Blackstone profits fall back as volatile markets hit assets July 19, 2012 BLACKSTONE Group, the largest publicly listed alternative asset manager, said yesterday its second-quarter earnings had dropped as challenging public markets eroded the value of its assets and crimped its lucrative performance fees. The firm’s earnings, however, still beat market expectations as its assets proved resilient in a market slump caused by the Eurozone debt crisis [...]
Nokia writes off €220m as losses deepen July 19, 2012 NOKIA reported losses of €826m (£646.7m) for the three months to July yesterday and warned of more dismal figures in the current quarter, but shares in the troubled company jumped with results not as bad as feared. The Finnish mobile phone manufacturer sold just 10.2m devices over the period, compared with 16.7m for the same [...]
Lingering worries for a deal in a hurry July 19, 2012 PETER Marks, group chief executive of the Co-operative Group, said in March that there were “very material regulatory issues” holding back its purchase of branches from Lloyds Banking Group. Yesterday’s non-binding announcement of terms for the deal suggests both sides are confident the FSA won’t now stand in their way. But have the issues really [...]
Pearson buys self-publisher July 19, 2012 PEARSON, the owner of Penguin Books, yesterday announced the purchase of self-publishing firm Author Solutions Inc (ASI) for $116m (£73.8m) in cash. ASI has around 1,600 employees based mainly in the US and Philippines. Pearson said the unit has revenues of around $100m and has helped release 190,000 books. “This acquisition will allow Penguin to participate fully [...]
Pub firm hit by wet summer July 19, 2012 PUB and restaurant firm Mitchells & Butlers, which operates chains including All Bar One, O’Neill’s and Toby Carvery, said yesterday that the wet weather has severely damaged attempts to grow the business. Like-for-like sales growth was just 0.4 per cent in the 14 weeks to 14 July, with the Euro 2012 football tournament also impacting on sales. [...]
Sports Direct hits bonus goal as JJB struggles July 19, 2012 SPORTS Direct won a game of two halves on the high street yesterday, with a flair for discounting and online retail helping it trounce sales at ailing rival JJB Sports, which made a plea for fresh funding. Sports Direct, controlled by billionaire Newcastle United owner Mike Ashley, yesterday said its underlying pre-tax profit rose 17.3 [...]
Kingfisher cuts prices to shore up its sales July 19, 2012 KINGFISHER, Europe’s biggest home improvement retailer, said yesterday its underlying sales recovered in its second quarter, showing its resilience in the economic downturn even though heavy rain put British and French shoppers off buying seasonal ranges. The firm, which runs the market-leading B&Q chain, said sales at stores open over a year fell 0.4 per [...]
Cointreau and Hermes grow July 19, 2012 THE Chinese are still snapping up Birkin bags and rare Cognacs, boosting sales for European luxury goods companies Hermes and Remy Cointreau and calming fears that demand may be cooling. French spirits group Remy Cointreau beat forecasts with a 24.4 per cent rise in first-quarter sales, it said yesterday, driven by robust demand for its [...]
Halfords boss quits as sales shrink again July 19, 2012 THE BOSS of Halfords has quit with immediate effect following a fresh drop in quarterly sales that was branded “disastrous” by analysts. David Wild abruptly quit his post yesterday after four years at the helm, and the bicycle and car parts retailer has mandated headhunter Egon Zehnder to help with the search for Halfords’ new [...]
Mothercare chases international customers as UK takings decline July 19, 2012 BABY products retailer Mothercare, facing intensifying competition in Britain, said its overseas sales rose 11 per cent in the first quarter, contrasting with a more than 10 per cent fall in total sales in its home market. The company, which also sells maternity wear, said comparable sales in the UK fell 6.7 per cent in [...]
