Today’s news in brief- 30/1/24

Online marketplace Secret Sales has appointed Anthony Farrow as its new Chief Technology Officer. Farrow, with 23 years of experience working with global fashion brands, will focus on advancing AI and emerging technologies to enhance the platform's efficiency. His role involves implementing serverless architecture, refining search capabilities, and integrating AI-driven product attributes. The strategic move aligns with Secret Sales' expansion efforts across Europe, aiming to maximise customer and supplier data to drive a data-driven vision for the platform. Studio Retail has posted a pre-tax profit of £12m for the fiscal year ending April 30, 2023, compared to a loss of £75.7m the previous year. The positive outcome follows its acquisition by Frasers Group in 2022 after Studio Retail fell into administration. Despite a decrease in full-year revenues from £424.4m to £330.2m, Studio Retail has implemented restructuring measures, separating retail operations from its financial services division. This transformation aims to enhance the retail business's agility and efficiency, aligning it with pure play retail competitors. Pets at Home has revised its underlying profit before tax guidance to approximately £132m, down from previous estimates, despite a 4.2% increase in group revenue to £362.4m for the 12 weeks ending January 4, 2024. Consumer revenue rose 6.0% last year, attributed to growing average customer spend and an increase in active VIP members. The retail performance in Q3 saw a 3.5% revenue rise, slightly below company expectations. The company remains optimistic about long-term growth, emphasising the upcoming launch of a new distribution centre and digital platform as key elements of its growth strategy. Shop Price annual inflation decreased to 2.9% in January, the lowest level since May 2022, down from 4.3% in December. Non-food inflation fell to 1.3%, below the three-month average rate of 2.4%, while food inflation decelerated to 6.1%, marking the ninth consecutive decrease and its lowest level since June 2022. The British Retail Consortium attributes the decline to retailers offering heavily discounted goods in January sales to stimulate consumer spending. However, rising geopolitical tensions and new cost pressures from the government could impact further progress in lowering inflation. Poundland has initiated a "complete overhaul" of its general merchandise ranges, introducing 2,000 new lines across its 850-plus stores in the UK and Ireland. Powered by parent company Pepco Group, this marks the most significant change in Poundland's general merchandise offer in its 30-plus years of history. The phased changeover will introduce the full range over the coming weeks, with almost 1,000 items available immediately. The new home ranges, including kitchenware, bathroom décor, and faux plants, follow last year's successful clothing range revolution, enabling Poundland to deliver on its promise of offering exceptional value to customers.

Today’s news in brief- 30/1/24

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