AB Foods boosted by sales at Primark July 14, 2011 ASSOCIATED British Foods said yesterday said it was on track to meet its full-year earnings targets as its budget clothing chain Primark helped to shore up its profit. AB Foods, whose brands include Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twinings tea, cut its full-year earnings forecast to a flat out-turn in April. [...]
ANALYST VIEWS: HOW WELL IS AB FOODS MANAGING RISING COSTS? July 14, 2011 ANDREW WOOD | BERNSTEIN Slowing results have seen a poor stock performance. While the management update may drive a relief rally that guidance was not reduced, we see little justification for a sustained rally in the stock. GRAHAM JONES | PANMURE We remain bullish about the opportunity for Primark to continue its roll-out in Iberia, [...]
Primark shores up ABF earnings July 14, 2011 Associated British Foods remains on track to deliver flat earnings this financial year as rising sales at its Primark discount clothing chain offset pressure on profit margins from higher cotton prices. The food and retail group, which markets Silver Spoon sugar, Mazola vegetable oil, Ovaltine drinks and Twining tea, said on Thursday sales from continuing [...]
M&S margins in squeeze July 10, 2011 MARKS & SPENCER gives a first quarter trading update this week, with analysts predicting pressure on margins after the retailer launched its earliest ever summer sale. Chief executive Marc Bolland is overhauling the retailer with a plan aimed at improving web sales and bringing in hundreds of new food lines. Keith Bowman at Hargreaves Lansdown [...]
BEST OF THE BROKERS July 6, 2011 ASSOCIATED BRITISH FOODS Deutsche Bank rates the food-to-fashion conglomerate as a “hold” and raises its target price from 950p to 1,050p, seeing extremely favourable dynamics in European sugar as likely to keep prices high and generate a major windfall for the group. The broker upgrades its 2011-12 earnings per share forecast by £70m or around [...]
FTSE extends gains as talk of takeovers boosts the market July 5, 2011 THE FTSE 100 rose for an eighth straight trading day yesterday, as earnings hopes lifted Tullow Oil and bid talk boosted Reckitt Benckiser. Tullow, up 3.8 per cent, said it expected to post record first-half revenues as it ramped up output in Ghana and also said it was a few weeks away from completing a [...]
Haye uncertain on future after Klitschko damp squib July 3, 2011 BRITAIN’S David Haye admits he is having second thoughts about retiring after losing his WBA heavyweight title to Wladimir Klitschko in Germany on Saturday night. Haye has long insisted he would quit the ring in October, when he turns 31, but refused to commit following his unanimous points defeat to the Ukrainian, who also holds [...]
New Look profit slumps 40pc after prices rise June 8, 2011 Fashion retailer New Look has admitted its performance over the past year was “disappointing” as it reported a 40 per cent slump in profits. The privately-owned retailer said group like for like sales fell 5.5 per cent over the year – and 7.1 per cent in the UK – after price rises for its budget [...]
There could be baa-bad news for retailers afoot June 6, 2011 DE-BLEAT-ING sheep numbers across the globe could have traders flocking into short positions on retail stocks later this year. Wool hit a 23-year high last week. Clothing retailers were decrying the increase yesterday, speculating on how long they can absorb the cost. The UK managing director of Hugo Boss Bernd Hake said that they would [...]
FTSE rallys on commodities but Eurozone doubts linger May 24, 2011 BRITAIN’S top shares rose yesterday as rallying commodity stocks helped the index recover some of its poise, but the advance may be short-lived as investors find themselves hemmed in by Eurozone debt concerns. The FTSE 100 closed up 22.52 points or 0.4 per cent at 5,858.41, having hit a two-month closing low on Monday after [...]