B&Q decline takes toll on Kingfisher July 21, 2011 SALES at Kingfisher’s B&Q have slumped, with the company warning of “challenging” trading conditions. Like-for-like sales at B&Q, which has 330 stores, fell 6.7 per cent in the 11 weeks to 16 July. Kingfisher’s UK sales overall dropped by 5.5 per cent, with a good performance by trade supplier Screwfix offsetting some of the poor [...]
Halfords sales decline as fuel costs hit motorists July 21, 2011 CAR parts and bicycles retailer Halfords said the soaring cost of fuel has forced cash-strapped motorists to reduce mileage and scrimp on expenditure on their beloved cars. Motorists’ average mileage was down one to two per cent, the company said, while petrol has risen 15 per cent year-on-year. “When you are seeing the scale of [...]
Britvic blames cold for slump July 21, 2011 BRITVIC volumes in the UK in the last four weeks fell 8.2 per cent, while Irish volumes were down 13.2 per cent. Total revenue in its business across the globe rose 12 per cent to £324.9m. However, excluding Britvic’s French business, acquired last May, revenue declined two per cent due to weakness in Ireland. The [...]
Howden up as DIY dwindles July 21, 2011 KITCHEN supplier Howden Joinery is benefiting from a growing trend for consumers to shy away from do-it-yourself projects, it said on reporting a rise in first-half revenues and profits yesterday. The firm, which supplies kitchen units and joinery to over 200,000 small builders posted a near nine per cent rise in its first-half pre-tax profit [...]
ANALYST VIEWS: CAN KINGFISHER TURN AROUND ITS FLAGGING UK SALES? July 21, 2011 RAMONA TIPNIS | SHORE CAPITAL Whilst the UK performance is much worse than we had expected, it is understandable given the pull through of summer ranges into quarter one and the closure of Focus with its promotional activity. The encouraging point is that gross margins are up for the quarter despite tough comparatives. We say [...]
CITY MOVES | WHO’S SWITCHING JOBS July 21, 2011 BNY Mellon Michael Cole-Fontayn has been appointed as the new chairman of EMEA at BNY Mellon, retaining his existing responsibilities as chief executive of the depositary receipts division. Cole-Fontayn succeeds Tim Keaney, chief executive of BNY Mellon Asset Servicing, who is relocating to New York. Cole-Fontayn joined BNY Mellon in 1984 and has worked in [...]
BEST OF THE BROKERS July 21, 2011 ABERDEEN ASSET MANAGEMENT Singer Capital rates the fund manager a “buy” with a 275p target price ahead of its third-quarter results, which are expected to show a one per cent rise in assets under management and a strong upward trend in revenue margins as its asset mix shifts towards higher margin equity pooled funds. Singer [...]
Nervous FTSE ends higher as EU solution for Greece looms July 21, 2011 FINANCIALS drove gains on Britain’s top share index yesterday, as hopes a solution could be found to Europe’s sovereign debt crisis boosted investor sentiment. The UK’s benchmark index closed up 46.07 points or 0.8 per cent at 5,899.89, having endured a choppy session, trading in a 137 point range as nervous investors jostled positions awaiting [...]
US debt discussion boosts Wall Street July 21, 2011 US stocks climbed yesterday as signs of progress on the US debt talks and concrete action from Europe on its own debt crisis heartened investors. Unexpectedly robust earnings results from Morgan Stanley, whose shares rose 11 per cent to $24.20, extended a relief rally in bank stocks after Goldman Sachs’ dismal trading profits stunned the [...]
Man bags that cut a stylish dash July 21, 2011 WE have style-savvy chaps from Naples to thank for the existence of the man bag. Back in the day, the Neapolitan sharp-dressers took to using handbags to avoid spoiling the line of their suits by carrying anything in their pockets, and thus a new accessory genre came into being. The foppish – okay, effeminate – [...]
