BEST OF THE BROKERS April 13, 2010 AIR FRANCE-KLM The Royal Bank of Scotland (RBS) has upgraded its recommendation of Air France-KLM from “hold” to “buy” after brightening revenue trends in both passenger and cargo numbers. RBS has raised its forecasts, reflecting the stronger demand environment offset by higher fuel costs. It raises its target price to €14. MARKS & SPENCER Marks [...]
Debenhams profits jump after own brands boost April 13, 2010 DEBENHAMS has posted half-year profits before tax and exceptional items of £123.6m – a rise of 18.6 per cent. Higher group sales helped to fuel the rise as well as a focus on own-brand ranges – which have bigger margins than designer labels – in the 26 weeks to 27 February. The group’s net debt [...]
M&S sales up as staff given £80m bonus April 8, 2010 STAFF at Marks & Spencer will be handed an £80m bonus pot after the retailer ended the year with better-than-expected same store sales of 5.1 per cent in the UK. The figures were fuelled by the unseasonally cold weather which saw a massive jump in the sake of woollens. M&S said that total like-for-like sales [...]
M&S staff to get £80m bonus pot after sales rise April 8, 2010 MARKS & SPENCER sales rose by 5.1 percent in the 13 weeks to 27. The hike was driven by sales of formalwear and knitwear and the figures outstripped analysts’ forecasts of a 1.7 per cent rise M&S said full-year pre-tax profit would be around £630m, in its trading statement. The first day of the Christmas [...]
M&S bonus spree for shop staff April 7, 2010 Marks & Spencer is to resume bonus payments to around 77,000 workers after sales continued to improve in the first three months of the year. Shop staff will receive between £500 and £1,000 each as analysts expect M&S to deliver a 1.7 per cent rise in earnings for the 13 weeks to 27 March. The [...]
Top bosses hit out at Labour over jobs tax April 7, 2010 THERE was anger among business leaders yesterday, after the Prime Minister said they had been “deceived” into supporting Tory plans to scrap the hike in National Insurance. A further 30 business leaders added their name to a letter supporting the Conservative position on the “tax on jobs” yesterday, taking the total number of signatories to [...]
Lloyds throws weight behind Daniels amid succession talk March 29, 2010 LLOYDS Banking Group last night moved to quash speculation that chief executive Eric Daniels is about to be replaced. Talks of Lloyds hiring City head hunter JCA Group to draw up a short list of potential candidates was dismissed by the banking giant, which threw its weight behind Daniels. A spokesperson said: “Eric Daniels is [...]
McCall leaves the Guardian March 23, 2010 EASYJET last night unveiled Carolyn McCall as its new chief executive, replacing Andy Harrison who stands down in June. The decision by McCall, currently head of Guardian Media Group (GMG), shocked the media world. Her move comes after GMG posted pre-tax losses of £90m in the year to March 2009, compared with a profit of [...]
M&S pay deal irks investors March 21, 2010 DISGRUNTLED investors in Marks & Spencer are agitating for an overhaul of the company’s board after details of Sir Stuart Rose’s pay sparked a fresh row over corporate governance. Rose will draw an £875,000 salary, plus a bonus, when he moves to the post of non-executive chairman in the summer to make way for incoming [...]
M&S chairman Sir Stuart Rose sets departure date as he takes a pay cut March 18, 2010 Marks & Spencer chairman Sir Stuart Rose is to give up his executive duties and take a 25 per cent pay cut in July with a view to stepping down by March 2011, the company announced yesterday. Under fire since taking on the dual roles of chief executive and chairman two years ago, Rose had [...]