Zara owner Inditex falls short of market expectations despite rise in profit December 12, 2018 Fashion group Zara’s parent company Inditex fell short of market expectations today as currency effects weighed on the world’s largest clothing retailer. Shares in the Spanish firm, which is controlled by billionaire tycoon Amancio Ortega, tumbled four per cent in trading after missing estimates for third-quarter profits and sales. The group, which is highly sensitive [...]
Thomas Cook’s shares rebound after senior executive says bookings for 2019 have started strongly December 12, 2018 Thomas Cook’s share price jumped more than 15 per cent this morning after a senior executive said bookings for 2019 had started strongly. The travel company has experienced severe turbulence this year, warning on profits twice as the hot summer hit holiday bookings. Its share price has taken a battering, falling from 117p this time [...]
Dixons Carphone sinks to £440m loss, sending share price falling December 12, 2018 Dixons Carphone sank to a huge loss in its half-year result today, as a £500m writedown in its Carphone Warehouse division weighed the company and its share price down. The figures Dixons swung to a £440m loss for the six months to the end of October after paying out £490m in impairment charges for a restructure of [...]
Sainsbury’s share price under pressure as it asks for more time on Asda merger probe December 12, 2018 Sainsbury’s has seen its share price tumble five per cent so far today, after it joined Asda in appealing to the courts for more time to argue its case over a planned £15bn merger between the two supermarkets. Both grocers said this morning that they have lodged a request to review the timetable and process of [...]
British American Tobacco maintains full-year guidance December 12, 2018 British American Tobacco (BAT) today backed its full-year guidance, saying plans to deleverage the business remain on track. The tobacco firm, which owns cigarette brands such as Dunhill and Lucky Strike, said it will exceed its high single-figure earnings per share growth, despite a six per cent currency impact. In a trading update BAT said [...]
Superdry blames warm weather on crashing profits December 12, 2018 Superdry's shares have crashed more than 34 per cent in trading today, after the retailer blamed “unseasonably warm weather” for a lull in sales that resulted in a 49 per cent fall in half-year profits. The group warned that profits for the full-year are now projected to come in at £55-70m, falling below analyst expectations of roughly £84m. The [...]
888 targets US expansion as it buys All American Poker Network from joint venture partner Avenue OLG Entertainment for $28m December 11, 2018 Online gambling company 888 has bought out the remaining half of All American Poker Network (AAPN) for $28m (£22.26m), it announced today. 888 acquired 53 per cent of the US gaming site from its joint venture partner Avenue OLG Entertainment and other minority shareholders. The deal will allow London-listed 888 to strengthen its position in the US [...]
Value of retail property falls to slowest rate in nine years as vacancies and losses take their toll on landlords December 11, 2018 Fresh evidence of the woes facing high street landlords and shopping centre owners emerged today, as new data showed that the value of retail property has fallen by its largest monthly amount in nearly a decade. The value of retail property tumbled 1.9 per cent in November, marking the sector’s sharpest month-on-month drop since May [...]
Superdry shares plunge ahead of results as analysts and co-founder Julian Dunkerton issue warnings December 11, 2018 Superdry shares plunged seven per cent this morning following damaging brokers' notes and criticism from co-founder Julian Dunkerton. Analysts Berenberg downgraded its stance on the retailer to 'hold' and cut its earnings forecast for 2019-21 ahead of the company's half yearly results tomorrow. It comes just a day after Dunkerton, who quit the business earlier this [...]
In comes the king: M&S hires Sainsbury’s veteran Justin King as non-exec director December 11, 2018 Retail chief Justin King has re-joined the Marks and Spencer board as a non-executive director. The former Sainsbury's boss, who is the fourth new hire for the M&S boardroom in the last year, will continue to serve as vice chairman of Terra Firma as he takes on the new role in January. King has built [...]