plan
-
Amazon’s strong cloud sales help power revenue gains
via ft.comEcommerce company’s shares make modest gains after earnings report -
Card Factory CEO on his growth ambitions for 2024
Card Factory boss Darcy Willson-Rymer is gunning for another year of growth as the business looks to expand its product ranges, partnerships, and store estate.
The greetings card retailer today unveiled a 25% jump in pre-tax profits to £65.6m over its last year, which the retail boss says came despite customers still feeling the pinch.
“We’re hearing two main things from customers: the first one is that the financial pinch is still here and they’re still having to make tr -
Pets at Home branches into convenience with two new corner shops
Pets at Home has opened two new convenience stores in Sutton and Whetstone, as it branches out from its typical retail park sites.
The new shops, which launch as the retailer boosts its presence on London’s high streets, will sell a range of pet owner essentials and offer an advice counter for customers.
Both stores are located at the base of residential buildings in the capital with limited parking spaces.
The shops measured roughly 5,000sq ft, making them far smaller their usual unit siz -
JD Sports rolls out tagging sprays nationwide in shoplifting crackdown
JD Sports is introducing tagging sprays across its stores nationwide as it ramps up security measures amid the recent surge in shoplifting.
The sports retailer has partnered with forensic security company SelectaDNA to roll out the marking system.
The tagging sprays work by leaving a synthetic DNA and a UV marker on property and criminals, which can then be used to link assets to owners and criminals to crime scenes.
JD Sports said the measure will help to tackle the rise of “steaming&rdqu -
JD Sports rolls out forensic tagging sprays in shoplifting crackdown
JD Sports is introducing tagging sprays across its stores nationwide as it ramps up security measures amid the recent surge in shoplifting.
The sports retailer has partnered with forensic security company SelectaDNA to roll out the marking system.
The tagging sprays work by leaving a synthetic DNA and a UV marker on property and criminals, which can then be used to link assets to owners and criminals to crime scenes.
JD Sports said the measure will help to tackle the rise of “steaming&rdqu -
Space NK owner appoints bankers as it eyes sale
Space NK owner Manzanita Capita has hired bankers to handle the sale of the beauty chain, which is expected to fetch more than £300m.
The private equity firm has picked Raymond James to oversee an auction later this year, Sky News reported.
Manzanita is understood to have not yet made a firm decision on the timing of the sale of premium beauty retailer.Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning The firm, wh -
The Range to open click-and-collect truck as it sponsors Motocross GP
The Range and Wilko owner CDS Superstores has been named as a sponsor for this year’s Motocross GP festival, and the two discount chains will open a click-and-collect truck at the event.
CDS said its founder and chair Chris Dawson is not only a seasoned Mx-rider but a lifelong devotee of motocross and his deep-rooted passion for the sport fuelled the partnership.
Motocross fans will be able to browse and shop the an extensive ‘MX event ready’ collection online and choose t -
Screwfix invests £1m into expanding its refurbishment programme
Screwfix is investing £1m into doubling its refurbishment operations as part of its commitment to keep products in use for longer.
Refurb by Screwfix will now include high value non-electrical items and water-based products such as pressure washers, showers, and taps, on top of its existing offer of electrical tools.
The initiative launched online at the start of 2022 and reached £2m in sales last year.Subscribe to Retail Gazette for free
Sign up here to get the latest new -
L’Occitane unveils privatisation offer from billionaire owner
L’Occitane is set to become a private business, after receiving a privatisation offer from controlling shareholder, L’Occitane Groupe.
The retailer’s majority shareholder and chair Reinold Geiger said it had secured funding from Blackstone and Goldman Sachs for a £1.43bn take-private transaction yesterday.
The offer values the beauty and skincare company, that has been listed on the Hong Kong stock exchange since 2010, at £5.12bn, and looks to allow its current mana -
[ EVENT ] 12th annual CX Retail UK Exchange
After a year of unprecedented challenges and transformations in the retail industry, it’s more important than ever to come together as a community to explore the... View Article -
Retail Tech Trends: How emerging technologies shape the future of retail, from Augmented Reality to AI
The retail industry is undergoing a rapid digital transformation, with emerging technologies playing a crucial role in shaping the future of shopping experiences. As consumers increasingly... View Article -
Morrisons completes £2.5bn MFG petrol forecourts sale
Morrisons has completed the sale of its forecourts business to specialist operator Motor Fuel Group (MFG).
The £2.5bn deal includes 337 of the supermarket’s petrol stations and 400 associated sites in the grocer’s car parks.
The transaction forms part of a “new strategic partnership” between Morrisons and MFG, which is also owned by private equity firm CD&R.Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inb -
Post-Brexit border checks to ‘add billions’ to shopper bills
Post-Brexit border checks on food and plant imports are to “add billions” to consumers bills, as well as 0.2% to food inflation over three years, according to industry figures.
European imports deemed a “medium risk” to UK biosecurity will be met with physical inspection from today (30 April), under a new border regime, adding more than £330m to annual business costs over three years, Sky News reported.
