Auditors: like for like sales distort outlook January 14, 2013 AUDITORS today warned against the retail sector’s “over-reliance” on like-for-like trading figures, saying they are not always consistent nor directly linked to profitability. Like-for-like sales are a key measure used by retailers that strips out of the effects of expansion, shop closures and other distorting events to help investors better understand how the underlying business [...]
Hobbs reports surge in sales at Christmas January 14, 2013 HOBBS, the upmarket womenswear chain, enjoyed a surge in sales over the Christmas trading period, boosted by a record online trading. The chain said total sales rose 16.4 per cent in the 10 weeks to 5 January, driven by a 60 per cent jump in online sales. That compared with a six per cent rise [...]
Big screens and popular designs are helping Samsung take a bite out of Apple’s smartphone lead January 14, 2013 TAKE note. 2013 has already been dubbed the year of the phablet – the hideous nickname given to oversized mobile phones that are closer in form factor to a tablet computer. This year’s Consumer Electronics Show featured new phablets from the likes of Lenovo, Sony and Huawei. Some have gone so far as to call [...]
Retail shares hammered by short sellers January 14, 2013 LEADING hedge funds are making enormous bets against the health of the UK high street, according to figures supplied to City A.M. by data provider Markit. Home Retail Group, the parent company of Argos and Homebase, has more than one in five of its shares out on loan ahead of Thursday’s interim management statement. Short sellers borrow shares [...]
Murdoch takes control of Sky Deutschland January 14, 2013 RUPERT Murdoch’s News Corp tightened its grip on Sky Deutschland yesterday, saying it would raise its stake in the German pay-TV company to 54.5 per cent from just under half, buying up €347m (£288.6m) of new stock in a capital increase. The move comes as media conglomerate News Corp separates its publishing and entertainment assets [...]
Boodles Ball back with smashing set of boxers January 14, 2013 ANY high rollers who have lost a pound or several to the bookies recently, will be interested to hear of the bashing that Balthazar Fabricius, founder of bespoke bookmaker Fitzdares, is lining himself up for at this year’s Boodles Boxing Ball. The biennial ball, held in aid of Starlight children’s foundation, has just announced the [...]
Taylor Wimpey hails pick-up in house buying January 14, 2013 TAYLOR Wimpey said yesterday it expects profits for the year to be at the top end of expectations as consumer sentiment in the housing market shows signs of improvement. The housebuilder said it expected to report that group operating profit rose by over 40 per cent in 2012 when it reports its annual results in [...]
Property firm Hammerson hires Sainsbury’s head as chairman January 14, 2013 DAVID Tyler, the chairman of Sainsbury’s, is to take on another FTSE 100 role, after it was announced yesterday he will replace John Nelson as chairman of property giant Hammerson. Tyler, who has also been a non-executive director at luxury group Burberry for more than a decade, will join the board with immediate effect on [...]
Battersea Station and Embassy Gardens homes snapped up January 14, 2013 THREE quarters of the homes planned for first phase of the regeneration of Battersea Power Station have been snapped up since they went on sale last week, the developers said yesterday. The Battersea Power Station Development Company said 600 of the townhouses and flats at Circus West had been reserved, with commitments for over £600m [...]
Toyota retakes crown from GM as Detroit motor show kicks off January 14, 2013 GENERAL Motors reported a 2.9 per cent rise in global sales yesterday as the Detroit motor show opened its doors. GM, which launched a new version of its Chevy Corvette sports car at the industry show, said global sales totalled more than 9.28m vehicles, up from just over 9m in 2011. But it was not [...]
