Investors send luxury firm to naughty step June 14, 2012 YESTERDAY’S reaction to Mulberry’s slowing growth has a hint of the schoolroom about it. An overachiever for the past couple of years, shareholders greeted the luxury brand’s slip with horror – like a teacher who expresses abject disappointment when their favourite A* student drops a grade. In markets as volatile as we’ve seen recently, though, [...]
More woe at Nokia as stock falls on plan to cut one in five jobs June 14, 2012 LOSS-MAKING Finnish mobile phone producer Nokia plans to cut another 10,000 jobs globally in its biggest revamp in recent history, it announced yesterday, while warning that the second-quarter loss from its mobile phone business would be larger than expected. The cuts, which include the closure of Nokia’s only plant in Finland, bring total planned job [...]
WH Smith keeps books in order but sales continue to dwindle June 14, 2012 WH SMITH, the bookseller and stationary retailer, saw its share price rise 2.7 per cent yesterday after it posted an improvement in profit margins despite stores’ sales continuing to fall. Like-for-like sales in the first 15 weeks to 9 June dipped three per cent compared to the same period last year, although this was a [...]
Revenue down at Carphone on a weak Europe June 14, 2012 CARPHONE Warehouse yesterday reported a 5.5 per cent drop in revenue across its European operations as fewer customers bought into the pre-pay mobile phone model. The handset retailer said European revenues were £3.3m for the year to 31 March, down from £3.5m, as up to 40 per cent fewer customers opted for pay as you [...]
A tale of two high streets split by rents June 14, 2012 THE GAP between shop rents in the UK’s smartest and more modest locations is wider than ever and is likely to become more marked as leases come up for renewal, research exclusive to City A.M. shows. The number of shopping areas in London that have reached or exceeded rental levels seen at the height of [...]
Computacenter plans cuts value June 14, 2012 Shares in Computacenter lost as much as 16 per cent yesterday after it warned that its business growth model will require a significant amount of investment, including an extra £7m next year in staff recruitment. Computacenter added the depreciating euro against the pound could also cut profit by £3m next year. But the European IT services [...]
3i pulls out of Habbo hotel June 14, 2012 3i has become the second shareholder to pull its investment in the parent company of Habbo Hotel over allegations the children’s networking site hosted sexually explicit content. Britain’s oldest private equity company had held a 16 per cent stake in Finnish internet company Sulake. It made the move after Balderton Capital dumped its stake following [...]
LVMH snaps up menswear brand June 14, 2012 French luxury conglomerate LVMH announced yesterday it has acquired French made-to-measure menswear brand Arnys for an undisclosed sum. Retailers have been rushing to tap into the fast growing menswear sector, with Burberry planning to launch its first menswear store later in the fall.
Shell extends offer deadline to try and win over Cove investors June 14, 2012 ROYAL Dutch Shell has given itself more time to decide the next move in its battle to buy Cove Energy, extending the acceptance deadline on its £1.12bn bid as it vies with Thailand’s PTT for an entry into East Africa’s big new offshore gas play. Shell said yesterday it was extending the deadline for Cove [...]
Statoil finds gas off Tanzania June 14, 2012 Norwegian oil firm Statoil said yesterday it had discovered a large gas deposit off Tanzania. Statoil and ExxonMobil found 3 trillion cubic feet of gas in the Lavani well 2,400 metres under the sea. The discovery confirms Statoil’s recent track record for solid upstream success after it has made big finds in the mature areas [...]
