M&S launches first ever bond buy-back plan November 17, 2009 MARKS and Spencer yesterday announced it would be embarking on its first tender offer to shareholders in its 125-year history. The retail bellwether said it plans to buy back up to £225m of bonds from investors and issue new debt, becoming the latest firm to take advantage of attractive market conditions. The clothing, homewares and [...]
Icap looks to grow abroad November 17, 2009 ICAP, the interdealer broker founded by Conservative Party treasurer Michael Spencer, said it would accelerate its international expansion after a dip in first half profit. Icap, the world’s biggest interdealer broker, is one of the few companies doing worse than last year, with pretax profit slipping five per cent to £166m. Icap, like its rivals, [...]
Debenhams kicks off retail price war November 16, 2009 Debenhams yesterday announced it will be slashing £250m off prices in a four-day sale this week, in a move which it predicts will spark a price war similar to the frenzied discounting seen last Christmas. Rival Marks & Spencer’s executive chairman Sir Stuart Rose, said earlier this month he did not expect a repeat of [...]
BA PENSIONS CHIEF IS URGED TO RESIGN November 16, 2009 THE row over British Airways’ retirement scheme intensified yesterday as an independent group of pensioners called for the urgent removal of Roger Maynard as chairman of the trustees. Anger is building over the perceived conflict of interests in Maynard’s chairmanship of both BA’s pension funds – whose huge deficits are potential stumbling blocks in its [...]
M&S offers penny delivery November 15, 2009 Marks & Spencer kick-started its Christmas online sales campaign today by offering shoppers delivery for a penny. The penny delivery deal, which only lasts until Saturday, is part of the retailer’s 125th birthday celebrations but is also likely to boost online sales. M&S usually charges £3.50 for UK standard delivery.
Non-food to drive growth at Sainsbury’s November 11, 2009 J SAINSBURY has pinned its growth hopes on a bold expansion of its non-food offering, with plans to take on market leaders Tesco and Asda in larger-format stores. Unveiling a robust 18 per cent rise in first half profits to £307m yesterday, chief executive Justin King outlined a £2bn expansion programme for the next two [...]
Christmas will be make or break for our retailers November 8, 2009 WHEN the Christmas lights on Regent Street were switched on last week, it marked the beginning of the most important period of the year for high-street retailers. Many can earn 60 per cent of their annual profits in the peak weeks of Christmas. After a dismal end to 2008 when it seemed like retail chains [...]
Rosy services data boosts UK prospects November 4, 2009 STRONG growth in Britain’s services sector added to the more upbeat mood prevailing in the UK yesterday, ahead of the Bank of England’s monetary policy decision. The CIPS/Markit services purchasing managers’ index (PMI) yesterday showed the headline business activity index surge to 56.9 in October above 55.3 in September and beating the consensus forecast of [...]
SIR STUART UNVEILS A CELEBRITY CRUSH AND A HOT ‘N’ SPICY FETISH November 4, 2009 SIR Stuart Rose was on fire yesterday as he churned out Marks & Spencer’s (M&S) half-year figures in his customary staccato tones, pausing only to dwell upon his favourite subjects. The presentation, you see, included the unveiling of the retailer’s latest Christmas advertising campaign, which will this year feature regulars singer Myleene Klass and model [...]
M&S beats forecasts as it says no to discounting November 4, 2009 MARKS & SPENCER (M&S) yesterday said that there would be no blanket promotions that dominated the high street last year in the run up to the Christmas period, after its half year sales beat City forecasts. Executive chairman Sir Stuart Rose yesterday said that this year included very different circumstances. He said: “Last year people [...]