Nick heads to Argos before VAT bombshell January 4, 2011 PROOF that it pays to keep your eyes peeled, no matter where you are. A Capitalist source was in touch yesterday to mention a sterling spot he made while browsing Argos catalogues in his nearest store on Monday. Who should show up but Deputy Prime Minister Nick Clegg? But pray, what was the illustrious DPM [...]
New Look to raise prices as the cost of cotton rockets November 11, 2010 BUDGET retailer New Look yesterday warned that its prices would be hiked by up to eight per cent as the cost of cotton continued to surge. The company, which provides cut-price fashions to young shoppers, saw UK sales drop 4.5 per cent in the 26 weeks to 25 September. Chief executive Carl McPhail said price [...]
AB Foods hits £10bn but warns over price rises November 9, 2010 THE company behind clothes chain Primark and kitchen staples such as Kingsmill bread and Ovaltine yesterday reported that sales passed £10bn for the first time. Revenues at Associated British Foods (ABF) rose 10 per cent to £10.2bn in the 53 weeks to 18 September, while profits jumped 26 per cent to £825m. That allowed ABF [...]
FTSE lifted by healthy earnings November 9, 2010 BRITAIN’S leading shares closed higher yesterday, boosted by results from Barclays, Schroders and Associated British Foods. The FTSE 100 closed up 25.23 points, or 0.4 per cent, at 5,875.19, after closing down 0.4 per cent on Monday. The index is up 8.5 per cent this year and has jumped around 23 per cent since hitting [...]
Primark warns over rising cotton prices November 9, 2010 Primark owner Associated British Foods warned the sharp hike in cotton prices will hit margins at its discount fashion chain as it beat forecasts with a 25 per cent rise in full-year earnings. Chief executive George Weston said that Primark will not surrender its price leadership status in clothing and will take a hit to [...]
Forget Primark. Buy Chanel for value September 16, 2010 WITH fashionistas flocking into the capital for the start of London Fashion Week today, shopaholics might be itching to join the festivities and splash out on designer wares. It might sound unlikely, but there are certainly worse ways to make an investment. According to research by Mintel, Brits spent £46.2bn on clothing and adornments in [...]
AB Foods hit by Primark sales slowing September 13, 2010 SLOWING sales growth at budget fashion retailer Primark hit its parent company Associated British Foods’ shares yesterday. The 204-strong chain, which makes a third of group profit, has grown strongly through the downturn as its cheap chic clothes prove popular with cash-strapped shoppers, but now spending cuts, extra costs and tax rises are clouding the [...]
Higher VAT and costs will hurt profits September 13, 2010 IN recessions past, hard-up consumers have had to make do and mend. This time, they’re buying cheap and chucking away. Yesterday’s pre-close update from AB Foods showed that Primark, a leading purveyor of so-called “disposable fashion”, is going from strength to strength. Full-year like-for-like sales at the budget retailer are forecast to be six per [...]
UK shares surge as global deal boosts banks and China data cheers investors September 13, 2010 THE UK’s top share index ended higher yesterday after banks rose sharply in response to a new deal over global banking rules while mining shares gained on the back of bullish China industrial data. The FTSE 100 closed up 63.89 points, or 1.2 per cent, at 5,565.53 points, a fresh four-month closing high. “It has [...]
Primark “performing well” in tough market September 13, 2010 Clothing chain Primark has continued to perform strongly despite the tough consumer environment and expects annual sales growth of six per cent, owner Associated British Foods (ABF) said. The strength of sterling against the dollar helped the chain when goods were bought in the dollars because of a favourable exchange rate, the company said. However [...]