M&S has best performance in two years July 1, 2009 MARKS & SPENCER (M&S) said yesterday that its 125th anniversary celebrations, a late Easter and the arrival of summer had all helped drive it to the best quarterly performance in nearly two years. M&S reported a drop in UK like-for-like sales of 1.7 per cent for the first quarter, ending 27 June, compared to a [...]
FTSE gains on commodities rally after price of oil rises July 1, 2009 THE FTSE 100 closed 2.2 per cent higher yesterday, fuelled by a rise in the oil price which prompted a strong rally in commodity stocks, and on hopes that the recession may be drawing to a close. The index was up 91.50 points at 4,340.71, after closing 1 per cent lower on Tuesday. “When (the [...]
Shrinking economy shakes market but Wolseley grows June 30, 2009 WEAKER than expected consumer confidence figures in the US drove some shares lower yesterday, with banks, miners and food retailers leading the fallers. The FTSE 100 shed one per cent, or 44.82 points, to close at 4,249.21. But the index is up 8.2 per cent on the quarter, the best such performance since the final [...]
Rose row set to rumble on June 28, 2009 MARKS and Spencer is this week preparing to post better-than-expected sales figures for the first quarter, though the results will remain overshadowed by growing unrest among shareholders regarding Sir Stuart Rose’s dual leadership role. According to analysts, favourable weather patterns and a late Easter should have boosted the retailer’s performance over the first quarter. M&S [...]
When the going’s tough, the City goes shopping June 28, 2009 SIR Stuart Rose has recently waived more than £1m worth of Marks & Spencers share options, and could come under more pressure at this week’s annual meeting. Discount retailers like Aldi and Lidl have just announced a slowdown in growth, while on TV Mary Portas has moved from advising high street stores to charity shops. [...]
Investors hope for further optimism June 28, 2009 THERE has been a noticeable air of optimism about the markets lately, and investors will be looking for signs to validate their cheer. Premier Foods, kicking the week off today with its first half trading statement, should not disappoint. Analysts at Royal Bank of Scotland anticipate that Premier will reiterate good sales growth, costs under [...]
BEST OF THE BROKERS June 25, 2009 TUI TRAVELCitigroup upgraded TUI Travel to “buy” to take into account improved booking trend data and the economic outlook. It raised its earnings per share estimates by 12.5 per cent to 23.5p. But the broker sees downside risk as the shares are likely to be driven by rival Thomas Cook, which is the subject of [...]
Bad shops are to blame for our withering High St June 24, 2009 THIS week a rare opportunity to watch television saw me glued to a programme presented by the self-styled “Queen of Shops” Mary Portas. Focusing on the death of that great British institution the High Street, Portas probed the decline of traditional retailers and voiced her fears for the future of our nation of shopkeepers and [...]
Rose braces himself for more dissent June 24, 2009 MARKS & SPENCER yesterday faced fresh pressure over Sir Stuart Rose’s dual role as chairman and chief executive as corporate governance body Pirc joined the growing calls for an independent chairman. Pirc said: “Combining the two roles in one person represents a dangerous concentration of power that is potentially detrimental to board balance, effective debate, [...]
Sants drops bonus payout June 24, 2009 FINANCIAL Services Authority (FSA) chief executive Hector Sants has turned down his £130,000 bonus for the last year, sending a message that the regulator is leading by example. “In view of the wider public debate relating to levels of bonuses payable in the financial services industry and the role of the FSA in seeking to [...]