Greggs warms up as summer finally cools off October 9, 2013 GREGGS said efforts to stem its sales decline started to pay off in the third quarter of the year, sending shares up almost three per cent yesterday. The bakery chain posted a 0.5 per cent fall in like-for-like sales in the 13 weeks to 28 September, an improvement on the 2.9 per cent decline reported [...]
Chocolatier Thorntons in festive mood as growth gathers pace October 9, 2013 THORNTONS yesterday said sales had got off to a strong start in the first quarter of the year as the confectioner’s turnaround strategy continued to gather pace. Revenues rose 2.1 per cent to £47m in the 14 weeks to 5 October, driven by sales to supermarkets and other third party retailers, which leapt 11 per [...]
Bottom Line: High street sales foiled again but a silver lining elsewhere October 9, 2013 SWEET news for chocolate fans, but not so much for lovers of the high street. With revenue up 2.1 per cent, Thorntons’ latest numbers may be tasty, but no thanks to its shops. Sales were up 11 per cent in the 14 weeks to 5 October – but only in the fast-moving consumer goods (FMCG) [...]
Sunny weather lifts Marston’s performance October 9, 2013 PUB CHAIN Marston’s full year results to 5 October yesterday showed encouraging performance on the back of good weather driving sales in the second half of the year. Its Destination and Premium pub’s annual sales grew 2.2 per cent driven by food sales up 3.7 per cent. Marston’s said profits from its Tavern pubs fell [...]
N Brown plots 25 shop openings October 9, 2013 THE NEW boss of online and catalogue retailer N Brown outlined plans yesterday to push ahead with the launch of more bricks and mortar stores after reporting a rise in first half sales and profits. Angela Spindler, who replaced N Brown’s longstanding chief executive Alan White in July, said the group will add two new [...]
Costco profits come in below estimates as operating costs rise October 9, 2013 COSTCO Wholesale posted a weaker-than-expected 1.3 per cent rise in quarterly profit yesterday as operating costs rose. Costco earned $617m (£387m), or $1.40 per share, in the 16 week fourth quarter to 1 September, compared with $609m, or $1.39 per share, in the 17-week period a year earlier. Costs rose 0.8 per cent to $31.5bn, [...]
Analyst Views: Is Greggs’ improved performance a sign that It is on the right track? October 9, 2013 DARREN SHIRLEY SHORE CAPITAL “Greggs has reported trading for the 13 weeks to 28 September which includes a more robust sales trend through the latter two months of the period after a more than challenging July. Whilst comparatives were weak against the third quarter of 2012, we take encouragement from the more positive trend. WAYNE [...]
Greek banks to face stress test for downturn October 9, 2013 GREEK banks will have to prove they have enough capital to withstand another two years of recession under the “adverse” scenario of stress tests being carried out in Athens, Greece’s central bank governor George Provopoulos said yesterday. The tests on the country’s four largest banks, all majority owned by Greece’s bank rescue fund the Hellenic [...]
British insurer Abbey Protection sold to US company for £116m October 9, 2013 BRITISH insurance company Abbey Protection was yesterday sold to US firm Markel for £116.5m, ending its 21 year stint as an independent company. Aim-listed Abbey specialises in providing insurance products for legal expenses. The deal will result in a bumper £65m payday for the company’s management team, who collectively own around more than half of the company’s [...]
Quindell Portfolio shares jump on £150m deal with Direct Line October 9, 2013 SHARES in outsourcing group Quindell Portfolio yesterday jumped 10 per cent after the company announced a £150m three-year deal with Direct Line. The company also said it is on track to record annual organic revenue growth of £300m a year. Aim-listed Quindell provides outsourcing services to insurers, with a pledge to drive costs and increasing [...]
