City Moves for 12 October 2016 | Who’s switching jobs October 12, 2016 Alpha FMC Alpha FMC, the wealth and asset management consulting firm, has appointed Kenn Taylor as director to lead the UK consulting team. Ken was previously partner in the financial services advisory practice at Grant Thornton where he led the investment management business consulting team. Kenn has over 20 years’ experience advising clients on changes [...]
Sainsbury’s plans Argos presence in all larger stores October 11, 2016 Sainsbury's chief executive Mike Coupe has confirmed plans to put an Argos in every one of its large stores. The supermarket completed a £1.4bn takeover of Home Retail group, which owns retailers including Argos and Habitat, in September in a deal that it hoped would expand its online offering and increase its footprint in the UK. Read more: Sainsbury's [...]
The world is going nutty for healthy snacks and increasingly shunning sugary treats October 11, 2016 Growth in healthy snacks has outstripped growth in traditional in-between meal treats as consumers shift towards lower-sugar diets, according to figures from Euromonitor International. Retail value sales in so-called "healthy" snacks, which include yoghurts, nuts and fruit snacks, have grown seven per cent worldwide between 2015 and 2016. Although yoghurt and sour milk products grew [...]
Ted Baker’s share price rises as retailer hikes dividend and posts 21 per cent profit October 11, 2016 Retailer Ted Baker has shrugged off "challenging trading conditions" to hike its dividend and post robust double-digit profit growth in the first half of the year. The figures Revenue at the clothes and accessories maker rose by 14.4 per cent to £259.5m in the 28 weeks to 13 August, while profit before tax grew by 20.5 per cent [...]
Summer sun and price cuts drive best quarter for food sales since 2013 October 11, 2016 The food sector has had its best quarter of sales in two years, according to new figures. Like-for-like sales across all retail categories increased 0.4 per cent year-on-year in September, according to data from the British Retail Consortium (BRC) and KPMG. Read more: Rosé wine, gin and ice cream sales gave Waitrose a summer boost last [...]
Ted Baker’s on track for a boost in pre-tax profits October 9, 2016 Brexit blues aren’t expected to hit Ted Baker’s stride anytime soon. The retailer is forecast to post six-month profits in the realms of £19m-£21m – up on £17m for the same time last year. Analysts at Exane BNP Paribas describe it as a brand with “growing desirability”, noting it has delivered stable, consistent growth for nearly 30 [...]
Government announces final details of Lloyds share sale October 7, 2016 Shares in Lloyds Banking Group have dropped two per cent after the government announced it will press ahead with plans to offload its remaining stake in the part-nationalised lender. Chancellor Philip Hammond announced the plans during a trip to Washington this morning as part of his bid to reassure American financial companies that the UK [...]
Walmart reckons profit will be pretty flat next year – but that’s because it’s investing in digital October 6, 2016 It's not only in the UK that supermarkets are struggling: Walmart, which owns Asda, has released updated profit guidance suggesting profits will be largely flat next year. Ahead of an investor day today the supermarket, the world's third-largest employer, said it expects earnings per share to lie between $4.29 and $4.49 in 2017 – then [...]
Before the bell: What you need to know before the US market open October 6, 2016 Deutsche Bank's rally is getting in to full swing, while Twitter shares are plunging in the pre-market. Here's what you need to know before the US market open at 2:30pm London time. US stock futures are tracking lower ahead of the open. The S&P is off by 0.21 per cent, while the Nasdaq is 0.17 per cent lower. [...]
Dunelm’s share price slides after it says hot weather hit sales October 6, 2016 Home furnishing retailer Dunelm's share price was down 4.37 per cent this morning after the company said hot weather hit sales. In its first quarter trading update, Dunelm reported total revenue fell by 1.8 per cent to £198.7m. Total like-for-like sales were down by 3.8 per cent. Dunelm said: As expected, unusually warm weather had a [...]