More closures for Mothercare as sales decline April 12, 2012 MOTHERCARE revealed yesterday it is to close a further 111 stores in the UK and suspend its dividend as part of the embattled retailer’s efforts to revive its fortunes. The baby products chain, which is facing intense competition from online retailers and supermarkets, already announced plans last year to close 110 of its 273 branches [...]
Earnings slump at Punch as it continues to close down pubs April 12, 2012 PUNCH Taverns’ profits fell by 20 per cent in the first half of the year, it said yesterday, but reassured it was on track to meet its full-year profit expectations despite weak consumer market conditions. The tenanted-pubs business, which demerged its better-performing managed pubs division Spirit last year, said its pre-tax profit in the 28 [...]
Telcos frustrated as EU delays mobile wallet April 12, 2012 A FUTURE where you will swipe your phone instead of your credit card looks set to be placed on hold a little while longer, with the European Commission expected to delay its decision on a UK “mobile wallet” scheme. The commission will reveal its decision later today on a joint venture proposal between Vodafone, Everything [...]
Sony to focus on mobile, games and imaging as it slashes jobs April 12, 2012 SONY’S new chief executive Kazuo Hirai set out his stall for a wide-ranging overhaul at the struggling tech firm yesterday. The group, which employs hundreds of staff in the UK, said its headcount will fall by 10,000, or six per cent, this year, which includes roles that are moving to other companies as a result [...]
ANALYST VIEWS IS THERE HOPE FOR MOTHERCARE REVIVING ITS UK BUSINESS? April 12, 2012 JOHN STEVENSON PEEL HUNT Mothercare left no surprises, with full year profit expectations unchanged. On strategy, Mothercare announces incremental cost savings and store closures. Mothercare UK is not loss making solely due to its store base; we believe the problems centre on product and price, which are not mentioned today. ANDREW WADE NUMIS The update [...]
CITY VIEWS WILL SONY MAKE A RECOVERY? April 12, 2012 DOMINIC CAMILERI STRUCTURE TONE I think it has a hard task ahead. There is immense pressure from Apple and Samsung. There is a desire for it to come back, but there is very strong competition whose products are cheaper. JAMES FLETCHER FRIENDS LIFE It is too big not to recover. It would take a long [...]
JD Sports sees profits dented by Blacks deal April 12, 2012 JD SPORTS Fashion yesterday said full-year pre-tax profits were ahead of expectations despite suffering a loss of £2.2m from its newly acquired Blacks business. The retailer — which sells sporting goods from top brands like Nike and Adidas — said pre-tax profits fell 14 per cent to £67.4m from £78.6m a year earlier, largely as [...]
Former Blair adviser sells his PR agency April 12, 2012 TIM Allan, the former spin doctor for BSkyB who started his professional career as a press adviser to Tony Blair, has agreed to sell a majority stake in his public relations firm Portland to the global marketing group Omnicom. The deal values Portland at around £20m (depending on the group’s performance over the next three [...]
In conversation with Ken Costa April 12, 2012 THOSE who fear they might have a little difficulty finding their moral compass might want to attend a discussion on Tuesday night at the Institute of Directors (IoD). IoD director general Simon Walker will be in conversation with Ken Costa, the former UBS and Lazards investment banker, more commonly known these days as “The Ethical [...]
MUNCH’S SCREAM COMES TO LONDON April 12, 2012 EDWARD Munch’s iconic picture, known as The Scream, was on show yesterday at Sotheby’s in London ahead of a sale in New York on 2 May. Also on sale that evening will be Andy Warhol’s 1963 Double Elvis and a Pablo Picasso portrait. The Scream is expected to fetch around $80m.
