Up-to-date coverage of the latest events in UK retail.
Pets at Home raises guidance after ‘strong start’ to the year
Pets at Home posted increased sales during its first quarter and raised its full year guidance but “remains cautiously optimistic” in the current climate.
The pet specialist registered group sales growth of 9.9% to £303.4m during the 16 weeks to July 18.
Its retail arm of the business was up 8.7% to £266.4m for the same period and online sales jumped 36% to £26m.
Majestic Wine acquired by US investment firm
Majestic Wine has been acquired by a leading US investment firm for an undisclosed amount.
American investment group Fortress sees the wine retailer as “providing a great opportunity to enter UK retail”. The sale includes the website, bricks and mortar stores, headquarters plus on-trade and French divisions.
Goals Soccer Centres uncovers ‘improper behaviour’ during audit
Following an ongoing investigation in to the historic accounting practices of Goals Soccer Centres the company’s full-year 2018 audit has been suspended.
The five-a-side pitch operator- which Sports Direct has a 19% stake in - uncovered “improper behaviour within the company” involving a “number of individuals for a period since at least 2010”.
Wayfair sales rise as international losses widen
Wayfair posted a 42.1% jump in revenue to $2.3bn (£1.9bn) for the three months to June 30 compared with the same period the previous year.
However, the online homeware retailers’ losses ballooned registering an adjusted EBITDA of $69.9m (£58m) bolstered by a loss of $69.6m (£57m) from its international arm of the business alone.
Wayfair chief executive Niraj Shah said: “We are seeing our investments across the business drive greater and greater value to our suppliers and customers. As we continue to strengthen our global logistics network through the addition of Castlegate warehouses and last mile delivery facilities, we are driving cost efficiencies and building an unparalleled experience for our customers with even faster delivery.”
Revo calls on Sajid Javid to urgently review business rates
Retail property organisation Revo has written an open letter to the new chancellor of the exchequer Sajid Javid calling on him to “create an equitable business tax system fit for purpose in a 21st century economy”.
The two-page letter from Revo chief executive Edward Cooke and president Mark Robinson firstly congratulates Javid on his new role before highlighting the ongoing issues the retail sector is facing.
Javid is encouraged look at the “broken business rates system; a tax which, in its current form, is simply out of place in 2019” and consider an tax for online retailers to “rebalance the tax system and support businesses reliant on physical assets who create economic and social value”.