Sainsbury’s eyes dividend cuts as profits set to fall November 10, 2014 Spending cuts, including a reduction in its dividend, are tipped to be on the agenda for Sainsbury’s on Wednesday as the supermarket prepares to rein in costs along with its first-half results. Analysts expect chief executive Mike Coupe will reveal a disappointing 12.5 per cent fall in profits to £350m for the period, as the [...]
Morrisons’ sales slump begins to slow down November 6, 2014 SALES at WM Morrison fell again in the third quarter, but yesterday investors were pleased at promising individual sales figures. The supermarket’s sales fell 6.3 per cent on the year, on a like-for-like basis – an improvement on the 7.6 per cent fall in the previous quarter. Its shares jumped by 6.22 per cent on figures [...]
FTSE edges higher despite declines in insurers’ shares – London Report November 6, 2014 BRITAIN’S top share index ended slightly higher yesterday, with RSA leading insurers lower on weak premiums and drugmaker GlaxoSmithKline slipping after trading without the attraction of its latest dividend. The FTSE 100 ended 0.18 per cent higher at 6,551.15 points, after rising to as much as 6,580.21 earlier. RSA slipped five per cent to 460.10p, [...]
Morrisons share price rises, despite 6.3 per cent fall in sales as Ocado tie-in fails to deliver November 6, 2014 If Tesco can take any consolation from its nightmare few months, it only has to look at rival Morrisons to realise it’s not in its struggle against the might of the discounters alone. In its third quarter results statement, Morrisons shortened its underlying profit before tax expectations after it recorded a drop in sales [...]
Marks & Spencer’s half year results – here’s what to look out for November 4, 2014 Marks & Spencer is due to report its first half results tomorrow morning, and the consensus is that it will be another gloomy one for the venerable British retailer. Analysts are saying the 770-store retailer will have racked up a 3.7 per cent decline in general merchandising like-for-likes during its second quarter. If [...]
Best of the Brokers for 04 November 2014 November 3, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com B&M EUROPEAN VALUE RETAIL Numis has upgraded its rating from “hold” to “add” as the company’s shares have fallen to what the broker calls an “attractive entry point”. Although profit forecasts have fallen for the general retail sector since the IPO in June, the broker [...]
Manufacturing figures point to slower growth – London Report November 2, 2014 MANUFACTURING figures due out today are likely to show a loss of momentum in the UK economy’s growth. The manufacturing purchasing managers’ survey for October is forecast to sit at 51.5, the same as for September and weaker than the rates of 52.2 in August and 54.7 in July. A reading of 50 shows no [...]
Pumpkin shortage threatens to ruin Halloween October 30, 2014 If you've left it until today to pick up a pumpkin to carve for Halloween, you might be out of luck. Owing to what farmers have described as the worst harvest in years, some shops have started reporting that they have sold out of the seasonal squash. Apparently it is this year's wet [...]
FTSE recovers but Tesco’s woes drag down rival retailers – London Report October 23, 2014 BRITAIN’S top equity index recovered yesterday and ended slightly higher, tracking a broad rally in US stocks following some strong earnings results, although a slump in Tesco and Unilever capped gains. The FTSE 100 index ended up 0.3 per cent at 6.419.15 points, after falling as much as 1.4 per cent during the day. Troubled [...]
Who will replace Tesco chairman Richard Broadbent: Runners and riders October 23, 2014 Wanted: Heavyweight to lead a City institution. Must be good with numbers and new people. Retail knowledge preferred. Must be willing to have difficult conversations, understand customers and be confident in implementing new strategies. Hobbies should include "brand archeology". It’s a tough job. Is there anyone who would want to fill chairman Richard Broadbent’s shoes [...]