Missguided Beat Revenue Record
The popular online retailer has recently opened a store in Westfield Stratford, London. Missguided have hit the revenue of £117 million, which is a 34% increase since last year at £87 million! The addition of over 100 staff has really paid off at the new Westfield store.
Retail Cyber Security
The threat of cybercrime in retail has never been more significant. In the first six months of 2016 cyber-attacks rose by 46 per cent, and in the following six months retail giants like Tesco and Deliveroo have succumbed to attacks exposing customer data. Over this Christmas period retailers are expected to receive over one million cyber-attacks per day and 50 million global online fraud attacks are expected to be attempted over Black Friday and Cyber Monday shopping week. As online sales continue to increase, these numbers are expected to rise to 21% of overall sales next year, more and more opportunities are available for hackers to exploit.
Bonmarché Profits Decrease By 63%
Bonmarché's like for like sales have plummeted by 8.6 per cent in the 26 weeks to September 24. In its half-year results the womenswear retailer becomes the most recent casualty of the fashion sector, blaming poor weather and the BHS collapse on its misfortunes. Its profit before tax plunged by 63 per cent, dropping from £5.4 million to just £2 million. Revenue for the first half was £93.1 million, down four per cent from £97 million. The struggling retailer has stated that BHS’s clearance sales throughout the summer had pulled customers away from its stores, and issues a profit warning during the “unseasonably” hot September.