Latest finance news – Page 644
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DSGi rating reviewed as downturn takes toll
Ratings agency Moodys has put DSGi under review for a possible downgrade after the retailer suffered a first-half like-for-like tumble of 7 per cent.
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Carrefour and Ahold buck slump with robust Q3 sales
French giant Carrefour and Dutch grocer Ahold bucked the downturn to reveal resilient third quarter sales in the face of global economic turmoil.
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John Lewis sales fall
John Lewis has reported a drop of 9.8 per cent in its weekly sales and said the third quarter of the year has ended on a “subdued note”.
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Instore losses deepen but current trade picks up
Instore, the owner of Poundstretcher, has increased its losses, revealing a 6.3 million net operating loss before exceptional items for the 26 weeks to August 30.
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Blacks Leisure losses widen in first half
Blacks Leisure has reported that its half-year losses have widened, but the group is making “good progress” with its turnaround plan.
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Alliance Boots revenues up 11.3 per cent
Alliance Boots executive chairman Stefano Pessina described the group’s trading performance as “relatively resilient” as the group revealed first-half revenues were up 11.3 per cent.
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Trading fears push Marks & Spencer shares near to eight-year low
Marks & Spencer’s shares fell close to an eight-year low yesterday after broker Pali International issued a bearish note ahead of next week’s interim results.
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Tesco cuts sales growth expectations
Tesco has cut its UK sales growth guidance for the first time in years, reflecting how tough the retail environment has become.
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Carpetright to acquire Sleepright
Carpetright is to buy Sleepright, the beds retailer which operates 94 concessions in its shops.
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DSGi’s credit rating to be reviewed by Moodys
Ratings agency Moodys has placed electricals retail giant DSGi under review for a possible downgrade following last week’s trading update.
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London prices cheaper than Milan and Paris
London is the most alluring place to shop for price-conscious shoppers within the Euro zone and the UK, according to research commissioned by Selfridges.
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Tesco extends non-food supplier payment terms
Tesco is understood to be asking all its non-food suppliers to wait an extra 30 days for payment as it seeks to free up cash for the critical Christmas trading period.
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Banks call in advisers for Woolworths talks
Key lenders to Woolworths are to be advised by corporate restructuring firm Deloitte as the company prepares its business plan for the new financial year, which is due to be delivered by December.
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HBOS appoints KPMG to review Wyevale
HBOS is understood to have appointed KPMG to conduct an independent review of Wyevale Garden Centres.
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Recession looms as economy shrinks for first time in 16 years
The UK economy shrank for the first time in 16 years in the last quarter, confirming fears that the country is slipping into a recession.
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Carrefour and Ahold post resilient third-quarter sales
French retailer Carrefour and Dutch grocer Ahold posted resilient third-quarter trading updates.
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Stores’ fury over debit card charges
Retailers in uproar over banks’ shift to Visa-backed debit cards and Mastercard’s membership fees.
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Sale of Icelandic assets delayed by authorities
The potential sale of Baugur’s debt and investments by Icelandic banks in UK retailers is on hold as Icelandic authorities assess their value and move to avoid a quick-fire sale.
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Green sets out strategy as Arcadia holds firm
Sir Philip Green has vowed to redouble his focus on product and processes after Arcadia revealed a resilient set of full-year results.
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Retail crime headed for a ‘rapid rise’
Retailers are bracing themselves for a rise in retail crime as the British Retail Consortium (BRC) warned that the credit crunch will “wipe out” falling statistics recorded over the last year.