Next shares drop as online shopping boost masks high street malaise October 31, 2018 Clothing and home products retailer Next managed to balance out falling high street sales with its growing online business, its third quarter trading update showed today. Store sales for the quarter were down eight per cent year on year and 6.3 per cent in the year to date compared with 2017. But online sales shot [...]
Ebay predicts fourth quarter surge in profits October 30, 2018 E-commerce giant Ebay forecasted a rise in fourth quarter profits above analyst estimates tonight, despite its rival Amazon announcing last week that its profits will disappoint across the upcoming holiday period. Shares in Ebay, which also beat estimates on profit for its third quarter, rose six per cent in after-hours trading. Net income for the [...]
Sports Direct buys Evans Cycles, but Mike Ashley to close 30 stores October 30, 2018 Evans Cycles has been sold to Sports Direct as part of a pre-pack administration. Around half of the cycling shop's 60 stores will be forced to close, Sports Direct owner Mike Ashley said as he announced the deal. Ashley commented: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the [...]
Cillit Bang maker Reckitt Benckiser shares dive after ‘self-inflicted’ wound hits sales October 30, 2018 Shares in Cillit Bang maker Reckitt Benckiser Group (RB) tumbled over four per cent today as it reported lower sales for its third quarter. The maker of Durex condoms, Gaviscon and infant food brand Mead Johnson Nutrition (MJN) blamed the miss on production problems at a European baby formula factory. Like-for-like sales rose two per cent year [...]
Sugar-free drinks sweeten results for Coca-Cola, but revenues lose their fizz October 30, 2018 Demand for sugar-free drinks helped push Coca-Cola to strong organic revenue figures, despite an overall drop in third-quarter sales. The figures The drinkmaker’s revenues declined nine per cent to $8.2bn (£6.4bn) as it refranchised its company-owned bottling plants. Organic revenues — which exclude impacts of mergers and acquisitions and currency fluctuations — meanwhile grew by six [...]
Nintendo second quarter profits hit eight-year high, but still miss expectations October 30, 2018 Nintendo failed to meet analysts' expectations despite reporting an eight-year profit high for its second-quarter profits today, thanks to sales of Switch consoles and games. The figures The Japanese gaming giant revealed that profits grew 30 per cent year-on-year to hit 30.9bn yen (£214.17m) between July and September. Yet analysts were underwhelmed after estimating profits to [...]
Tapestry beats estimates as Coach handbags lure in sales October 30, 2018 Luxury US fashion giant Tapestry beat Wall Street predictions in its first-quarter sales report this afternoon, amid rising demand for its flagship Coach handbag brand. Quarterly net income hit $122.3m (£95m), rising from a loss of $17.7m a year earlier, while first-quarter net sales jumped seven per cent to $1.38bn. Meanwhile, profits were slightly higher [...]
Under Armour hits the ground running amid higher-than-expected earnings October 30, 2018 US sportswear firm Under Armour trumped Wall Street expectations today after raising its forecast for annual profits and posting higher-than-expected revenues for the third quarter of 2018. Buoyed by higher overseas sales and fewer promotions, the Baltimore-based company has hiked its full-year adjusted earnings per share forecast to between 19 cents and 22 cents from [...]
Retail sales cool sharply as curtains close on prolonged summer boost October 30, 2018 Retailers suffered a sharp sales downturn in October, as the UK’s prolonged summer spending spree seems to have finally come to an end. The balance of retailers reporting year-on-year growth in sales volumes has slumped to its lowest level in six months, according to a survey out today from the Confederation of British Industry (CBI). Some [...]
Sony poised to hit record profits in wake of gaming strategy October 30, 2018 Japan’s Sony is projecting record annual profits after riding a wave of demand for several of its most popular recent big-hit games. The technology giant raised its profit forecast by 30 per cent to ¥870bn (£6bn) this morning, with a boom in its Playstation division helping to offset widening mobile phone losses. Such positive projections [...]