Rose hints at early retreat May 25, 2009 MARKS & SPENCER’S executive chairman Sir Stuart Rose has said publicly for the first time he hopes to stand down before July 2011, his previously announced departure date. Rose, who has faced months of speculation about his future, said: “It’s quite clear. I said I would extend my tenure at the least until 2011. What [...]
Financials prove that what goes up must come down May 20, 2009 THE FTSE 100 closed 0.3 per cent lower yesterday, with shaky financial stocks offsetting strength in heavyweight oils and miners. The index ended the session down 13.84 points at 4,468.41, up 0.8 per cent on the year, having gained nearly 30 per cent since a six-year low hit on 9 March. “We are still in [...]
Marks & Spencer is no longer special May 19, 2009 FOR a supposed retail guru, Marks & Spencer boss Sir Stuart Rose is not doing well. His firm is underperforming Tesco, J Sainsbury, Morrisons and Alliance Boots, among others. Yesterday’s grim full year results show that the firm has a lot of hard thinking to do. Its product and pricing mix still isn’t quite right; [...]
Rose under fire after M&S profits plunge May 19, 2009 SHARES in Marks & Spencer plummeted yesterday after the retailer’s boss Sir Stuart Rose unveiled a 40 per cent collapse in profit and slashed the final dividend by 33.1 per cent. Any hopes of a quick recovery in the sector were quashed after the M&S executive chairman said he was “was not in green-shoots mode [...]
No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
KKR could yet pull off huge Boots coup May 18, 2009 TOGETHER with Guy Hands’ purchase of EMI, the creation and buy-out of Alliance Boots, the pharmacy-led health and beauty group, was one of the symbolic deals of the boom years. The firm was created when Alliance UniChem merged with Boots in 2006, before becoming the first FTSE 100 member to be taken private by a [...]
BLANK’S CHELSEA APPEARANCE SETS CITY TONGUES WAGGING ON HIS HEIR May 18, 2009 ANY idea that the downturn would affect corporate hospitality at the Chelsea Flower Show, traditionally one of the biggest, most important corporate schmooze-fests of the year, was smashed to smithereens at last night’s gala preview opening. Chelsea veterans including Marks & Spencer boss Sir Stuart Rose, WPP chief executive Sir Martin Sorrell, ICAP billionaire Michael [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2009 FINANCIAL TIMESCASH-STRAPPED TOURISTS AVOID SPANISH SUNBritish tourists impoverished by the weak pound, German holiday makers worried about recession and a domestic market laid low by the sharpest economic contraction for 40 years: it would be hard to imagine a worse combination for Spain’s tourism industry as bookings in many places are down by at least [...]
Banks lead the FTSE higher and bulls reboot interest in sofware companies May 18, 2009 THE FTSE 100 sprung to life yesterday, driven by banks which were led higher by confirmation of Lloyds Banking Group’s rights issue and the announcement that Sir Victor Blank would step down as its chairman. The index erased almost half of last week’s losses, closing 2.3 per cent, or 98.34 points, higher at 4,446.45 points. [...]
M&S set for dividend cut as slump bites May 17, 2009 STUART Rose, executive chairman of Marks and Spencer, will today meet with the rest of the board to discuss an expected dividend cut, a decision that could propel the group into a battle with its investors. Analysts expect M&S’ total dividend payout to be slashed to just 17.4p, a reduction of 23 per cent, just 12 months [...]