Pearson buys self-publisher July 19, 2012 PEARSON, the owner of Penguin Books, yesterday announced the purchase of self-publishing firm Author Solutions Inc (ASI) for $116m (£73.8m) in cash. ASI has around 1,600 employees based mainly in the US and Philippines. Pearson said the unit has revenues of around $100m and has helped release 190,000 books. “This acquisition will allow Penguin to participate fully [...]
Pub firm hit by wet summer July 19, 2012 PUB and restaurant firm Mitchells & Butlers, which operates chains including All Bar One, O’Neill’s and Toby Carvery, said yesterday that the wet weather has severely damaged attempts to grow the business. Like-for-like sales growth was just 0.4 per cent in the 14 weeks to 14 July, with the Euro 2012 football tournament also impacting on sales. [...]
Sports Direct hits bonus goal as JJB struggles July 19, 2012 SPORTS Direct won a game of two halves on the high street yesterday, with a flair for discounting and online retail helping it trounce sales at ailing rival JJB Sports, which made a plea for fresh funding. Sports Direct, controlled by billionaire Newcastle United owner Mike Ashley, yesterday said its underlying pre-tax profit rose 17.3 [...]
Kingfisher cuts prices to shore up its sales July 19, 2012 KINGFISHER, Europe’s biggest home improvement retailer, said yesterday its underlying sales recovered in its second quarter, showing its resilience in the economic downturn even though heavy rain put British and French shoppers off buying seasonal ranges. The firm, which runs the market-leading B&Q chain, said sales at stores open over a year fell 0.4 per [...]
Cointreau and Hermes grow July 19, 2012 THE Chinese are still snapping up Birkin bags and rare Cognacs, boosting sales for European luxury goods companies Hermes and Remy Cointreau and calming fears that demand may be cooling. French spirits group Remy Cointreau beat forecasts with a 24.4 per cent rise in first-quarter sales, it said yesterday, driven by robust demand for its [...]
Halfords boss quits as sales shrink again July 19, 2012 THE BOSS of Halfords has quit with immediate effect following a fresh drop in quarterly sales that was branded “disastrous” by analysts. David Wild abruptly quit his post yesterday after four years at the helm, and the bicycle and car parts retailer has mandated headhunter Egon Zehnder to help with the search for Halfords’ new [...]
Mothercare chases international customers as UK takings decline July 19, 2012 BABY products retailer Mothercare, facing intensifying competition in Britain, said its overseas sales rose 11 per cent in the first quarter, contrasting with a more than 10 per cent fall in total sales in its home market. The company, which also sells maternity wear, said comparable sales in the UK fell 6.7 per cent in [...]
Man Utd could list as early as next week July 19, 2012 MANCHESTER UNITED is expected to file for an initial public offering (IPO) in New York as early as next week for pricing in early August, after earlier attempts in Britain, Hong Kong and Singapore failed to reach expectations. The club had originally aimed to proceed with the listing in early September, but has moved its [...]
Mecom chief steps down as break-up eyed July 19, 2012 THE CHIEF executive of struggling European newspaper publisher Mecom stepped down yesterday following investor anger at the company’s strategy. Tom Toumazis, who became CEO last year, will step down in September. Chairman Stephen Davidson will become executive chairman and oversee a “strategic review” at the firm, which is likely to be broken up with many [...]
CITY VIEWS | DO YOU THINK THE OLYMPICS WILL BE A BOOST TO THE ECONOMY? July 19, 2012 ALEX TROTT ABERDEEN ASSET MANAGEMENT I think it mainly will affect the retail sector, because of the amount of people coming into the area. I agree that London will attract more attention than usual. It’s a big player in the world. JOE CHICK SEB KEY ASSET MANAGEMENT I doubt there will be a profit overall, [...]
