BEST OF THE BROKERS January 17, 2010 ASSOCIATED BRITISH FOODS Evolution Securities has upgraded its target price to 950p on its “buy” recommendation of ABF. Despite a recent rally, Evo said the company “still looks compelling value” with earnings forecast at 66p. It said all three of ABF’s largest divisions (Primark, Grocery and Sugar) are firing on all cylinders, and expects further [...]
Primark sales surge thanks to boom in budget fashions January 14, 2010 PRIMARK owner Associated British Foods (ABF) revealed healthy trading figures yesterday – mainly thanks to the budget fashion arm. Primark’s 196-strong chain saw sales rise 19 per cent in the 16 weeks to 2 January, with house broker Panmure Gordon estimating a seven per cent like-for-like sales rise as consumers made their way to its [...]
What lies beneath November 9, 2009 WHEN rumour broke that law firm Clifford Chance’s female employees were being given a £90 allowance to buy fresh knickers after all-nighters at the office, our first thought, perhaps worryingly, was not for their wellbeing. Instead, we couldn’t help but wonder just what City women are wearing under their suits, such that nothing short of [...]
ABF cheers as Primark sales surge November 3, 2009 BUDGET fashion store Primark yesterday reported a surge in sales, boosting profits at parent firm Associated British Foods and offsetting weaknesses in other divisions. Primark has recently embarked on a massive expansion, opening 12 stores in the year, to take advantage of consumers trading down to lower priced clothes. The firm, which now has 191 [...]
M&S clothing slips into third place October 8, 2009 Marks & Spencer has fallen into third place among Britain’s fashion retailers in terms of volume of clothes sold, trailing behind George at Asda and Primark, according toTNSFashion Trak. M&S fashion sales have suffered as consumers switched to cheaper rivals during the recession.
BEST OF THE BROKERS September 27, 2009 DSG INTERNATIONALMorgan Stanley downgraded DSG International to “underweight” and recommended investors take profits following the 50 per cent price increase over the last three months. The broker said that, although it believes that DSGI offers more leveraged upside in a consumer recovery than any other stock it covers, its bull case scenario playing out looks [...]
Primark to beat retail gloom September 21, 2009 Primark is set to become a major European force as retailers offering low-cost goods thrive in the recession, according to research out today by Verdict analysts. Verdict predicts the European retail sector will shrink by 5.2 per cent to in 2009, but that value retailers will outperform the market.
Primark founder steps down September 13, 2009 Arthur Ryan, the founder of clothing retail giant Primark, has stepped down as chief executive officer after 40 years at the helm. The 74-year-old Irishman is succeeded by Paul Marchant, who was Primark’s chief operating officer. Marchant joined Primark in January from New Look, and has also worked for Debenhams, Topman and River Island. Ryan [...]
Primark sales boost shares in AB Foods September 7, 2009 STRONG demand for cheap clothes yesterday prompted Primark owner Associated British Foods to hike its full-year earnings forecasts. AB Foods finance director John Bason said Primark like-for-like sales rose by seven per cent in the six months to 12 September, in contrast to declining sales at high street rivals such as Marks Spencer and Next. [...]
Kraft’s Cadbury bid sparks a flurry of FTSEmerger hopes September 7, 2009 THE leading share index notched back up towards the 5,000-points mark yesterday, after a proposed bid for Cadbury by Kraft raised hopes of a more general pick-up in merger activity and lifted banks and commodity shares. The FTSE 100 rose 1.7 per cent to a close of 4,933.18, up 81.48 points, as it came close [...]