Own brands fuel House of Fraser surge September 22, 2010 DEPARTMENT store group House of Fraser yesterday reported a 22 per cent rise in half-year earnings thanks to its own-brand ranges. The company said earnings reached £13m after a 5.5 per cent rise in sales to £480.6m. House of Fraser, the third-biggest department store chain in the UK, said its online sales were also forging [...]
Zara owner profits up 68pc September 22, 2010 INDITEX, the Spanish group which owns Zara, saw a 68 per cent jump in half-year profit – fuelled by its assault on the online market. The company reported that it had made a net profit of €628m (£534m). Sales reached €5.525bn in the first half, in line with earlier forecasts for the company. Inditex said [...]
Newbury Races has new hurdle as losses mount September 22, 2010 NEWBURY Racecourse has reported an increased operating loss of £0.71m for the year to 30 June 2010m. That compared with a loss of £0.61m in 2009. However, turnover was up nine per cent at £4.3m. Administration costs were higher at £0.229m, mainly as a result of the ongoing property redevelopment. The Group said that corporate [...]
Imperial Tobacco says it is on target for forecasts September 22, 2010 IMPERIAL Tobacco Group said yesterday it had suffered no further deterioration in volumes in its fourth quarter. Full-year volumes at the Lambert & Butler and Fortuna maker were down by around the same 4.3 per cent seen at the nine-month stage, contrasting with its statement in July when it reported volumes had worsened from a [...]
ANALYST VIEWS IS IMPERIAL TRADING POSITIVELY September 22, 2010 RICHARD HUNTER| HARGREAVES LANSDOWN The update has been cautiously well received, with pressure on sales being offset by a reasonable rise in revenues. Central Europe has tended to carry the flag in more recent updates, as other regions have fallen foul of tougher economic conditions and increased government taxes on tobacco. JONATHAN JACKSON| KILLIK & [...]
Real Good Food losses widen September 22, 2010 Sugar and food ingredients group The Real Good Food Company saw half year losses widen due to lower sugar prices. Overall sales at the firm fell 11 per cent in the six months to 30 June to £90.73m, while pre-tax losses rose from £1.19m to £1.29m after exceptional charges of £189,000. Overheads were £319,000 more [...]
Tesco wins ad battle v Asda September 22, 2010 Supermarket giant Tesco has won a battle to get a campaign run by rival Asda banned after complaining to the ad watchdog that claims in the ad that it offers lower prices than rivals were misleading. Tesco lodged a complaint with the Advertising Standards Authority challenging three claims made by Asda as part of its [...]
Speed needed for banks to meet Basel III September 22, 2010 Banks must move quickly to meet tough new rules on capital despite the long-phase in period for some of the requirements, ECB Governing Council member and head of the Basel Committee on Banking Supervision Nout Wellink said yesterday. In a speech to a closed-door meeting of banking supervisors in Singapore, Wellink said regulators should stop [...]
Pakistan inflation could rise to 13.5pc, says IMF September 22, 2010 Pakistan’s inflation rate could soon rise as high as 13.5 per cent, according to the International Monetary Fund (IMF). The country’s inflation rose to a four-month high in August as devastating floods forced food prices higher. Core inflation rose to a higher-than expected 12.5 per cent, as the consumer price index increased 2.5 per cent [...]
New European finance sheriffs are finalised September 22, 2010 THE European parliament gave its blessing to the creation of new pan-EU financial regulators by the start of next year, heralding tighter controls for the financial industry. Three agencies will be established to keep tabs on banks, markets and insurers next January. A European Banking Authority will be based in London. Paris will be home [...]
