Pound Plummets to Six-Month Low After Bank of England Hold Interest Rates
The pound took a nosedive, hitting a six-month low after the Bank of England decided to keep interest rates steady. Sterling fell 0.7% to $1.226 and slipped 0.5% against the euro, dropping to 1.151 euros. The BoE’s move came after a surprising slowdown in inflation, pushing investors to ditch bets on further rate hikes.
H&M Backs Down on Return Fees After Customer Backlash
Fashion giant H&M has U-turned on its controversial returns policy. Earlier this week, shoppers were told they’d face a £1.99 fee for returning online purchases, either in-store or by parcel — money taken out of refunds. But H&M has now scrapped the fee for returns made in-store, much to the relief of customers. The exact reason for the change is unclear, but the retail world is calling it a win for shoppers.
Co-op’s £33 Million Losses Blamed on Surge in Shoplifting
The Co-op’s food business is bleeding cash, reporting a massive £33 million loss in the first half of the year. Executives slammed the soaring tide of shoplifting, blaming organised gangs and serial offenders. “Shoplifting isn’t a victimless crime,” Co-op bosses warned, highlighting the mental toll on staff who face verbal abuse and threats on the front line.
Next and JD Sports Defy the Economy With Profit Booms
While many retailers struggle, Next is smashing expectations. The fashion-to-homewares chain has boosted its annual profit forecast for the third time this year following strong first-half sales. Group sales climbed 5.4%, with full-price sales up 3.2%, pushing Next’s profit estimate up to £875 million from £845 million.
JD Sports is also charging ahead, reporting a 12% rise in underlying sales in the first half, proving some retailers can thrive even in a tough economy.
