The Brexit vote fails to perturb Shoe Zone as its share price flies October 25, 2016 Discount retailer Shoe Zone's share price sprung over 15 per cent this morning after announcing that its cost-cutting measures had put it on track for a small increase in annual profits. In its pre-close trading statement, Shoe Zone said that it expects revenue for the year to be down by £6.8m at £160m, although this is primarily [...]
Intu reports increase in footfall and says impact of BHS closure has been offset by new lettings in 2016 October 25, 2016 Shopping centre owner Intu reported today that footfall at its UK businesses had increased during the three months to 1 October – and said the impact of the recent closure of BHS stores around the country had been more than offset by new lettings in the year. Intu, which announced today that it is to sell [...]
Tesco chairman John Allan admits prices WILL go up due to weak sterling and higher inflation October 25, 2016 John Allan, the chairman of Tesco, has admitted that prices will increase at supermarkets if the pound stays at its current level. The chain temporarily pulled some of its products, including Marmite and PG Tips, from its online stores earlier this month after its supplier, Unilever, demanded a 10 per cent increase in prices due to [...]
Whitbread’s share price falls as half-year results fail to impress October 25, 2016 Whitbread's penchant for the finer stuff failed to excite the market as its share price fell nearly three per cent after unveiling its half year numbers. The figures Total revenues increased by 8.1 per cent to £1.6bn, although like-for-like growth was up by a more modest 1.9 per cent. The group's Premier Inn hotel network generated just [...]
Visa’s profits jump 28 per cent on consumer spending spree October 24, 2016 Visa reported a profit rise of 28 per cent in the fourth quarter, beating analysts' expectations, as customers spent more money on its payment network. The world’s largest payment operator said its net income for the quarter ending 30 September reached $1.93bn (£1.58bn), up from $1.51bn (£1.23bn) a year ago. Payments volume jumped 47 per cent. [...]
Hammerson and Standard Life partner for £1.4bn overhaul of Brent Cross October 24, 2016 Hammerson and Standard Life Investments have embarked on a public consultation on a £1.4bn redevelopment of Brent Cross shopping centre. Brent Cross opened 40 years ago and Hammerson plan to revamp it with the addition of 200 new shops, 40 restaurants, a hotel, a cinema and around 6,700 homes. The shopping centre is set to [...]
Chinese firm HNA takes 25 per cent stake in Hilton Hotels October 24, 2016 Chinese conglomerate HNA Group have announced it will buy 25 per cent of Hilton Worldwide Holdings Inc from Blackstone Group L.P for $6.5billion dollars. The latest move by a Chinese company into Western assets will see HNA pay $26.25 per share in cash for the stake, 15 per cent above Hilton's closing stock price on [...]
Fitch puts British American Tobacco on rating watch negative after buyout offer of Reynolds American October 24, 2016 Ratings agency Fitch has put British American Tobacco (BAT) on a rating watch negative after it offered to buy out Reynolds American. It warned that the debt required for funding the deal would mean it could not keep its current A credit rating. A similar announcement was made by fellow agency Moody's on Friday, who [...]
Top shareholder lashes out after another boardroom shakeup at Stock Spirits October 24, 2016 The largest shareholder of troubled Eastern European vodka maker Stock Spirits has reacted angrily after it had yet another boardroom shakeup following a spring and summer of investor dissent. The London-listed company, which leads Poland's vodka market, said today it had appointed Carlsberg Poland chief executive Tomasz Blawat, Bain & Company adviser Diego Bevilacqua and former Cookson finance director Mike Butterworth as non-executive directors. [...]
French Connection shares spike after weekend takeover rumours October 24, 2016 Ooh la-la. Shares in French Connection have jumped by 16 per cent this morning after rumours of a takeover bid emerged over the weekend. The struggling clothing retailer, which has made losses for five years in a row, is believed to be being eyed up by UK and US investors. Today it opened 7.5 points up at 39.5p [...]