Retailers are really struggling today – apart from the one that set them off May 4, 2016 The retail sector has been having a tough old day of it today – all apart from the one company that may be at the heart of it. Next issued a gloomy update today, with an in-line decline in quarterly sales and a warning of "weaker underlying demand for clothing and a potentially wider slow-down [...]
Next widens and lowers full year guidance amid weaker demand for clothing and a slowdown in spending May 4, 2016 Next has widened and lowered its full year guidance on profits amid greater uncertainty in the retail sector, following its previous warning that the year ahead could be the worst since 2008. Presumably investors appreciated the heads up: Next's share price was up 2.5 per cent in early trading and as the day wore on [...]
Watch: Timelapse video of Southbank Place construction begins May 4, 2016 Construction of Southbank Place – the £1bn scheme next to the Shell Centre – began last week. Foundations are being laid for the mixed-use development, by Braeburn Estates – a joint venture between Canary Wharf Group and Qatari Diar Real Estate Investment Company. The Shell Tower will remain the centrepiece of the site, framed by seven other [...]
Losses at Wonga double as firm grapples with turnaround May 4, 2016 Losses at controversial payday lender Wonga have more than doubled as the firm continues to grapple with its turnaround. The figures Revenues fell 64 per cent to £77.3m in the calendar year, but costs fell 17 per cent. Wonga's pre-tax losses widened by 52 per cent on last year, to £80.2m. The business said its decline [...]
Sales at Asda, Morrisons, Tesco and Sainsbury’s all drop for the first time in a year May 4, 2016 The supermarket sector has suffered yet another setback, with sales at all of the Big Four declining in the last quarter, while – you guessed it – Aldi and Lidl posted double-digit growth. Asda was the poorest performer of the biggest supermarkets, with sales dropping 5.1 per cent according to Kantar Worldpanel, followed by Morrisons, which dropped 2.6 per cent. Sales at Tesco [...]
Sainbury’s is going to start offering mortgages May 4, 2016 Sainsbury's is planning to start offering mortgages as early as next year. The supermarket confirmed its plans today, on the back of a strong performance from its banking arm. Underlying profit this year was up nearly five per cent to £65m, while total income was up over five per cent to £274m. The total accounts held [...]
Shell’s earnings slump by nearly 60 per cent, as warnings are raised over dividend May 4, 2016 Shell's earnings have slumped by nearly 60 per cent, with the energy giant freezing its dividend for the first quarter – prompting warnings that it could be "unsustainable". The figures Earnings attributable to shareholders, excluding identified items, dropped 58 per cent from $3.74bn last year to $1.55bn. It was also down on the last quarter of 2015, [...]
Sainsbury’s beats forecasts on results, but profits and sales still slide as Mike Coupe warns of tough road ahead May 4, 2016 Sainsbury's share price fell this morning as full year profits came in ahead of analyst forecasts – but still show a hefty year-on-year decline as the price wars continue to take their toll. The figures The supermarket reported group sales of £25.8bn for the 12 months to 12 March – down 1.1 per cent on the same period last [...]
UBS profits slump as bank warns on future risks May 3, 2016 Profits at UBS fell more sharply than expected in the first quarter, as the Swiss lender took a hit on its wealth management business. The figures Zurich-based UBS said net profit for the first quarter fell 64 per cent to 707m CHF ($£503m), from 1.98bn CHF in the same period last year. Analysts had expected a [...]
Conviviality to soak up wine wholesaler Bibendum May 3, 2016 Alcohol group Conviviality is to buy wine distributor and wholesaler Bibendum in a deal that worth £60m, which will be part-funded through a share issue. The Aim-listed business is looking to raise £32m through issuing shares at 205p each, with a further £10m being drawn from its banking facilities. Bibendum, which supplies wine, beer and spirits to around 4,000 restaurants, pubs [...]
