Hugo Boss results defy the gloom November 2, 2011 HUGO BOSS, the German fashion house, posted a better-than-expected rise in third quarter profits yesterday, as the luxury sector continued to defy the effects of the global economic slowdown. The business, which is majority owned by the private equity firm Permira, reported a 30 per cent rise in bottom-line profit to €119.7m (£103.1m) in the [...]
Matalan rating downgraded by agency Standard & Poor’s November 2, 2011 STANDARD & Poor’s downgraded Matalan’s credit rating yesterday, in a further blow to the budget retailer after it reported a slump in second-quarter profits last month. The credit agency, which also cut the rating on its £225m debt to “junk”, said the group had been hit by “low consumer confidence, relatively high unemployment, and inflation, [...]
Next CEO says retail to pick up next year November 2, 2011 NEXT chief executive Lord Wolfson said he expects to see retailing pickup from the second quarter of next year, after the fashion chain reported it remained on track to achieve full-year forecast profits. Shares rose to an all-time high yesterday after the FTSE 100 firm said total sales, excluding VAT, were up 3.3 per cent [...]
DO YOU FIND YOU ARE SHOPPING MORE ONLINE? November 2, 2011 MARK JAY | MARSH “Yes, because it is convenient and easy. You can browse for better deals and find the exact products you are looking for.” ALAN WALSH | LLOYD’S OF LONDON “I didn’t two years ago – I still don’t now. But my wife does now more than she used to. She says you [...]
O2 ready for digital deals November 2, 2011 O2 owner Telefonica this week said its new digital division already has three deals in the pipeline. The new arm of the company, formed in September, plans to invest heavily in up-and-coming tech firms, which can be integrated into the Telefonica brand or licensed to other companies. Matthew Key, chief executive of the new division, [...]
Sacked Olympus chief: It is unsafe for me to go to Japan November 2, 2011 THE EX-CHIEF of Japan’s Olympus said yesterday he wanted to meet investigators appointed to probe the scandal engulfing the firm, but said it would be unsafe for him to travel to Japan. Michael Woodford, whose sacking and revelations about irregular deals and payments exposed the scandal, said he would meet the company-appointed panel of investigators [...]
HARRY POTTER HELPS TIME WARNER PROFITS November 2, 2011 TIME Warner’s film division has had its best quarter ever, with revenues growing by 19 per cent and profits improving by a whopping 153 per cent, largely due to the success of Harry Potter and the Deathly Hallows Part 2. Overall, Time Warner reported $822m (£515m) in profits, up from $522m last year, and $7.1bn [...]
AOL stock jumps despite a six per cent decline in its revenues November 2, 2011 AOL’s third-quarter revenue dropped six per cent because of its dwindling dial-up internet access business but still beat analyst expectations, sending its stock soaring. The company posted revenue of $531.7m (£333m), with advertising sales up eight per cent to $317.7m. However, its share of display advertising – the eye-catching ads found on websites – has [...]
Inmarsat in boost from its US partner November 2, 2011 Satellite communications firm Inmarsat bounced back from a tricky summer as its spectrum sharing deal with US partner LightSquared began to pay off. A $56m (£35.05m) boost to its top line from LightSquared offset a continued decline in its maritime satellite revenue as the trend towards less expensive data rather than premium voice calls continued. [...]
Sony says it will fall to its fourth consecutive loss November 2, 2011 SONY yesterday said it would fall to its fourth consecutive annual loss, with its TV unit alone expected to haemorrhage $2.2bn (£1.38bn). The struggling electronics giant was forced to cut its sales forecast for TVs, cameras and DVD players and said it is now on track to post losses of $1.1bn for the full year. [...]
