Latest finance news – Page 622
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NewsKesa like-for-like sales fall as further restructuring announced
Kesa has reported like-for-like sales across its electricals business were down 6.1 per cent in its full year to April 30, with total sales up 8.3 per cent.Like-for-like sales at its UK Comet chain dropped 7.7 per cent on a like-for-like basis for the year, with total revenues down 5.1 ...
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NewsGreggs upbeat following strong Easter sales
Bakery retailer Greggs announced this morning that group sales in the 19 weeks to May 9 increased by 5.2 per cent, including like-for-like sales growth of 2 per cent.
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NewsSainsbury’s confident in future as profits rise
Focus on fundamentals and agility in fast-changing trading conditions helped Sainsbury’s notch up an 11 per cent profits rise and fourth consecutive year of like-for-like growth.
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NewsCo-op’s local format helps it secure record results
Co-operative Group has said its local format has helped it report record results, with operating profit before significant items up 11 per cent to £393m.
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NewsLush launches first of six in-store spas as profits skyrocket 89%
Handmade cosmetics retailer Lush has opened its first in-store spa as it revealed group pre-tax profit soared 89 per cent to £19.4m.
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NewsDSGi secures £311m injection to speed up turnaround plans
DSGi has raised £311m to accelerate its turnaround plans after credit insurance difficulties led to a sharp rise in debt.
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Sun and self-help lift Marks & Spencer trade
Good weather, self-help initiatives and greater market stability may have boosted trading at Marks & Spencer, City brokers believe.
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NewsBroker warns investors not to overlook Mothercare
Mothercare has been overlooked by investors, despite its strong growth prospects, according to Investec analyst Katharine Wynne.
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NewsHome Retail Group divides City
Home Retail Group, owner of Argos and Homebase, met full-year profit expectations but brokers were divided on its merits.
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NewsCity encouraged by general retail outlook
Food stocks dipped this week while general retailers continued to outperform, with brokers encouraged by some prudent management outlined in the updates.
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Retail sales fall 8.2 per cent
Spanish retail sales fell 8.2 per cent in March. It is the second largest fall on record and the 16th consecutive month of decline as unemployment soared and consumer confidence dropped.
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Pre-tax profits at Metro plummet
Pre-tax profits at grocer Metro plummeted almost 50 per cent in its first quarter to e84m (£74.8m). Sales also fell 2.5 per cent to e15.2bn (£13.5bn) in the three months to the end of March.
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NewsVision Express profits up despite downturn
Vision Express has reported an uplift in underlying profits in its full-year results as it eyes acquisition opportunities this year.
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NewsDownturn not as bad as predicted says Next chief executive Simon Wolfson
Next chief executive Simon Wolfson has said the market is bottoming out but said it is premature to call a recovery and that lower VAT was distorting the real consumer picture.
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Equity markets ‘open for business’
The equity markets are still open for business if retailers and investors are willing to collaborate, according to industry observers.
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Retailers call for transparency with suppliers and credit insurers
Retailers have called for greater transparency in dealings with suppliers and credit insurers to ensure businesses remain secure during the downturn.
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NewsInterest rate held at 0.5 per cent
The interest rate has been held at 0.5 per cent by the Bank of England.This is the second month in a row that the Bank of England has held the interest rate after it consecutively cut the rate to a record low over a six-month period to try and stimulate ...
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MPs call for more scrutiny of pre-packs
MPs have called for tighter regulations and more scrutiny of pre-pack administrations.A report by the Business and Enterprise Committee into the actions of the Insolvency Service found that public confidence in insolvencies would be damaged “unless prompt, robust and effective action” is taken to ensure pre-packs are “transparent and free ...
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NewsNext reports solid first quarter
Next has benefitted from a late Easter and warm weather with a better than expected first quarter.Total retail sales were up 1.1 per cent in the 14 weeks to May 2 with like for likes down 2.3 per cent, well ahead of Next’s estimates of between -6 and -9 per ...
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NewsReassuring updates propel retail shares again
Once again, the only way was up for store stocks as the general retailers’ rally maintained momentum following a raft of reassuring updates and results.