Business as usual in City as Britain grinds to halt January 6, 2010 FREEZING weather, heavy snow and iced-up roads may have given many Londoners the perfect excuse to avoid work yesterday but thankfully the City of London continued to function as normal with the minimum of disruptions. Insurer RSA yesterday estimated that a single day of severe weather could cost the London economy more than £145m as [...]
Barclay brothers buy DHL parcels unit January 6, 2010 SIR David and Sir Frederick Barclay started the year with a major acquisition for their home delivery business. They snapped up DHL’s parcels business for an undisclosed sum to merge with their Home Delivery Network (HDN). The deal will vastly increase the scale of HDN, doubling its turnover from £300m to £600m. Briant Gaunt, chief [...]
M&S reports sales boost but warns of tough 2010 January 6, 2010 MARKS & SPENCER has reported a rise in sales for the three months to Christmas but warned of a tough year ahead. The retailer saw like for like sales rise by 0.8 per cent with record takings on food on 23 December. Food sales overall were 0.4 per cent up on the previous year with [...]
Festive cheer as Next hikes profit targets January 5, 2010 NEXT has increased its full-year profit forecast after reporting an unexpected boost in sales. The fashion retailer’s like-for-like sales grew by 3.2 per cent in the 22 weeks to Christmas Eve. It has now raised its full-year profit forecast to between £490m and £500m – above its previous estimate of £472m. In a statement Next [...]
JOHN LEWIS SMASHES RECORDS January 5, 2010 BELLWETHER retailer John Lewis posted a surge in sales over the Christmas period, including its best ever week’s trading, and forecast a slow recovery in consumer spending in 2010. “As the year progresses we expect to see a long slow recovery with the retailers who continue to focus on giving customers what they want prospering,” [...]
LINKS OF LONDON FORECASTS FURTHER GROWTH THIS YEAR January 5, 2010 STRONG Christmas trading helped luxury jeweller Links of London enjoy a record year despite the recession. The company yesterday said it expected sales for 2009 to be up at least 28 per cent on the previous year’s figure in excess of £60m. Sales for 2007 were just over £45m. Links, known for its popular “sweetie [...]
Shop Direct sales surge on internet January 5, 2010 LITTLEWOODS owner Shop Direct enjoyed a 6.3 per cent sales rise in the run-up to Christmas as shoppers flocked to buy over the internet. The home shopping group, which also operates the Woolworths.co.uk, Kays and Very.co.uk brands, said online sales were up 19 per cent on the previous year in the six weeks to 1 [...]
CITY VIEWS: WHAT DO YOU THINK CHRISTMAS HAS BEEN LIKE FOR THE HIGH STREET THIS YEAR? January 5, 2010 ANDY STEWART | FIDESSA “It didn’t seem that busy, personally. Possibly slightly better than the shops might have anticipated earlier in the year. Hopefully the redundancies are coming to an end and it will have a knock-on effect.” CHARLOTTE HAZLETON | ICAP “I shopped the week before Christmas and did go to John Lewis – [...]
MARKS AND SPARKS BOSS ROSE SUFFERS A SARTORIAL SETBACK January 5, 2010 IT’S a good job Marks and Spencer boss Sir Stuart Rose can look forward to updating the market later today on his firm’s encouraging trading over Christmas, since The Capitalist can reveal he’s about to suffer a disappointment in the style stakes. Rose, you see, has a reputation in the City for being one of [...]
PwC fights to get cash for FlyGlobespan January 5, 2010 ADMINISTRATORS of collapsed Scottish airline FlyGlobespan are taking legal action against a firm responsible for the carrier’s online ticket sales. PriceWaterhouseCoopers (PwC) is pressing ahead with a High Court petition filed around the time when the airline entered administration last month to force E-Clear to reveal whether it holds £35m withheld from the carrier. A [...]