Latest finance news – Page 620
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News
Unexpected profit revealed by Sears
Department store group Sears posted an unexpected first-quarter profit after slashing advertising costs and payroll expenses.The retailer also extended a credit agreement to increase the amount available to $4.1bn (£2.6bn) until March 24, 2010, and $2.4bn (£1.5bn) from March 25, 2010, to June 2012.Net income in the three months to ...
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NewsPrinciples administration leads to email deluge
More than 5,000 customers and suppliers of defunct fashion retailer Principles have emailed the retailer’s administrator asking to recoup money or redeem vouchers.
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NewsMoody’s downgrades outlook on Tesco
Credit rating agency Moody’s has downgraded its outlook on Tesco to negative over concerns about levels of debt in the business.
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NewsSports Direct offloads JJB stake
Sports Direct has sold its 5 per cent stake in rival JJB Sports.
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NewsChapter 11 provisions take shine off Ahold’s US performance
International grocery group Ahold has reported that its US chains Stop & Shop and Giant-Landover delivered their best like-for-like performance “in many years” during the first quarter.
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NewsMystery investor buys JJB stake
A mystery investor has bought a stake of almost 5 per cent in JJB Sports.
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NewsTopps Tiles pre-tax profits slump, but stay ahead of expectations
Pre-tax profits at Topps Tiles have slumped from £17.6m to £7.5m in the 26 weeks to March 28, although the figure exceeds analysts’ forecasts.
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NewsAdili EBITDA to come in below expectations
Ethical e-tailer Adili said EBITDA would be below expectations after gross margins were hit by discounting needed in the tougher market.
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NewsJessops shareholders unlikely to see return
Jessops has reported a loss of £5.9m in its first half and said that while it was still working “towards a solvent solution for the business” it does not expect “any value will be attributed to shareholders”.
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NewsClarks makes gains as rivals stumble
Clarks has revealed an annual profits rise of 16 per cent and said it will capitalise on the “relative disarray” of its high street competitors.
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NewsBlacks in talks to extend its banking facility
Blacks Leisure has entered into talks with its bank to extend its banking facility to help its long-term financial position.
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NewsAquascutum chief Kim Winser leaves after failed MBO
Aquascutum chief executive Kim Winser will today leave the business after Japanese owner Renown rejected her bid for a management buyout.
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NewsSir Stuart Rose claims record share ‘bounce back’ for M&S
Marks & Spencer has pulled off its biggest market share “bounce back” in more than a decade, executive chairman Sir Stuart Rose claimed.
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NewsCautious brokers upgrade Kingfisher on Q1 prospects
Brokers have increased profit forecasts for DIY giant Kingfisher in expectation of a good first quarter but remain cautious about longer- term prospects.
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News
Burberry optimistic despite profits slump
Shoppers are still splashing out on Burberry products, the luxury group maintained, despite its recent profits fall.The retailer, which suffered a 12.5 per cent drop in pre-tax profits to £175m for the year to March 31, described the past year as the “most challenging” that the luxury sector has faced. ...
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News
Hefty restructuring and poor trading hits Kesa
International electricals group Kesa will book restructuring charges of £9m and e10m (£8.8m) respectively at UK arm Comet and Spanish division Menaje Del Hogar.
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NewsMarks & Spencer’s profit plunge triggers shares slide
General retailers were down over the week as Marks & Spencer posted a profits fall and investors took profits. Marks & Spencer’s lower profits were expected but some analysts were disappointed with what Pali International analyst Nick Bubb called an “underwhelming” accompanying statement.
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News
Retail sales in New Zealand and Singapore fall by record amounts
Retail sales in New Zealand and Singapore have fallen by record amounts, while consumer confidence among Japanese shoppers has risen. Retail sales in New Zealand in the first quarter fell by a seasonally adjusted 1.2 per cent year on year, as consumers face rising unemployment. Retail sales in Singapore fell ...
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News
H&M had successful April trading
H&M had a strong April, when like-for-like sales climbed 8 per cent and total sales soared 18 per cent.The performance ended eight months of successive like-for-like falls for the fashion giant. Analysts believe H&M was helped by warm weather in its most important markets, such as Germany.A collaboration with UK ...
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News
Abercrombie & Fitch report a net loss
Abercrombie & Fitch reported a net loss of $26.8m (£17.52m) in its first quarter to May 2 as like-for-like sales dived 30 per cent across the group.Sales at Ruehl shops plummeted 34 per cent on a like-for-like basis and the fashion retailer has now begun a strategic review of that ...