Europe – Page 51
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News
X5 Retail Group reports strong first-half sales
X5 Retail Group has reported strong first-half sales, lifted by the performance of its price-led Pyaterochka shops.The grocery group’s consolidated net retail sales soared 46 per cent in local currency to RUR130.91bn (£2.48bn) or 6 per cent in dollars. Retail like-for-likes climbed 12 per cent year on year in local ...
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News
Promotion planned for Metro chief financial officer
Metro plans to promote its chief financial officer Thomas Unger to the role of deputy chief executive early next year, according to local reports.Unger will be tasked with overseeing Metro’s restructuring programme “Shape 2012”, which will result in 15,000 job losses and aims to increase profits by €1.5bn (£1.3bn).He will ...
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News
Escada to consider state aid request to secure growth
Luxury fashion house Escada will consider requesting state aid to secure its long-term growth if it is successful in securing refinancing to avoid insolvency.The beleaguered group, a favourite of celebrities such as Demi Moore and Katie Holmes, is asking investors to forego more than half of their investments in a ...
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News
Magnit plans secondary share offering in London and Moscow
Grocer Magnit is planning a secondary share offering this autumn in London and Moscow as it aims to raise more than $300m (£186m). Magnit wants to sell up to 10 per cent of its shares on the London Stock Exchange and Moscow’s MICEX and RTS.Morgan Stanley and Russia’s VTB Capital ...
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News
Arcandor receives interest in its mail order division
Insolvent retail and tourism group Arcandor has received interest in its mail order division Quelle, according to its administrator.Joerg Nerlich, who is part of the insolvency administration for Arcandor, said that measures would be taken to restructure the unit, including potential job cuts.Quelle secured a E50m (£43.1m) rescue aid loan ...
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News
Celesio’s acquisition of a majority stake in Pharmexx has been approved
The European Commission’s antitrust panel has approved German pharmacy giant Celesio’s acquisition of a majority stake in Pharmexx.Celesio revealed in March its intentions to increase its shareholding in the company from 30 per cent to 65 per cent. Pharmexx provides marketing and sales solutions to pharmaceutical and biotech companies.The deal ...
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News
Eurozone retail sales decline further than expected
Eurozone retail sales declined further than expected in May, dropping 0.4 per cent month-on-month, worse than the 0.1 per cent fall that was expected.In the 16-country currency area, the European Union statistics office said sales decreased 3.3 per cent year-on-year, compared with the 2.7 per cent fall anticipated.Sales of non-food ...
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NewsThird profit warning puts Carrefour under spotlight
Carrefour, the world’s second biggest retailer, last week issued its third profit warning in just 12 months.
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NewsIBM to run Carrefour's IT systems in France
International retail giant Carrefour has signed a €180m (£155m) agreement with IBM, that will see the technology services provider take over the transformation, management and maintenance of Carrefour’s IT infrastructure and applications in France.
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OpinionNow the UK needs a ban on upward-only rent reviews
There hasn’t been much cheer coming out of Ireland over the last year, but the news that upward-only rent reviews have been banned in the Republic of Ireland will definitely have heartened retailers with stores there.
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News
Colruyt’s pre-tax profits rise
Discount grocer Colruyt’s pre-tax profits rose 8 per cent to €549m (£467m) in the year to March 31, missing forecasts of €559m (£475m). Total sales increased 11.2 per cent to E6.3bn (£5.35bn), in line with forecasts.The retailer said: “Despite the economic crisis the Colruyt Group continues to invest in future ...
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News
Auchan to undergo restructuring
Auchan is to undergo a restructuring affecting 1,400 jobs up to 2012, according to French press reports.There will be 2,500 jobs created in a distribution project but jobs will be cut in its 116 hypermarkets and logistics operations.Separately, the retailer said it will develop new offers, such as a shopping ...
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X5 Retail to slash prices after Vladimir Putin visit
X5 Retail is slashing prices after Prime Minister Vladimir Putin scolded its bosses on a visit to one of its Perekryostok supermarkets.Putin said the retailer, which is Russia’s biggest grocer, was charging too much for sausages and meat in front of astounded shoppers. X5 has since announced a “grand Sale”, ...
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NewsCastorama holds firm as French DIY sector shrinks
Castorama holds firm as French DIY sector shrinks
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News
Pre-tax profits rise at H&M
Pre-tax profits at H&M rose 6 per cent to Skr5.78bn (£452.9m) in the second quarter to the end of May. Sales excluding VAT soared 23 per cent to Skr26.5bn (£2.1bn), an 8 per cent increase in local currencies and a decline of 2 per cent on a like-for-like basis.Gross margins ...
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GalleryStore of the week: Esprit, Stockholm
Trying to get shoppers into your store when you’re positioned on the third floor of a glass and steel tower block is probably a matter of having a very substantial shout. In the pedestrianised Drottninggattan area of Stockholm, fashion retailer Esprit has overcome this by making a feature of the ...
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News
Schwarz Group fastest riser according to Planet Retail
Discount grocers are continuing their march on the competition, with Lidl owner Schwarz Group being the fastest riser in Planet Retail’s Top 20 Grocery Retailers 2008.Schwarz jumped from ninth to fifth place last year as the global downturn continues to accelerate growth for discount chains.The research also revealed that the ...
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News
Former Arcandor chief executive denies part in the group's downfall
Former Arcandor chief executive Thomas Middelhoff has denied he played a part in the downfall of the retail and tourism group.Arcandor was forced into insolvency earlier this month after the state refused to grant it aid on the grounds that its problems pre-dated the recession.“I am convinced that we have ...
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News
Carrefour chief exec reportedly plots cost cutting drive
Carrefour chief executive Lars Olofsson is plotting a major cost-cutting drive to save it €2bn (£1.7bn) by 2012, according to French press reports.The grocery giant will update its 500 key executives this week on the plan to make it a more “agile” business, able to grow more rapidly and gain ...
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GalleryRecession hangover hits booze cruise retailers
Calais is the home of the booze cruiser, but a falling pound, shrinking shopper budgets and fewer day trippers have made it challenging for UK retailers and others. John Ryan reports.