Charles Stanley blames finance levy for slump in its earnings November 8, 2012 CHARLES Stanley has criticised the levy it must pay into the Financial Services Compensation Scheme, which knocked 40 per cent off its pre-tax profit for the first half of the year. Sir David Howard, chairman of the stockbroker and investment manager, said the £1.4m it gave to the FSCS goes towards funding compensation linked to [...]
Tate & Lyle’s profit dented by expansion of sweetener plant November 8, 2012 BRITISH sweeteners and starches maker Tate & Lyle said yesterday that the cost of re-opening a factory and tough trading in Europe had reduced earnings growth in its first half. The group posted adjusted pre-tax profit of £179m, up two per cent, stifled by the cost of restarting a second plant for its zero-calorie sucralose [...]
Groupon hit as revenue disappoints November 8, 2012 GROUPON’S quarterly results lagged expectations as the daily deal company’s European operations continued to struggle, wiping 17 per cent off its shares last night. Groupon shares slid to a record low of $3.25 in after hours trading yesterday after closing at $3.92. Revenue was $568.6m in the third quarter, compared with $430.2m in the third [...]
Morrisons’ top director leaves as sales worsen November 8, 2012 WM MORRISON’S chief executive admitted yesterday it had not done enough to reach out to customers after the supermarket posted a worsening decline in sales and parted ways with its commercial director. Revealing a 2.1 per cent drop in third quarter sales, Dalton Philips said it had not promoted strengths that set it apart from [...]
What does the future hold for Morrisons? November 8, 2012 KATE CALVERT | SEYMOUR PIERCE The recent share price underperformance had anticipated a weak update and indeed, Morrisons’ update was disappointing. We expect underperformance to continue into next year as changes to its marketing & promotional strategy will take time for consumers to become aware of. CLIVE BLACK | SHORE CAPITAL The recent market share [...]
Cold weather heats up tills at Supergroup November 8, 2012 SUPERGROUP has seen sales jump in the second quarter of the year as colder weather boosted sales of coats and hoodies from its Superdry label. Chief executive Julian Dunkerton said: “When it dropped three or four degrees in one day…you are selling more of your heavy knits and jackets and you get more of a [...]
McDonald’s struggles in October November 8, 2012 McDonald’s yesterday reported a 1.8 per cent drop in October sales at established restaurants around the world, its first monthly sales fall since March 2003, hurt by stiff competition in a weak economy. Analysts, on average, expected a 1.07 per cent decline in sales at restaurants open at least 13 months, according to Consensus Metrix. [...]
Dairy Crest revenue drops 7pc November 8, 2012 Britain’s Dairy Crest Group, the maker of Cathedral City cheese, reported a 16 per cent fall in first-half profit as its core milk business continued to struggle. April to September adjusted pre-tax profit fell to £19.1m from £22.7m a year earlier. Revenue fell seven per cent to £688.2m. Revenue from dairies, which accounts for three-quarters [...]
Walt Disney boosted by ESPN November 8, 2012 Media giant Walt Disney posted higher quarterly profit on Thursday, lifted by an increase in attendance at theme parks and a gain in revenue at sports juggernaut ESPN. Disney reported diluted earnings per share of 68 cents for the quarter that ended in September, in line with expectations from Wall Street analysts. Net income rose [...]
Fourth quarter sees Eurozone even gloomier November 8, 2012 EUROZONE economic sentiment worsened yet further going into the fourth quarter, data showed yesterday, as worries surrounding member debt piles refused to go away. Expert respondents rated the euro area economic climate at 81.7 in the fourth quarter, according to the Ifo Institute, down from 88.9 in the third quarter – where 100 corresponds to [...]
