Next delivered a profits plunge and lower sales in its latest year. But given the Covid crisis during the period, its results on Thursday still showed it to be one of the more successful businesses in British fashion.
H&M reported its Q1 results on Wednesday and swung to a loss, but it said sales are recovering in March. Yet perhaps even more newsworthy was its ongoing effort to overcome its problems in China and “regain trust” there.
At least three Chinese celebrities on Saturday dropped German fashion house Hugo Boss, the latest foreign brand caught in a concerted boycott by Chinese consumers over Western accusations of forced labour in Xinjiang.
US Trade Representative Katherine Tai has said she was maintaining the threat of US tariffs on goods from Austria, Britain, India, Italy, Spain and Turkey in retaliation for their digital services taxes.
Property giant Grosvenor Group has sold a further 10% stake in multinational retail real estate company Sonae Sierra to Sonae SGPS for Є82 million. Sonae Sierra owns 27 shopping centres in Europe and South America.
March was bad, April is expected to improve. That, in essence, sums up the latest sales report from the Confederation of British Industry (CBI) showing exactly what you already knew and probably expect for UK retail.