LVMH beats forecasts as it sees brands rebound October 14, 2010 LVMH, the world’s biggest luxury retail group, beat forecasts with a 14 per cent rise in comparable third-quarter sales, driven by the solid recovery of its fashion, wines and champagne businesses. LVMH, the first major European luxury group to publish third-quarter figures, yesterday confirmed the industry’s stronger-than-expected rebound, powered in part by expansion in China [...]
Clinton in slim profit rise but tough times ahead October 14, 2010 CLINTON Cards posted a three per cent rise in full-year adjusted pre-tax profit helped by its namesake brand, but remained cautious about weak consumer spending due to frail economic environment. In the 10 weeks of the new financial year, same-store sales at its Clinton brand fell 3.9 per cent. Total group like-for-like sales declined 2.9 [...]
OFT says beer market fair October 14, 2010 The UK pub industry was cleared by competition watchdogs yesterday after a reopened investigation into controversial “beer ties”. The Office of Fair Trading (OFT) stuck by its initial findings last October that there was no evidence that so-called tied prices – where pub companies compel tenants to buy drinks from them – damage competition. It [...]
Carrefour cuts full-year forecast October 14, 2010 Carrefour, Europe’s biggest retailer, trimmed its 2010 profit forecast as an increase in one-off charges at its Brazilian business offset a slightly higher-than-expected rise in third-quarter sales. The French group, world number two by sales behind US group Wal-Mart, said yesterday it expected to make an underlying operating profit of around €3bn (£2.6bn) this year, [...]
CITY VIEWS: WILL YOU BE SPENDING LESS THIS CHRISTMAS BECAUSE OF WORRIES ABOUT THE ECONOMY October 14, 2010 KEVIN SKELLY | KIRKLAND “I’ll be spending more this Christmas. I have a grandchild now so it’s definitely going to be more expensive. The austerity measures won’t have any real effect. It’s just something you have to spend money on.” VIKAS SAINI | TMF I’ll be spending about the same this year. The spending cuts [...]
WH Smith in dividend hike on profit rise October 14, 2010 WH Smith yesterday forecast another rise in profits this year, saying the low average spend of its shoppers protected it from government austerity measures. The retailer, which trades from 573 high street stores and a 516-outlet travel division with units at airports, train stations, hospitals, motorway service stations and workplaces, was relaxed about the impact [...]
Diageo says Europe is weak October 14, 2010 DIAGEO, the world’s biggest spirits group, said trading in Europe was weaker as it met forecasts with a five per cent rise in first-quarter underlying sales driven by growth in emerging markets. The maker of Smirnoff vodka, Captain Morgan rum and Guinness also stuck to its forecast to see higher profit growth this year than [...]
Hugo Boss earnings up after it saw strong sales in Asia October 14, 2010 GERMAN fashion group Hugo Boss yesterday raised its 2010 outlook after a faster-than-expected recovery in the luxury goods market, together with its strategy of opening more stores, helped it beat third-quarter forecasts. After a sharp downturn, the luxury market has started to recover in 2010, driven by tourist shoppers from emerging markets such as China. [...]
Booker buys Courivaud to boost its hotel trade October 14, 2010 CASH and carry giant Booker yesterday bought a rival which supplies Michelin-starred restaurants and leading hotel chains. It paid £14.5m for Ritter-Courivaud, which counts chef Rick Stein among its customers. Booker wants to expand the range of its catering offering through Ritter, which will remain under the management of Ian Le Vesconte. Chief executive Charles [...]
ANALYST VIEWS? CAN WH SMITH SUSTAIN ITS UPTURN October 14, 2010 RICHARD HUNTER | HARGREAVES LANSDOWN The positive triple whammy of stronger profits, an increased dividend and a continuation of the share buyback programme has been well received by investors. This may be enough to begin to turn around what has been a lacklustre share price performance of late. KATE CALVERT | SEYMOUR PIERCE Management is [...]