Marks & Spencer hit by analyst downgrades to profit forecasts January 6, 2014 MARKS & Spencer was dealt a further blow after two city brokers slashed their full-year profit forecasts for the embattled retailer, sending shares lower yesterday. Analysts at house broker Citigroup cut their full-year profit forecast by £10m to £630m after a gloomy trading statement from rival Debenhams last week, and amid fears of heavy discounting [...]
Environment minister warns risk of flooding remains high January 6, 2014 MORE flooding could be on the way this week as the recent bad weather looks set to continue, the environment minister has warned. Owen Patterson gave a statement in the House of Commons yesterday and warned residents to remain vigilant after bad weather claimed the lives of seven people over the Christmas period. The minister, [...]
Angela Merkel suffers skiing injury January 6, 2014 GERMAN Chancellor Angela Merkel fractured her pelvis while cross-country skiing during the Christmas period, and will be cutting back on her duties while she recovers, according to an official announcement yesterday. Merkel will be working from home when possible over the next three weeks, and has cancelled a visit to Warsaw tomorrow.
Lush Cosmetics bucks high street Christmas gloom with sales rise January 6, 2014 LUSH Cosmetics, the retailer famed for its bath bombs and other strong smelling soaps, bucked the gloom on the high street this Christmas to post a 13.4 per cent rise in sales. The Dorset-based firm said its 106 UK stores raked in £20m of sales during the five weeks up to 29 December, with sales [...]
Best of the Brokers for 7 January 2014 January 6, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com JD SPORTS FASHION N+1 Singer has chosen the sports retailer as one of its 2014 top picks, giving the company a buy rating and a target of 1,700p. The broker thinks the firm could expand in Europe, and has faith the new management [...]
CNBC Comment: Global markets in 2014: What to expect January 6, 2014 IT’S A new year, and I received the most important present just before Christmas. In 2014, I will never again have to ask whether the US Federal Reserve will start tapering its asset purchase programme. The relief of that single fact cannot be overestimated, and I would like to personally thank Ben Bernanke and the rest [...]
Lonely Christmas for traditional retail as web dominates January 6, 2014 BRITAIN’S bricks-and-mortar retailers have had another disappointing Christmas, with in-store sales failing to match inflation and online spending making up more than half of seasonal boost in spending. Compared to 2012’s Christmas period, consumption only rose by 1.2 per cent in physical retail stores, Barclaycard revealed this weekend. Despite a slight improvement, the increase was [...]
What the other papers say this morning – 06 January 2014 January 6, 2014 FINANCIAL TIMES Europe to ease reform on bank splits Brussels is set to ease financial reforms so that big European banks are not forced automatically to split lending operations from risky trading. In a draft European Commission proposal, seen by the Financial Times, the separation is no longer mandatory, would be less costly and restrictive [...]
M&S sales lose their shine after poor Christmas January 6, 2014 MARKS & Spencer is set to report poor festive trading this week as heavy discounting activity in the run-up to Christmas failed to spark a late surge in spending. Analysts predict the retailer will report a drop in third quarter general merchandise sales of as much as 1.5 per cent, despite a highly publicised revamp [...]
Bottom Line: From wardrobe staple to the bargain bin January 6, 2014 AS WE wait for the Marks and Spencer Christmas trading figures later this week, expectations are that its fashion sales won’t show much sign of festive cheer. If so, it needs to start the new year with a long, hard look in the mirror. It is true that general conditions won’t have helped: figures from [...]