Drop in US retail sales fuelled by autos and gas July 14, 2010 RETAIL sales in the world’s largest economy fell by 0.5 per cent last month compared to May, official data showed yesterday. The drop in US retail sales was driven by a 2.3 per cent fall in auto sales and a two per cent fall in gasoline station sales. Food sales also dipped for the third [...]
A SUITABLY SPIRITED SENDOFF TO SIR STUART July 14, 2010 WE’LL begin by heading over to the Royal Festival Hall for Marks and Sparks’ annual general meeting, where the usual fun and games were to be had. Hundreds of ageing M&S veterans queued up for the speeches, stage antics and free food and drink, armed with piercing questions for Sir Stuart Rose and his successor, [...]
Asos sales up as co-founder makes £15m July 14, 2010 THE co-founder of ASOS has made £15m by selling a fifth of his shares as the online retailer posted a 54 per cent jump in first-quarter sales yesterday, fuelled by demand from abroad. Nick Robertson, 40, who founded Asos with business partner Quentin Griffiths, sold 1,683,424 shares yesterday at 890p each. It his first major [...]
Thornton axes jobs as sales slide again July 14, 2010 CHOCOLATE retailer Thorntons said a decline in sales had deepened yesterday as it announced cuts in head office jobs. Like-for-like sales in its 377 stores fell 6.2 per cent in the 10 weeks to 26 June, down from a 4.6 per cent fall in the previous quarter. Thorntons said about 35 jobs would go at [...]
Wetherspoon’s brekkie boost July 14, 2010 JD WETHERSPOON returned to sales growth in the fourth quarter as its pubs opened two hours earlier for breakfast, and as the warm summer weather lured in more drinkers. The company yesterday posted a one per cent increase in fourth-quarter sales at pubs which had been open for more than a year, compared with a [...]
Trading at Topps starts to pick up July 14, 2010 TOPPS Tiles yesterday said trading picked up in June but not by enough to salvage its quarterly results. The firm, which sells wood and tile flooring from 310 UK stores, said revenues for the 13 weeks to 3 July fell 2.5 per cent compared with an 8.9 per cent drop a year ago. The company [...]
iPhone recall fears batter Apple’s stock July 14, 2010 APPLE shares recovered to chalk up a small gain yesterday, a day after an influential US watchdog criticised its new iPhone 4 handset. On Tuesday, investors had flocked to sell their shares in the firm, temporarily wiping £6.5bn off its market value, amid fears Apple may have to issue a recall of the product, which [...]
Barratt hikes profit forecasts July 14, 2010 BARRATT Developments yesterday said its full-year profits would come in above expectations as it continues to focus on maximising selling prices while keeping a lid on costs. The UK’s third largest housebuilder has pencilled in an operating profit of at least £85m with margins rising to four per cent. The average selling price rose by [...]
Pension trustees wait for court to decide what happens if BT goes bust July 14, 2010 Pension trustees at BT were last night awaiting a High Court ruling over how much of the telecom giant’s liabilities would be guaranteed by the state if it were to collapse. The former state telecoms monopoly was given a guarantee when it was privatised in 1984 that the government would back its pension scheme in [...]
Minerva rejects calls for chief executive to resign July 14, 2010 UK DEVELOPER Minerva has rejected proposals from its largest shareholder KiFin to remove its chief executive and make changes to its board, which it saw as an attempt to gain control of the company. Minerva’s board has voted unanimously to reject the proposed changes made by KiFin, an investment company launched by South African entrepreneur [...]
