GUARDSMEN MARK 100 DAYS TO GO UNTIL LONDON 2012 OLYMPICS April 17, 2012 GUARDSMEN wearing traditional dress have gathered at Horse Guards Parade in central London to mark 100 days to go until the start of the London 2012 Olympic Games. The 260 Guardsmen are members of the Grenadier, Coldstream, Scots and Welsh guards. The London Olympics will kick off on 27 July with the Opening Ceremony at [...]
Marks & Spencer sales hit by shortage of stock April 17, 2012 MARKS & SPENCER reported worse-than-expected fourth quarter sales yesterday after the retailer was hit by a shortage of stock across some of its best-selling women’s clothing lines. Chief executive Marc Bolland said the company had been caught out by February’s cold snap, when it failed to meet demand for items such as coats and knitwear. [...]
CITY VIEWS DO YOU THINK M&S WILL STILL BE AROUND IN 5O YEARS? April 17, 2012 SUE LEE PML GROUP Yes. The quality is much higher than other stores and there will always be demand for higher quality goods. It is increasingly seen to represent good value, which is obviously important at the moment. STEFAN BLOM SUP GROUP Yes, I think so. It’s a strong brand that is both well-known and [...]
Aquascutum calls administrators April 17, 2012 Aquascutum, the British luxury clothing brand has gone into administration, the latest high-profile name to fall by the wayside in the consumer downturn. FRP Advisory, the restructuring, recovery and insolvency firm, said two of its partners had been named administrators of the 161-year old loss-making firm, which employs 250 people in the UK.
Dairy Crest loses Tesco contract April 17, 2012 Dairy Crest said yesterday it has lost its contract to supply milk to Britain’s largest retailer Tesco and that it was looking at closing two facilities, which will affect about 470 staff. The manufacturer of Country Life butter, Cathedral City cheese and flavoured milk drink Frijj, said Tesco had decided not to renew its contract [...]
Next chief executive pay falls April 17, 2012 Lord Wolfson, the chief executive of Next and a Conservative peer, has taken a cut in his salary and long term bonus, despite the fashion retailer reporting record earnings per share in the year to the end of January 2012. Wolfson earned £1.49m in salary, annual bonus and benefits, down from £1.76m during the previous [...]
Burberry posts rising revenues but shares drop April 17, 2012 BURBERRY’S shares retreated more than five per cent yesterday despite the luxury clothing brand posting an 18 per cent rise in second half sales, driven by strong sales in Europe and China. The 156-year-old fashion label posted total sales of £1.027bn for the six months to 31 March, with fourth quarter revenue up 16 per [...]
ANALYST VIEWS DOES MARKS & SPENCER’S STATEMENT AFFECT YOUR FORECASTS FOR NEXT YEAR ? April 17, 2012 BETHANY HOCKING INVESTEC Fourth quarter trading figures are weak but cost savings appear to have saved the day, with no change to full year expectations… For 2013 we have the first guidance – net this is negative, with cost growth worst than our forecast. The only good news is the downgraded capex guidance. Overall, however, [...]
State Street hit by rising cost of employees April 17, 2012 STATE Street said yesterday that first-quarter profit fell 11 per cent as compensation and other employee benefits surged at nearly three times the pace of operating revenue. State Street said compensation and employee benefits in the first quarter rose nine per cent from a year earlier to $1.06bn (£665m). The bank attributed the increase to [...]
Goldman knows the ECB flood can’t last forever April 17, 2012 BOTH Goldman and Citi have seen a strong recovery this quarter, as markets, flooded with shiny new euros from the ECB, have had to do something with the cash. They have also both benefited from a backlog of debt-hungry banks and corporates that were holding off on issuance for the latter half of 2011. In [...]