Today’s news in brief-11/4/25

Uniqlo owner Fast Retailing has raised its profit forecast for the third consecutive year, driven by strong sales in Japan and key international markets, including Europe, North America, and Southeast Asia. The company reported a 12% rise in revenue to JPY 1.79trn (£12.28bn) and an 18.3% increase in profit for the six months to February 2025. Despite growth in most regions, sales in Greater China struggled due to unseasonably warm weather affecting winter product demand. Fast Retailing remains optimistic about expansion in North America and Europe, with new UK stores set to open in Glasgow, Birmingham, and Liverpool later this year.

Asda’s proposed Park Royal redevelopment in west London faces opposition from the Metropolitan Police, which warns the project could strain local resources. The £290m plan includes a 60,000 sq ft superstore and 1,600 homes, but the Met is demanding significant developer contributions to cover policing costs, including a new station and £310,000 for infrastructure. Without these commitments, the police argue the development should be blocked on sustainability grounds. Asda has yet to comment on the objections.

The UK economy grew by an unexpected 0.5% in February, boosted by strong performances in manufacturing, retail, and services. Production output rose 1.5%, while services grew 0.3%, with sectors like IT, telecoms, and car sales driving the expansion. The Office for National Statistics noted broad-based growth over the past three months, signalling resilience despite broader economic uncertainties.

Retail footfall saw a sharp 5.4% year-on-year decline in March, attributed to the later timing of Easter this year. High streets and shopping centres were particularly affected, with drops of 4% and 5.8% respectively, while retail parks fared slightly better. The British Retail Consortium warned that global economic concerns could further dampen consumer confidence in the coming months.

Topgolf Callaway Brands has agreed to sell its Jack Wolfskin outdoor apparel brand to Anta Sports for $290m (£222m). The deal, expected to close mid-2025, will allow Topgolf to focus on its core business and strengthen its balance sheet ahead of a planned separation of its Topgolf division. Jack Wolfskin is projected to generate €325m (£282.6m) in revenue this year, with Anta Sports set to take over the brand’s operations.