Conservatives prepare for EU battle in Lords January 9, 2014 THE CONSERVATIVES are today preparing to push their EU referendum bill through the House of Lords before it runs out of time. The private member’s bill, introduced by James Wharton MP, will be debated in the Lords today. The referendum forms a key part of David Cameron’s election manifesto and would give people the chance [...]
Morrisons share price slides as it warns on profit January 9, 2014 WM MORRISON boss Dalton Philips said it missed out on the usual seasonal surge in footfall over Christmas because of competition from discounters and the lack of an online presence, as the supermarket chain was forced to issue a profit warning. The UK’s fourth largest grocer brought forward its trading update by 11 days to deliver [...]
Tesco downgrades forecasts as Christmas trading disappoints January 9, 2014 TESCO admitted yesterday that full year profits could be as much as £150m below expectations as Britain’s biggest supermarket retailer reported another heavy decline in like-for-like sales over the Christmas trading period. The group, which is 21 months into a turnaround plan, said like-for-like sales fell 2.4 per cent in the six weeks to 4 [...]
Greggs soars as strategy shift boosts business January 9, 2014 HIGH street baker Greggs and FTSE 250 firm The Restaurant Group, owner of the Garfunkel’s and Frankie & Bennys chains, both saw their share prices boosted yesterday after reporting fourth quarter results that beat expectations. Greggs share price rose 10.6 per cent to 493p on news that its fourth quarter saw the first sales growth [...]
M&S boss Marc Bolland defends Xmas discounts January 9, 2014 MARKS & SPENCER chief executive Marc Bolland yesterday denied that the retailer had sparked this Christmas’s frenzied discounting as the chain’s clothing sales fell for a 10th consecutive quarter. The high street bellwether said like-for-like general merchandise sales, which include homeware and clothing, dropped by 2.1 per cent in the 13 weeks to 28 December. [...]
Bottom Line: CEO’s survival will depend on a revolution January 9, 2014 YESTERDAY marked a very unwelcome milestone for Marks & Spencer’s boss Marc Bolland. Three-and-a-half years into the job, the former Morrisons chief exec has clocked up his 10th successive quarter of declining clothing sales, leaving investors waiting for his promised turnaround yet again. That they’re giving him more time – as evidenced by yesterday’s 3.6 [...]
Festive boost for Ted Baker January 9, 2014 BRITISH designer clothing brand Ted Baker said it will meet annual profit forecasts after posting an 18.3 per cent rise in eight-week festive sales, helped in part by a 10.9 per cent increase in new space. Unlike many under-pressure retailers during the festive period, Ted Baker said it had not undertaken any significant promotional activity [...]
Foyles narrowly grows at Christmas January 9, 2014 Bookshop chain Foyles reported a 0.4 per cent increase in December like-for-like sales, helped by Morrissey’s new autobiography and sales of Alice Munro’s collections after her Nobel Prize for literature. The firm said its Westfield Stratford branch was doing particularly well, though the Crossrail construction work is continuing to hit footfall at Charing Cross Road.
Uniqlo owner picks up sales January 9, 2014 Asia’s biggest clothing retailer Fast Retailing posted a higher-than-expected first-quarter profit, helped by strong Japan sales at its flagship casual Uniqlo brand which lured thrifty customers with affordable luxury items. The retailer also boosted growth outside Japan, with a weaker yen helping to lift revenues.
Shine comes off jeweller Signet January 9, 2014 Shares in H Samuel operator Signet Jewelers fell over seven per cent on the US market yesterday after the retailer trimmed its profit forecast for the quarter. Like-for-like sales in the UK were up five per cent in the eight weeks leading up to Christmas.
