Latest finance news – Page 616
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NewsShareholder discontent hinders Marks & Spencer
The next few weeks are likely to bring share price turbulence for Marks & Spencer. Shares were trading at 293.75p earlier this week – well above the 52-week low of 191.9p but down from a 363p high.
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NewsShock Kesa results top poor week for retail sector
Stores underperformed the market despite some impressive recent updates, and Anglo-French electricals group Kesa provided a reminder of how tough conditions remained with shocking results on Wednesday.
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Administration looms for Allied Carpets division
Allied Carpets Properties, a subsidiary of the carpets retailer, has filed notice of intention to appoint an administrator. BDO Stoy Hayward is understood to have been lined up for the role.
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NewsH&M profits rise
Pre-tax profits at H&M rose 6 per cent to SEK5.78bn (£447m) in the second quarter to the end of May.
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NewsClinton Cards buys 196 Birthdays stores
Cards retailer Clinton Cards has confirmed the acquisition of 196 Birthdays stores from administrator Zolfo Cooper.
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NewsBack AGM resolution to split Sir Stuart Rose’s role, Pirc urges M&S shareholders
Influential shareholder adviser Pirc has added its voice to growing calls for Marks & Spencer to appoint an independent chairman next year.
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NewsMore boardroom unrest for M&S
Further boardroom tension has surfaced at Marks & Spencer over the timing of Sir Stuart Rose’s departure.
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NewsM&S chiefs waive share entitlements
Marks & Spencer executive chairman Sir Stuart Rose and executive director Steve Sharp are to waive share entitlements in the interests of “good shareholder relations”.
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NewsB&M Bargains sets sights on 400 stores as profits soar in downturn
Value retailer B&M Bargains has unveiled a sparkling set of full-year results and vowed to increase its store numbers to 400 across the UK.
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NewsSupermarkets to intensify online non-food push
Supermarkets look likely to steal a further slice of general retailers’ sales as both Tesco and Sainsbury’s revealed plans to extend their non-food operations in their first-quarter trading updates this week.
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NewsRay Kelvin upbeat as Ted Baker sales surprise
Ted Baker chief executive and founder Ray Kelvin remains confident that shoppers are still spending despite being in the middle of a deep recession.
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NewsSteady Game trading gets mixed reaction from City
Computer entertainment group Game reassured that trading has remained “in line with expectations” in recent months but did not disclose exact numbers.
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NewsHomebase scores for Home Retail Group
Recent sunny weather has helped DIY chain Homebase, which notched up a like-for-like sales increase of 3.8 per cent in the 13 weeks to May 30.
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NewsSainsbury’s and Tesco updates cause a stir
Big grocers took the spotlight this week as Sainsbury’s and Tesco issued first-quarter updates. And what the pair had to say has implications for the entire retail sector.
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NewsChristmas savings specialist Park Group steady
Festive orders at Christmas savings specialist Park Group are “close to the level of a year ago”, according to the group.
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NewsDeals struck on 210 Birthdays stores but 800 jobs to go
Birthdays’ administrator Zolfo Cooper has accepted two offers for a total of 210 stores. The deals safeguard 1350 jobs but 800 will go as the remaining 132 shops will shut.
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NewsTesco bond sale raises £430m
Grocery group Tesco has raised £430m through the sale of commercial mortgage-backed securities (CMBS).
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NewsMulberry profits down but sales up
Upscale fashion retailer Mulberry has revealed a drop off in full-year pre-tax profits but said that like-for-likes have soared 21 per cent in the past 10 weeks.
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CBI: rejection of business rates amendment ‘will damage local economies’
MPs have attracted criticism for rejecting amendments to a bill designed to protect businesses’ right to veto business rates levies.
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NewsAlexon like-for-like sales fall
Alexon has seen a sharp fall in sales with like-for-like sales for the 17 weeks to June 13 down 10.5 per cent.