Today’s news in brief-8/5/24

Boohoo posted widened losses of £159.9m for the full year due to challenging market conditions and a strategic focus on profitability. Despite a 17% decline in revenues, the group saw improvements in core brand performance and growth within the Debenhams marketplace. Boohoo remains committed to leveraging efficiencies and driving profitability through cost reduction strategies.

Amazon has announced plans to establish a new multi-million pound warehouse near junction 15 of the M1 in Northampton, set to commence operations in 2026. The fulfilment centre is anticipated to generate over 2,000 jobs, with roles spanning engineers, HR, IT, finance specialists, and workers for order processing. This investment underscores Amazon’s commitment to the UK, having already invested over £56bn since 2010.

Carpetright has unveiled restructuring plans aimed at supporting regional stores and digital growth, resulting in the reduction of about 70 jobs across central support and field management teams. The move reflects the company’s response to declining retail performance over the past eight years, with efforts to cut costs by approximately £22m while continuing to invest in retail and customer experience.

Frasers Group is investing in a new digital platform to enhance retail operations and e-commerce experience across its sports, premium, and luxury brands. Partnering with leading industry firms, the initiative aims to optimise operational efficiencies, customer personalisation, and product discoverability. This investment underscores Frasers Group’s commitment to customer-centric strategies and operational excellence.

Morrisons has completed the acquisition of 38 stores in the Channel Islands from its long-term partner, SandpiperCI, consolidating its presence in the region. This transaction, which includes six fuel forecourts, expands Morrisons’ footprint and involves the integration of 520 SandpiperCI colleagues into Morrisons. The move aligns with Morrisons’ strategy to strengthen its convenience store business.

Puma has posted currency-adjusted sales of €2.1bn in Q1, meeting expectations, despite significant currency headwinds. While wholesale business declined, the Direct-to-Consumer (DTC) segment grew by 13.5%, driven by strong demand and reduced promotions. Puma remains optimistic about achieving mid-single-digit sales growth for the financial year 2024.