Jubilee holiday and Olympics help John Lewis September 13, 2012 JOHN Lewis Partnership yesterday revealed that it enjoyed a strong start to the year as first-half profits jumped by 59.8 per cent to £144.5m but said consumer demand remained “fragile”. Gross sales for the six months to July were up 8.7 per cent at £3.9bn, which the firm attributed to capitalising on major events such [...]
Virtual gains help support the expense of physical expansion September 13, 2012 JUDGING from these results, one unfortunate legacy of a golden summer for John Lewis is going to be how disappointing its figures seem next time around. The exceptional achievement of a near 60 per cent rise in pre-tax profit also rests on a number of one-off events: a low base for comparison, a Diamond Jubilee [...]
Greggs chair stands down from board September 13, 2012 HIGH street pasty seller Greggs was yesterday forced to launch a hunt for a new board member after long standing chairman Derek Netherton announced he would step down next year. Netherton, who has been Greggs chairman for the past ten years, will leave his role at the firm’s next company meeting, scheduled for May 2013. [...]
Next surprises with warning of autumn lull September 13, 2012 SHARES in Next tumbled 7.2 per cent yesterday after the fashion chain braced investors for a slow autumn. The group announced a better-than-expected 10.2 per cent rise in pre-tax profits to £251.3m for the six months to July. But Next spooked the markets by admitted that sales were “disappointing” in August and early September. Revenues [...]
Home Retail Group boosted by sales growth at Argos September 13, 2012 HOME Retail Group yesterday reported a return to quarterly growth at its flagship Argos chain, with sales up 1.4 per cent at £867m. Online purchases paid a key role in this growth, as they rose by 16 per cent, representing 42 per cent of total Argos sales. But the wet summer weather hit the group’s [...]
Burberry is open September 13, 2012 HIGH end fashion company Burberry yesterday opened its new flagship London store at 121 Regent Street. The shop is Burberry’s biggest in the world.
Essar wins delay on tax bill September 13, 2012 ■ Essar Energy’s shares leapt 6.1 per cent yesterday after it got longer than expected to pay a tax bill for its oil subsidiary in India. Essar Oil will now pay back $939m (£583m) over two years from January, after India’s supreme court overturned a demand for payment within six months. Essar has also won [...]
Westfield breaks records September 13, 2012 ■ Westfield shopping centre in Stratford yesterday announced a record breaking 47m people had walked through its doors since its opening last year. The centre, which celebrated its first birthday yesterday, also said it had 8.5m visitors over the course of the Olympics and Paralympics events this summer. The number of visitors attracted to the [...]
LGIM appoints Tomlinson September 13, 2012 ■ Fund manager Legal and General Investment Management (LGIM) has appointed former BlackRock man Lindsay Tomlinson onto its board. Tomlinson, a former chairman of the National Association of Pension Funds, has been appointed to the role of non-executive director. Tomlinson had been UK chief executive of Barclays Global Investors in the 90s.
Huawei says US has blocked its expansion plan September 13, 2012 CHINESE telecoms giant Huawei yesterday launched an outspoken attack on the US, saying its expansion in America had been blocked by “allegations against allegations”. The outburst from Huawei – the world’s biggest telecoms firm – threatens to raise tensions between the countries as a year-long investigation into Huawei and ZTE, another Chinese firm, by America’s [...]
