Supergroup’s sales pick up November 9, 2011 THE OWNER of the Superdry fashion label said it was confident its distribution capability would return to normal levels later this month, as it reported a surge in second quarter sales. Last month SuperGroup, one of last year’s most successful stock market flotations, warned that its full-year profits would be hit after problems with its [...]
Sainsbury’s boss defends growth plan as sales rise November 9, 2011 SAINSBURY’S chief executive Justin King said the supermarket chain shouldn’t be “apologising for investing in the UK economy” as he defended the group’s decision to open more than 1.4m square feet of new store space this year. The UK’s third biggest supermarket has been driving an ambitious expansion strategy and spent £682m in the first [...]
Cotton prices hit Macy’s and Ralph Lauren November 9, 2011 RISING cotton prices and other costs took a toll on quarterly margins at Macy’s and Ralph Lauren, though both companies still beat Wall Street earnings estimates as Ralph Lauren’s revenue exceeded expectations and Macy’s sales gains continued to outpace those of its rivals. Macy’s, whose fleet includes about 810 namesake stores and the upscale Bloomingdale’s [...]
Kesa coughs up £50m to dump Comet November 9, 2011 KESA Electricals was yesterday forced to pay a £50m dowry to offload Comet, its struggling British electricals chain. OpCapita, the restructuring specialist that is buying Comet, paid a headline consideration of just £2 for the loss-making chain. But in reality, Kesa – which is also taking on Comet’s €45.9m pension deficit – is paying a [...]
High street electricals: a mug’s game November 9, 2011 IN the end, they couldn’t even give it away. As well as taking on Comet’s pension scheme, which is in deficit to the tune of €45.9m, Kesa is having to pay a £50m dowry to buyer OpCapita to offload its ailing electricals chain. Buried deep in the terms and conditions of the contract is a [...]
AB InBev flourishes while rival Carlsberg is hit by Russian woes November 9, 2011 Anheuser-Busch InBev and Carlsberg showed sharply contrasting fortunes in the third quarter, the former persuading US and Brazilian beer drinkers to swallow higher prices while the latter suffers a tax-rise hangover in Russia. AB InBev, the world’s biggest brewer and maker of Budweiser, Stella Artois and Beck’s, persuaded increasingly affluent Brazilians to drink higher priced [...]
Skyscraper put on ice November 9, 2011 LONDON property developer Great Portland Estates said it is unlikely to secure a major letting to begin construction of its planned 100 Bishopsgate skyscraper in the City for at least six months. The group has a joint venture with Canadian property firm Brookfield to build the proposed office tower in London’s financial district, but pre-lets [...]
Hannover Re beats estimates and says it is on track for year November 9, 2011 HANNOVER Re beat expectations with net profit of €163.2m (£138.3m) in the third quarter, after investment income declined by less than expected in the euro debt crisis. The world’s third-biggest reinsurer had been expected to post quarterly net profit of €134m, sharply lower than the €271m of the year-earlier quarter, when earnings were boosted by [...]
Cisco proves growth is returning as earnings beat Street forecasts November 9, 2011 CISCO Systems, the world’s biggest networking equipment maker, reported quarterly earnings per share that beat estimates, signalling that efforts to revive growth are beginning to pay off. The company yesterday reported adjusted earnings of 43 cents per share for the fiscal first quarter ended 29 October, compared with the average analyst forecast of 39 cents. [...]
Shares in GM tumble after profits drop November 9, 2011 GENERAL Motors posted a third-quarter profit that fell 15 per cent after a loss in Europe, and disappointed investors with a forecast that closed the door on any improvement in the current quarter. GM vowed to slash costs to shore up margins in a sputtering economy but its fourth-quarter outlook disappointed investors and sent shares [...]
