Record grocery deflation hurts sales at Tesco, Asda and Morrisons and Sainsbury’s May 6, 2015 All four of Britain’s major supermarkets saw sales fall over the last 12 weeks, while the discounters continued to slow, as grocery price deflation reached another record low, figures released yesterday show. Sainsbury’s was the strongest performer among the big four despite a 0.2 per cent fall in sales thanks to its increased focus on [...]
Poundland agrees to probe by authorities into 99p Stores deal May 6, 2015 POUNDLAND said yesterday it has agreed to proceed with a full-scale investigation by the competition watchdog over its proposed £55m tie-up with 99p Stores. The bargain chain said last month that it was considering whether to continue to pursue the deal or walk away after the Competition and Markets Authority (CMA) raise concerns over 92 [...]
Davidoff brand helps Imperial nearly double its first half profit May 6, 2015 IMPERIAL Tobacco said it was on track to meet its full-year targets yesterday despite ongoing turbulence in Iraq leading to a five per cent fall in tobacco volumes. Even after the fall in underlying volumes, the company saw sales of its more profitable products, such as Davidoff, surge 15 per cent. The strength of the [...]
Boohoo puts last year’s troubles behind it as profits make a jump May 6, 2015 Boohoo said yesterday that it has put last autumn’s troubles behind it after reporting a 27 per cent jump in full-year sales. Boohoo’s share price plummeted by around 40 per cent in January after the e-tailer issued a shock profit warning, blaming heavy promotional activity on the UK high street following the warm autumn season. [...]
Superdry label owner closes year in style May 6, 2015 SHARES in Supergroup surged 7.4 per cent yesterday after the owner of the Superdry fashion brand posted a strong finish to the year and said it was still on track to meet its profit forecasts. The retailer said group sales rose by 18.4 per cent to £134.8m in the 15 weeks to 25 April. Like-for-like [...]
Police raid Mike Ashley’s offices in probe of ex-Rangers owners May 6, 2015 SCOTTISH police have raided Mike Ashley’s Sports Direct top office as part of a two-year probe into two takeovers of Rangers football club. Mike Ashley owns an 8.6 per stake in Rangers, whose previous owners Craig Whyte and Charles Green are the subject of the investigation that led police to Sports Direct’s Derbyshire base. In [...]
GlaxoSmithKline culls £17bn HIV drugs float as outlook improves May 6, 2015 PHARMA giant GlaxoSmithKline (GSK) yesterday abandoned plans for a float of its HIV medicines division. In first quarter results published today, the company said its decision to hang on to ViiV Healthcare reflected an “updated strong positive outlook”. Analysts at Jefferies have said ViiV could be valued at as much as £17bn on the public [...]
GKN share price climbs as growing auto demand boosts sales May 6, 2015 Shares in UK manufacturer GKN ticked up yesterday after the company announced it continued to outperform the market during the start of the year. The British company, which specialises in the manufacture of components for the aerospace and automotive sectors, received a boost from a growing car market and the strength of sterling. [...]
French service sector fails to reach growth rates of its peers May 6, 2015 THE FRENCH economy is struggling to reach the levels of growth of its main European partners, according to survey figures released yesterday. Markit’s service sector PMI scored a 51.4 in April, down from March’s 52.4. Figures above 50 signify growth, which means France’s service sector is growing at a slower rate. However, France was shielded from [...]
Strength of the Eurozone helps Parisian banks May 6, 2015 GIANT French banks Societe Generale and Credit Agricole both reported rising profits in the first quarter of the year yesterday, despite weakness in their home economy. A focus on cost-cutting, plus signs of an economic recovery in the rest of the Eurozone boosted their prospects in the three-month period. SocGen’s net income rose five-fold on [...]