The checks come after years of pushbacks on the policy whi -
Lidl targets ‘hundreds’ of new UK store openings
Lidl is planning to open “hundreds” of new stores across the UK, as it looks to reach more customers.
Over the next few months, the German discounter is looking to expand in places like Bristol, Birmingham and Berwick as well as London’s Wandsworth, Fulham, Hoxton and Canning Town.
Lidl has published a list of desired locations for new sites as it looks to grow its presence in cities such as Edinburgh, Leeds, Liverpool, and towns including Woking, Wadebridge, Dumfries and Didco -
Card Factory profits boosted by strong store performance
Card Factory has posted a surge in profits and sales thanks to a strong trading performance in stores.
Pre-tax profits for the greetings card retailer rocketed 25% to £65.6m in the year to 31 January, up from £52.4m the year before.
Sales jumped 10% to £510.9m, which it said reflected “continued positive momentum across the business and effective execution of our strategy”.
Store sales grew 7.7% on a like-for-like basis, which Card Factory said “reflected deve -
Retail Technology Show review – focusing on proven technologies
There was plenty of realism in evidence at the recent Retail Technology Show at London’s Olympia as many retailers revealed their focus was on building-out solutions... View Article -
Lidl sets sights on “hundreds” of new UK store openings
Lidl has announced plans to open “hundreds” of new UK stores and create thousands of jobs as it looks to reach more households across the country.... View Article -
Barclay family’s Abu Dhabi backers eyes Very Group sale
The Gulf-based backers behind the Barclay family is plotting a sale of Very Group in a move that will see the family lose control of the last pillar of their corporate empire.
The Abu Dhabi investment firm is understood to be drawing up plans for an auction of the online department store as it seeks to unwind £1.2bn refinancing of the family’s debts, The Times reported.
A sale of Very would be part of the “second stage” of a plan that would allow United Arab Emirates vice -
Budget brands and free samples: eight ways to cut the cost of your skincare
via theguardian.comTake advantage of refills, dupes of high-end products and sharing with your partnerThere are plenty of ways to reduce the cost of your skincare routine – from everyday moisturisers to potent serums. Continue reading... -
The Body Shop owner Aurelius paid £3.5m for retailer
The private equity owner of The Body Shop paid £3.5m upfront for the vegan beauty chain before it collapsed into administration.
According to The Telegraph, Aurelius handed over the small sum of cash to the retailer’s former owner Natura despite agreeing to a £207m deal.
The shortfall comes largely from a £90m performance-based payment that the firm was set to pay over the next five years – an unlikely payment given the chain was placed into administration in Februa -
Waitrose launches an exclusive range of Ottolenghi products
Waitrose has launched an exclusive range of Ottolenghi products in its shops and online. The move marks a supermarket first for the Ottolenghi brand. Created by... View Article -
Tesco launches personalised Clubcard Challenges
Tesco Clubcard holders will have the chance to collect up to £50 worth of points by taking part in the supermarket’s new AI-powered Clubcard Challenges promotion.... View Article -
L’Occitane set to go private
The owner of the L’Occitane skincare brand has offered to take the company private in a deal that gives it an enterprise value of €6.4 billion.... View Article -
Frasers Group buys back Matches IP assets out of administration
Frasers Group has purchased certain parts of Matches out of administration in a deal that does not include its £80m of stock or its 250 remaining employees.
The Mike Ashley controlled group said on Monday that it had reached an agreement with administrators at Teneo to acquire “certain intellectual property assets only” for an undisclosed sum.
As part of the agreement, Frasers has granted a license to administrators allowing them to “sell the stock Matches holds through a -
Moss to join line-up at Gloucester Quays
Menswear brand Moss is to open a new store at the Gloucester Quays outlet destination. Due to launch on 4 May, the 1,948 square foot space will... View Article -
Inflation in UK shops slows amid price cuts on clothes and shoes
via theguardian.comPrices in non-food stores are lower in April than a year earlier as stores offload summer stockPrices in UK shops rose at their slowest rate since late 2021 in April as deep discounts by clothing and footwear retailers put the brakes on inflation, the latest snapshot of high street spending trends has shown.The monthly bulletin from the British Retail Consortium (BRC) – the lobby group for the industry – found that the battle by store owners to offload summer stock in cold and wet we -
UK non-food shop prices fall in April, industry data shows
via ft.comCheaper clothing and footwear and promotions help bring down retail inflation rate to lowest since December 2021 -
Ocado: 20% of shareholders vote against CEO’s £15m bonus
Almost 20% of Ocado shareholders voted against the firm’s remuneration policy however its plan to offer boss Tim Steiner a potential bonus of up to £14.8m is set to go ahead.
The incentive plan could see the Ocado founder earn as much as 1,800% of his £824,570 base salary if the company’s share price reaches £29.69 in three years’ time and if other performance targets are met. Ocado shares currently trade at less than £3.60.
If the share price goal -
Ocado shareholders revolt over CEO’s bonus share award of £14.8mn
via ft.comTim Steiner will get the payout if grocery group’s share price significantly improves by 2027
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