The first quarter of its financial year wasn't a good one for Matalan with its revenue plummeting by over 70% as Covid-19 devastated its trading. It was loss-making, but it still has plenty of cash available.
UK retailers are urging strong government action as they deal with the Leicester garment factory scandal. The main company in the spotlight, Boohoo Group, and others are calling for a factory licensing system.
One of Boohoo’s co-funders has explained the fashion e-tail giant’s reasoning for taking on a new CEO with no recent e-tail experience saying that the company needed a large-company leader as it becomes much bigger.
Boohoo Group has announced a new CEO from rival Primark with current co-CEO Carol Kane set to stand down as part of a board re-alignment. But Kane will remain heavily involved with company and will take on a new role.
Q1 delivered good news for UK value retailer Matalan as it bounced back from a revenue dip in the last financial year and proved that the full-price strategy behind that earlier fall is really starting to pay off.
Value retail giant Primark is going from strength to strength we learned Thursday morning as parent company Associated British Foods issued an upbeat trading update. Its UK stores are strong, as is Italy and the US.