Fund to book gains on deal with Amazon February 15, 2012 INVESTMENT fund manager Tritax is trying to shake off the industry gloom with the launch of an innovative property venture after securing a long-term rental deal with Amazon. The £47.2m investment is in a 1m sq ft purpose-built distribution warehouse near Dunfermline, north of Edinburgh, which has been let for 20 years to Amazon, the [...]
RSM Tenon hires chief exec for turnaround February 15, 2012 STRUGGLING accountancy firm RSM Tenon, which last month issued a profit warning, has appointed a permanent chief executive to lead it through a strategic review. Chris Merry, a former chief executive of broker Matrix Group, will join RSM with immediate effect, replacing incumbent interim Adrian Martin, who will become non-executive chairman. Merry led Matrix for [...]
LAND SEC AND CANADA TO REVAMP VICTORIA February 15, 2012 Land Securities is going ahead with a £1bn redevelopment near Victoria station after signing a partnership deal with the Canada Pension Plan Investment Board. Land Sec said it will sell the Victoria Circle site to a new joint venture with CPPIB for £163m, and will start demolishing the existing buildings as soon as September. The [...]
Danone trims its targets on tough Europe February 15, 2012 FRENCH food group Danone trimmed its sales growth and margin targets for 2012, saying tough western European markets would hold back strong growth in emerging markets, which now account for more than half of sales. The world’s largest yoghurt maker, with brands like Actimel and Activia, said yesterday it expected like-for-like sales to rise five [...]
South Asia fuels shops boom February 15, 2012 SHOPPERS from Asia helped keep Britain’s tills ringing last year, with their spending in the UK up by 34 per cent thanks to growing demand from south eastern countries like Singapore. Chinese travellers remained the biggest drivers of growth, with spending up 64 per cent year-on-year in January, according to Global Blue, the tax-free shopping [...]
H&M January takings rise as cost cutting pays off February 15, 2012 WORLD number two fashion retailer Hennes & Mauritz said yesterday sales at its established stores grew in January for a second consecutive month, by three per cent in local currencies. The budget clothing firm and rivals such as Zara owner Inditex have had to slash prices to shift a build-up of stock caused by unusually [...]
Heineken plans more savings as profits recover after weather hit summer sales February 15, 2012 HEINEKEN, the world’s third-largest brewer, has beaten expectations with a nine per cent profit increase in 2011 after recovering from a damp European summer that kept a lid on drinking, and launched a new drive to cut costs. Heineken, which had forecast flat net profit, said yesterday its earlier caution was driven by a poor [...]
Dr Pepper’s results fizz as income beats forecasts February 15, 2012 DR PEPPER Snapple Group has reported higher-than-expected quarterly results, helped by higher selling prices of its drinks, and the company forecast a 2012 profit largely above market expectations. The maker of Dr Pepper and 7UP sodas said fourth-quarter net income was $166m (£105.7m) or 77 cents a share, compared with $112m, or 49 cents a [...]
ABERCROMBIE SEES MARGINS RISING February 15, 2012 ABERCROMBIE & Fitch said yesterday it expects its gross margins to recover “significantly” this fiscal year, helped by easing cotton costs and rising sales overseas. The clothing retailer, which caters primarily to teens and young adults, said the need to slash prices during the competitive holiday season coupled with higher cotton costs took a heavy [...]
Hogg Robinson expects profits February 15, 2012 Business travel group Hogg Robinson said yesterday that its performance for the year to 31 March was in line with its forecasts, and that it expected to deliver profits before tax for the year to meet expectations. “We are confident that our compelling customer proposition, strong foundations and proven ability to tightly manage costs will [...]
