Today’s news in brief-23/1/25
Primark has revised its sales forecast for 2025 downwards following a challenging autumn trading period in the UK and Ireland. The company reported a 6% decline in like-for-like sales in these regions, largely attributed to cautious consumer sentiment and mild weather affecting seasonal clothing purchases. Despite a modest recovery during Christmas, total like-for-like sales dropped by 1.9% overall. Primark remains optimistic about growth in other markets such as Spain, Portugal, and the US, driven by new store openings and expansions. The retailer aims for low-single digit sales growth in 2025, driven by continued expansion in Europe and the US.
THG, despite a 2.6% decline in Q4 revenues, met its full-year expectations for FY24. The company’s beauty division saw a 4.6% revenue increase, reaching £1.1bn, supported by strong UK performances in skincare and cosmetics. The group highlighted successes in retail partnerships and product launches, though MyProtein experienced a 5% sales drop. Looking ahead, THG plans to expand internationally and deepen retail strategies, confident in future growth.
Revolution Beauty anticipates a 25% decline in FY25 sales due to soft December figures but expects stabilised earnings from operational efficiencies. The company has streamlined its product range by discontinuing unproductive SKUs and plans strategic launches in 2026 to drive growth. Despite setbacks, Revolution Beauty projects a return to growth in FY26, buoyed by new brand launches and core product expansion.
Rituals achieved €2.1bn in revenues for 2024, driven by a 21% organic growth rate and aggressive global expansion, including 241 new store openings worldwide. The company reaffirmed its commitment to sustainability through initiatives like the Profit Pledge, allocating 10% of net profits to environmental and social causes. Rituals’ expansion into Japan and other Asian markets underscores its robust growth strategy.
Doug Gurr, former Amazon executive, has been appointed interim chair of the CMA to stimulate economic growth and consumer protection amidst regulatory challenges. His tenure follows Marcus Bokkerink’s successful leadership, marked by governance reforms and strategic clarity at the CMA. The UK government plans to appoint a permanent chair in the near future, emphasising continuity and effective competition policies.
Wickes reported progress in gender and ethnicity pay gaps, with improvements noted in median gender pay gaps and mean ethnicity pay gaps favoring underrepresented ethnic minorities. The retailer continues to prioritize diversity and inclusion, aiming to create an equitable workplace where all employees can thrive.
