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Bootmaker says global sales fell by 18% with cash-strapped consumers refusing to splash out at ChristmasDr Martens said revenue dropped by nearly a fifth in the final three months of 2023, as sales in the US continued to plunge and inflation-weary consumers continued to rein in spending.The British bootmaker said in a trading update on Thursday that sales fell by 18% in its third...

Petition demands online retailer stop immediate sale of bags and compensation for damages incurredBusiness live – latest updatesUniqlo is suing the Chinese online retailer Shein over the sale of items it claims copy its popular banana-shaped ‘it’ bag, the “round mini”.The petition demands that Shein immediately stops the sale of “the imitation products” and pays compensation for damages incurred as a result of their...

GDP rises by 0.3% in November after October decline, with car leasing and video games fuelling bouncebackBusiness live – latest updatesThe UK economy returned to growth in November after a recovery in consumer spending driven by Black Friday sales, with shoppers hunting for bargains as the key Christmas shopping season got under way.Gross domestic product rose by 0.3% on the month, after a decline...

Online growth and high demand for festive treats fuel lift in Tesco profit forecast and 10% sales rise at M&SBusiness live – latest updatesTesco and Marks & Spencer were both Christmas winners with unexpectedly strong sales helped by growth in online orders and high demand for festive treats.The UK’s biggest supermarket, Tesco, upgraded its profits expectations for the year by £50m to £2.75bn as...

Reduced cost pressures and popular festive bakes and chocolate orange muffins boost bakery chainBusiness live – latest updatesGreggs has hailed easing inflationary pressures after the UK’s biggest bakery chain rang up bumper Christmas sales amid less travel disruption and enthusiasm for seasonal specialities such as festive bakes and chocolate orange muffins.The company said sales at established stores had risen 9.4% in the three months...

Retailer’s move comes after some shoppers said more than $1,000 had been taken from their accountsGet our morning and afternoon news emails, free app or daily news podcastOnline retailer the Iconic has promised to refund customers who were charged large sums for fraudulent orders after having their accounts compromised.The refund pledge follows a backlash from consumers, who have been posting their frustration on the...

Fashion and homeware chain raises profit forecast again after bagging £38m more than expectedNext has upgraded profit hopes for the year after ringing up £38m more in sales than expected in the run-up to Christmas.The fashion and homeware chain said that full-price sales stepped up dramatically, rising by 10% in the last two weeks before Christmas. As a result, sales rose by 5.7% in...