Metro losses narrow after cost cutting May 3, 2011 RETAIL giant Metro yesterday posted a smaller than expected first-quarter loss after closing stores to slash costs. The net loss narrowed to €3m (£2.6m), compared with €16m in the same period last year. Metro, which runs cash and carries, hypermarkets, electricals and department stores, said first-quarter sales were flat at €15.52bn. The world’s fourth largest [...]
Thorntons’ sales melt away May 3, 2011 THORNTONS yesterday issued a profit warning after blaming the hot weather over Easter for disappointing sales. The chocolatier reported a 22.8 per cent drop in like-for-like sales compared with the same week last year. It now expects pre-tax profits for the year to 25 June to be £3m-£4.5m, down from the £6.1m it reported last [...]
Car dealer Lookers rejects bid… May 3, 2011 CAR dealership Lookers yesterday rejected an initial “speculative” bid by an investment company led by veteran investor Jack Petchey, but a new offer could be in the pipeline. Petchey’s Trefick yesterday confirmed its interest in a takeover, and revealed that it was behind last week’s rejected bid. Brett Palos, Sir Philip Green’s stepson, and Moor [...]
William Hill to buy Brandywine as it accelerates expansion into US market May 3, 2011 WILLIAM Hill, Britain’s biggest bookmaker, is to buy American company Brandywine Bookmaking as part of its plans to establish a leading position in the US sports betting market. The company said it had agreed to buy privately-held Brandywine Booking for $14.25m (£8.57m) in cash and would also provide a multi-million pound convertible loan as part [...]
Pierre Cardin reveals he is open to offers for firm May 3, 2011 FASHION designer Pierre Cardin has said that he is open to offers for the business with a price tag of $1.5bn (£897m). His fashion house was one of the first to expand in Asia, leading the way for other retailers. The designer, aged 88, told the Wall Street Journal: “I know I won’t be here [...]
UK’s factory growth loses momentum… May 3, 2011 STERLING dropped sharply yesterday as figures showed a marked slowdown in the UK’s manufacturing boom. The pound sank more than a percentage point to $1.647 in the morning session after a purchasing managers’ index unexpectedly dropped to a seven-month low of 54.6. The PMI has dropped over seven points since January’s record high of 61.7, [...]
…but the high street sees sales rebound May 3, 2011 RETAIL sales sprang back last month after exceptionally gloomy results in March, the Confederation for British Industry (CBI) said yesterday. A positive balance of 21 per cent of retailers reported a rise in sales in the first two weeks of April. In March a negative balance, reflecting falling sales, was recorded for the first time [...]
Inflation growing in the OECD as food prices bite May 3, 2011 FOOD prices are posing greater inflationary pressures throughout the developed world, the Organisation for Economic Co-operation (OECD) revealed yesterday. And food inflation in UK shops was up to 4.7 per cent last month, according to a separate survey conducted by the British Retail Consortium (BRC). Overall shop price inflation edged up to 2.5 per cent, [...]
Manufacturing rise boosts US outlook May 3, 2011 AMERICAN factory orders surged in March, posting a fifth straight monthly increase that showed a healthy manufacturing sector well placed to support economic recovery. On a strong day for US data, vehicle manufacturers also lined up to announce largely positive sales results. General Motors, the biggest US car seller, went first, announcing a 26 per [...]
Households face worst squeeze since the 1870s May 3, 2011 BRITISH households are facing the biggest cash squeeze since the 1870s, a report by Deloitte out today claims. Disposable income is set to fall by about two per cent this year, or the equivalent of about £780 per household, the report claims. The drop is driven by rising inflation, which could rise above five per [...]
