Profit alerts by retailers are soaring

PROFIT alerts among UK retailers more than doubled in the second quarter of the year, as consumers reined in their spending and firms faced soaring wage costs, according to a new report.

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The latest report from EY-Parthenon also revealed that overall profit warnings among UK-listed firms jumped by a fifth year-on-year in the second quarter - with a record proportion citing policy changes and geopolitical uncertainty as the leading factor.

The data showed that seven UK-listed retailers, including supermarkets, cut profit guidance between April and June.