Double dose of corporate woe leaves City investors reeling July 3, 2008 The city was left reeling yesterday after retail giant Marks & Spencer issued a shock profits warning and Britain’s largest housebuilder Taylor Wimpey admitted it had been unable to secure £500m in funding. The bleak news from M&S, an industry bellwether, that the consumer downturn was likely to be “longer and harder fought” than previously [...]
Rose to dodge investors’ ire July 9, 2008 Marks & Spencer boss Sir Stuart Rose is likely to keep both his jobs as chief executive and chairman despite facing fiery opposition from shareholders at the retailer’s annual meeting today. Up to 30 per cent of shareholders are planning to either vote or abstain over concerns about his dual role, though analysts doubted they [...]
M&S readies for investor protest vote July 4, 2008 Four large investors in Marks & Spencers are planning to vote against the retailer’s annual report and accounts at its annual meeting next week over concerns about Sir Stuart Rose’s dual role as executive chairman and chief executive. Three pension schemes – The Universities Superannuation Scheme, Railpen and APG, and the Co-operative Insurance Society, who [...]
Rose survives protest vote on double role July 10, 2008 Marks & Spencer boss Sir Stuart Rose has kept his job after a planned shareholder revolt at the retailer’s annual meeting yesterday turned into no more than a whimper. Over 94 per cent of the grey-haired army that braved the rain to descend on the Royal Festival Hall on London’s South Bank yesterday afternoon to [...]
Develop your tactics to win in hard times July 15, 2008 When the going gets tough, the tough stick to their trading strategies, says Katie Hope Everybody harbours a secret desire to be an investment legend. The so-called “Sage of Omaha” Warren Buffett, George Soros, whom it is obligatory to refer to as “the man who broke the Bank of England” and even fictional red-braced trader [...]
How Marks & Spark’s reputation helps to predict its share price July 7, 2008 Does it help M&S to be an iconic brand? It has huge traction in the public mind, which can amplify both its successes and its failures. When it does well, everyone notices – but when it reports disappointing results, and the share price plummets, the story is all over our TV screens. And that doesn’t [...]
Sales slide at Matalan November 2, 2005 Value retailer Matalan yesterday insisted that it was holding market share despite reporting deteriorating trading conditions. Group like-for-like sales tumbled 10.6 per cent in the nine weeks to 29 October. The retailer said clothing like-for-like sales were down 7.6 per cent implying homewares sales had fallen by as much as 20 per cent. Chief executive [...]
WH Smith posts £73m profit October 14, 2005 Stationer WH Smith was the second high street institution to surprise the market this week with its turnaround progress. Chief executive Kate Swann followed Marks & Spencer boss Stuart Rose’s example as pre-tax profits came in at £73m for the year to 31 August. Although like-for-like sales fell 2 per cent during the past six [...]
On top of the world October 21, 2005 Retail may be struggling, but Philip Green has just taken a £1bn dividend. Is he embarrassed? Not much. Displaying the timing for which he has become famous, retail entrepreneur Philip Green paid himself a whopping £1.2bn dividend from his retail chain Arcadia. At a time when retailers nationwide are struggling, Arcadia announced a 10.1 per [...]