The retailers who win Black Friday and Christmas are not necessarily those who have made the most like-for-like sales. The most important information that is sometimes overlooked is how profitable are the like-for-like sales.

In this latest report we focus on three key areas – changing business models, the impact of the living wage and the volatility of foreign exchanges – and ask the questions that investors, retailers, auditors and the media need to consider if they are to provide clarity and understanding on how well retailers are making profits.

'Audit Insights: Retail', published by the ICAEW, is designed to raise awareness of some of the critical areas impacting on retailers’ profit margins either currently or in the future.