Up-to-date coverage of the latest events in UK retail.

UK shoppers financially worse off than in 2008, new research finds

The average Briton is £128 worse off that they were in 2008, according to a report by thinktank The New Economics Foundation, which posits that official figures have not portrayed how hard household incomes were hit in the wake of the 2008 financial crash.

The report argues that figures that have been used to calculate GDP have failed to include measures such as tax increases implemented by former chancellor George Osborne, rising household costs and the fall in the value of the pound.

The foundation’s chief economist Alfie Stirling said to The Guardian: “Official statistics suggest average livings standards returned to 2008 levels in 2015. But when calculated to reflect the true costs of living, our analysis has shown that a combination of the depth of financial crisis, austerity and the vote to leave the EU has meant that average living standards are in fact still yet to recover pre-recessions levels.”

Kingfisher half-year profits fall as B&Q sales suffer

Kingfisher has recorded a fall in profits as the UK registers a ‘disappointing’ sales performance exacerbated by B&Q range changes and weak consumer confidence.

The home & DIY group reported a 12.5% decline in statutory pre-tax profit to £245m in the six months to July 31, down 6.4% to £353m on an underlying basis.

The retail group’s sales fell 0.8% on a constant currency basis to £6bn during the period, down 1.8% in like-for-like terms as strong sales across Screwfix, Poland and Romania was offset by a “disappointing” sales performance in the UK and France.

FeelUnique poaches Amazon fashion director for CEO role

FeelUnique has snapped up Amazon’s European fashion boss Sarah Miles as its new chief executive.

Miles will join the beauty etailer in November after a five year stint at Amazon, where she has acted as director of EU fashion for nearly three years.

Miles, who has previously held senior roles at Diageo and Reuters, will succeed Joel Palix, who stepped down as chief executive in February.