American Apparel suffers another loss November 10, 2010 US fashion chain American Apparel’s like-for-like sales plunged by 16 per cent over the third quarter to 30 September. Total sales dropped ten per cent to $134.2m (£84m). Increases in production costs hit the figures, the company said. American Apparel is working with its primary lender, Lion Capital, in a bid to breathe new life [...]
Sainsbury’s in profit rise as expansion pays off November 10, 2010 SAINSBURY’S chief executive Justin King yesterday said record numbers of shoppers were flocking to the supermarket chain which is massively expanding its floorspace – helping it to deliver an eight per cent rise in underlying profit. The £332m profit for the six months to 2 October was also attributed to a rise in sales in [...]
Ralph Lauren ups sales forecasts November 10, 2010 RALPH Lauren reported a higher-than-expected quarterly profit yesterday and again raised its full-year sales outlook. The fashion company, whose brands include Polo, saw net revenue rise 11 per cent to $1.53bn (£0.9bn). It has benefited from a recovering demand for luxury items, as well as strong sales overseas. The most recent quarter is usually Polo’s [...]
ING prepares for two IPOs post bailout November 10, 2010 Dutch bankassurance group ING said yesterday it planned two initial public offerings, rather than one, for its insurance activities as part of a mandatory split-up imposed because of its state bailout. Chief executive Jan Hommen said two IPOs could allow ING to achieve a higher valuation and raise more money for insurance assets with a [...]
Asset managers close pay gap with the banks November 10, 2010 ASSET managers’ compensation levels are set to creep up on their investment banking peers this year, as weak trading results and lower client activity hit the bank bonus round. Incentive compensation at asset managers and hedge funds is expected to rise by 5 to 15 per cent in 2010, according to a report by US [...]
HMV lifted by Russian buyer November 10, 2010 HMV Group saw its shares rise yesterday after Russian billionaire Alexander Mamut upped his stake to above three per cent. The company’s stock had slumped 49 per cent this year as the DVD and CD seller, which also owns Waterstones, hit tough times. HMV has been moving into live music events and venues as it [...]
Alex fails to scrub up as apprentices get soapy November 10, 2010 THIS week Christopher finally burst into life. Who? Well, it’s hard to say. You might have spotted him in the background but so far his input has been negligible. Last night was his moment to shine. So what was it that coaxed him into action? Was he biding his time all the while, observing and [...]
Maersk hikes profit guidance after solid nine-month figures November 10, 2010 Shipping and oil group AP Moller-Maersk hiked its 2010 profit forecast to around $5bn (£3.1bn) as it posted forecast-beating profits for nine months, driven by cost cuts and higher freight rates and oil prices. The upgrade from the previous guidance for a full-year net result exceeding $4bn stemmed mainly from higher rates for container shipping [...]
Incoming Lord Mayor up early to rehearse for City’s big parade November 10, 2010 Alderman Michael Bear, who will become Lord Mayor of the City of London tomorrow, took part in a pre-dawn rehearsal yesterday for this year’s Lord Mayor’s Show (on Saturday 13 November) in front of St Paul’s Cathedral. He will be the 683rd Lord Mayor, whose duties include representing UK-based financial services internationally. This year’s show [...]
E.ON will sell assets in bid to trim debt November 10, 2010 GERMANY’S E.ON, the world’s largest utility, promised investors minimum dividends for two years, seeking to restore confidence in an industry unsettled by slumping prices and demand. The triple whammy of lower industrial production, declining power and gas prices as well as prospects of higher taxes in markets such as Germany has made the utility sector [...]
