Home Retail is lifted by Argos despite a slump at Homebase June 19, 2012 HOME RETAIL GROUP shares soared 23 per cent yesterday after the company surprised the City with better-than-expected sales at its embattled catalogue chain Argos. Like-for-like sales at Argos fell 0.2 per cent to £819m in the quarter to 2 June, after improved sales of laptops, tablets and ebook readers offset declines in TVs, audio and [...]
HOME RETAIL GROUP’S RESULTS SHOW SIGNS OF IMPROVEMENT? June 19, 2012 PHILIP DORGAN PANMURE GORDON A better-than-feared trading statement, although cash gross profits are still down for both businesses. We remain negative, as we believe that Argos has too many stores, too high a fixed cost base and is close to making losses. SIMON IRWIN LIBERUM CAPITAL Like-for-like sales are notably better than our forecasts…Our preference [...]
Market report: FTSE benefits from caffeine hit as inflation falls June 19, 2012 Coffee and a promise to safeguard the Eurozone from further contagion pushed the FTSE up 0.4 per cent in early trading this morning. As a result London’s blue chip index broke through the 5,500 level – a technical level seen as key for spurring further buying. Last night European leaders at the G20 summit in [...]
Home Retail says sales fall slows at Argos June 19, 2012 Home Retail, Britain’s biggest household goods retailer, said sales at its main Argos business fell at a slower rate in its first quarter, while sales at its Homebase home improvement business were severely dented by wet weather. Sales at Argos stores that have been open for over a year fell 0.2 per cent in the [...]
LONDON THE WEEK AHEAD June 17, 2012 THE world’s leaders will be watching the fallout from the Greek election today from Mexico, at the two-day G20 summit. But despite the focus on the election results this week – plus Spain’s report today on whether €100bn is enough to solve its financial woes – there is also a busy calendar for UK business [...]
BEST of the BROKERS May 30, 2012 HOME RETAIL GROUP JP Morgan believes shares in the owner of Argos, Homebase and Habitat are “overweight” and has a target price of 133p. Although the first quarter has been difficult for the retailers, the upcoming bank holidays along with an accelerated store closure programme should provide some comfort to the markets. WOLSELEY UBS rates [...]
Experian beats forecasts and finally gets rid of PriceGrabber May 10, 2012 CREDIT information firm Experian narrowly beat profit forecasts yesterday as it finally found a buyer for PriceGrabber, its price comparison website. The firm, best known for its consumer credit checks, said pre-tax profit rose five per cent to $689m (£426m). Revenues jumped 15.5 per cent to $4.5bn – around 10 per cent of which was [...]
CITY MOVES WHO’S SWITCHING JOBS May 10, 2012 McGuireWoods Philip Newhouse has been appointed managing partner of the international law firm’s London office. He replaces Anders Grundberg, who will continue as partner in the firm’s international transactions and private wealth services practice. Newhouse has previously served as managing partner at Taylor Wessing Bucharest’s office and at Haarman Hemmelrath. Coutts The wealth division of [...]
Small financiers scramble to fill gap left by FSA-regulated lenders May 3, 2012 SMALL-TIME finance companies are seeing explosive growth as banks are priced out of the market for helping small businesses to export their goods. Trade Finance Partners (TFP), which extends credit to small exporters that includes firms supplying Pepsi, Argos and a Tanzanian hydro-electic project, has booked a profit in its first year of trading on a [...]
Home Retail to scrap payout as profit falls 61pc May 2, 2012 HOME RETAIL GROUP, the owner of Argos and Homebase, has scrapped its final dividend for the first time in six years after reporting a 61 per cent slump in full-year profit. Chief executive Terry Duddy continued to defend his strategy for the group, saying there would not be “an en masse store closure programme” of [...]