Today’s news in brief-28/3/24
Retail Sector
by Liam J Moran
21h ago
AO expects to meet profit guidance, anticipating adjusted profit before tax to be at the top end of £28-£33m for the 12 months ending 31 March. Revenues are projected to reach £1.04bn, driven by positive trading in the core business through Q4 and the return of revenue growth for AO.com. CEO John Roberts highlights the company’s focus on profit and cash generation, expressing confidence in future growth prospects. JD Sports reaffirmed its profit guidance amidst a challenging market, expecting a profit between £915m and £935m for the full year. Despite a modest increase in like-for-like sales i ..read more
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Tesco and NatWest join forces to help farmers with decarbonising costs
Retail Sector
by Sofia Floris
23h ago
Tesco and NatWest have launched a new discounted climate and sustainable finance scheme for 1,500 of the retailer’s farmers providing them with financial assistance in order to switch to sustainable farming methods. The voluntary programme, which has been designed with farmers’ input, will see farmers who are part of Tesco’s Sustainable Farming Groups for beef, lamb and dairy able to take part in the scheme, and gain access to Tesco preferred suppliers, with potential volume discounts offered on renewable energy assets. Research shows that more than 50% of Tesco farmers want to make changes, b ..read more
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JD Sports maintains guidance amid ‘challenging market’
Retail Sector
by Liam J Moran
1d ago
JD Sports has reaffirmed its profit guidance of between £915m-£935m for the full year despite what it has called a “challenging market”. In Q4 its like-for-like sales were up 0.1% and organic sales were up 4.4% while FY24 LFL sales were up 4.2% and organic sales growth was 8.4%. Overall, the retailer’s total sales grew 3.6% to £10.6bn while its gross margins were 47.3% and it opened 215 new stores. Trading in the new financial year is as expected through seven weeks and the company expects a profit of between £900m-£980m for the full year. Régis Schultz, CEO of JD Sports Fashion Plc, said: “In ..read more
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AO to meet profit guidance
Retail Sector
by Cynera Rodricks
1d ago
Electricals retailer AO has announced that it expects to hit its previously pledged profit guidance with adjusted profit before tax expected to be at least at the top range of £28-£33m for the 12 months ending 31 March. According to its pre-close update, the group also anticipates its revenues to reach £1.04bn. The group stated that its core business continues to trade positively through Q4, and AO.com has returned to revenue growth during the quarter as expected. John Roberts, CEO and Founder, said: “I’m pleased with the clear progress that we’re making after pivoting our focus to profit and ..read more
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Quiz CEO steps down as sales dip
Retail Sector
by Sofia Floris
1d ago
Quiz has revealed that founder and CEO Tarak Ramzan is stepping down from his role with immediate effect as UK sales continue to be impacted by “subdued levels of traffic” in-store and online. Ramzan, as the largest shareholder of the company, will assume a non-executive director role. Having founded the business, he will remain available to the business as required, to ensure a smooth handover of responsibilities. In addition, Sheraz Ramzan, current chief commercial officer since 2004, has been appointed as new chief executive officer. He will implement a turnaround strategy to recalibrate th ..read more
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The Perfume Shop appoints two new directors amid Gender Pay Gap report
Retail Sector
by Heather Sandlin
1d ago
The Perfume Shop has strengthened its leadership team with the appointment of two female directors, Karen Harris and Laura Wilkinson.  Harris, who was previously head of marketing, will take up a new position of customer director and be responsible for all areas of Customer, Loyalty, Marketing and PR.  Wilkinson, previously head of digital, will meanwhile take up a new position of online business director and be responsible for the evolution of The Perfume Shop’s online business via its website and mobile app.  The group said both roles will support its “continued commitment to ..read more
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Today’s news in brief-27/3/24
Retail Sector
by Liam J Moran
2d ago
Fashion giants ASOS, Boohoo, and George at Asda have pledged to overhaul their green marketing tactics following a Competition and Markets Authority (CMA) investigation. The CMA’s scrutiny was prompted by concerns of greenwashing in the fashion industry. The firms will now ensure that their green claims are clear, specific, and backed by transparent criteria. They’ve agreed to refrain from misleading imagery and provide accurate product filters. Moreover, they must support environmental claims with verifiable strategies and refrain from misleading statements about accreditation schemes. H& ..read more
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Elemis to open first London store in Covent Garden
Retail Sector
by Sofia Floris
2d ago
Beauty retailer Elemis has chosen Covent Garden’s Seven Dials for its first standalone store in London.  Set to Monmouth Street, the premium skincare brand will open a 1,000 sq ft unit and will feature its formulated range of skincare, grounded in aromatherapy and backed by clinical trials.  Launching in Spring, the brand will join the Seven Dials line-up of beauty, wellness and fragrance brands including Aēsop, Khiel’s and Deciem.  Susan Harvey, UK general manager, Elemis, said: “We are hugely excited to announce that we will be opening our first Elemis London retail store in C ..read more
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How can retailers effectively manage their inventory?
Retail Sector
by Cynera Rodricks
2d ago
Inventory management stands as a fundamental aspect of effective retail store administration. Situated within supply chain management, its objective lies in overseeing the movement of goods from manufacturers to warehouses and ultimately to the point of sale. Inadequate inventory management results in inefficiencies due to the absence of reliable real-time data regarding inventory levels. This increases the likelihood of inaccurate ordering from suppliers or selling items that do not actually exist in stock. Conversely, employing proper inventory management practices can lead to enhanced sales ..read more
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Aldi to open 35 new stores this year
Retail Sector
by Heather Sandlin
2d ago
Aldi is planning to open 35 new stores across the UK this year, including new stores that are set to open in both Preston and Derby later this month.It follows the opening of stores in Skelmersdale and Newport earlier this year, with new openings also planned in towns such as Castle Gresley and Bardon in the coming months. The supermarket said the openings form part of its long-term target of 1,500 stores in the UK. It is set to invest £550m on expanding its UK footprint this year alone. Aldi also noted that each new store opening will create around 40 new jobs on average, boosting employment ..read more
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