Today’s news in brief-8/1/25
Home Bargains owner Tom Morris took home over £1bn in dividends as the discount retailer saw turnover rise 11.7% to £4.2bn in the year ending June 2024, driven by new store openings and re-sites. Operating profit also surged 34.2% to £434m. Morris, owning 98% of parent company TJ Morris, received the bulk of £1.22bn in available dividends. The retailer plans to expand its network to up to 1,000 outlets in the coming years.
MPs on the Business and Trade Committee criticised Shein for its inability to clarify cotton sourcing amid forced labor allegations in China’s Xinjiang region. During a hearing, Shein’s EMEA general counsel Yinan Zhu deferred key questions, prompting accusations of disrespect from MPs. The fast-fashion retailer’s potential £50bn London Stock Exchange listing now faces scrutiny, pending approval from the Financial Conduct Authority.
ProCook reported an 11.2% revenue increase to £25.6m for Q3 ending January 2025, supported by robust Black Friday and Christmas sales campaigns. Retail revenue rose 12.4% to £16m, while e-commerce grew 9.2% to £9.6m. ProCook opened five new stores, taking its year-to-date tally to nine, with CEO Lee Tappenden emphasizing continued investment in growth. The company plans three additional store openings this fiscal year, targeting a total of 12 new outlets.
Topps Tiles CEO Rob Parker announced his retirement after 18 years with the company. Under Parker’s leadership, Topps Tiles diversified its operations and navigated economic challenges like COVID-19. Sales grew 4.6% YoY in Q1, with a notable 12.9% increase in the last five weeks of 2024. The company also enhanced its trade and digital offerings, and Pro Tiler Tools recorded a 20% YoY growth. Parker will remain until his successor is appointed by late 2025.
Mamas and Papas posted a record 5% sales increase for the 13 weeks to December 2024, driven by expanded toy and gift ranges and strong Black Friday performance. Retail sales climbed 8%, with international concessions contributing to growth. The brand plans 20 new store openings in 2025, including partnerships with Australia’s Myers and other global retailers. Despite market-wide discounting, profit rose 8%, bolstered by resilient pricing strategies.
Charlotte Lock, chief customer officer at John Lewis Partnership (JLP), announced her departure after three years to pursue a personal passion project. Lock oversaw customer strategy, brand, marketing, and digital product initiatives during her tenure. She previously held roles at the Co-op, BBC Sport, and Asda, leaving a legacy of strategic development and innovation at JLP. Her next endeavor remains undisclosed.
