Solid John Lewis Christmas trading not enough to nudge profit expectations up January 6, 2016 The John Lewis Partnership has reported a solid Christmas period, with sales across the group up 4.1 per cent for the six weeks to 2 January to £1.81bn – but it's not enough to shift the group's full year decline in profits. The figures The department store business was the strongest driver of growth, with sales up [...]
Sainsbury’s should focus on its core offer January 6, 2016 Sainsbury's and Home Retail Group do not at first glance appear obvious bedfellows. If perceptions count for anything, and they do in retail, then Sainsbury’s is very much a supermarket that attempts to cater for the British middle class. Home Retail Group’s Argos doesn’t. But for both the high street and supermarkets, these are desperate [...]
At the close: FTSE 100 index closes up on miners despite losses in Next and Sainsbury’s January 5, 2016 The FTSE 100 index closed up today, outperforming other European markets, as miners made gains. The index closed 0.72 per cent up at 6,137 points, despite losses in Next, Sainsbury's and stocks in companies with exposure to China. Miners ended the day higher, with Glencore leading the pack and Anglo American and Rio Tinto not far behind, after [...]
Retail therapy: British supermarket giant Sainsbury’s considers second bid for Argos owner Home Retail Group January 5, 2016 Sainsbury's is mulling over a second bid for Home Retail Group after it came clean yesterday about a £1bn unsolicited offer for the Argos and Homebase owner. The supermarket chain said it is “considering its position” after its initial cash and share bid in November was rejected by Home Retail’s board. Home Retail was also reportedly [...]
Hipsters and Mindfulness: Ladybird books prove a hit for bookseller Foyles January 5, 2016 Publisher Ladybird's series of spoof guides helping adults to make sense of modern day themes from hipsters to hangovers have proved a hit for bookseller Foyles this Christmas. The family-owned retailer said like-for-like sales jumped by 4.7 per cent for the month of December with seven of Ladybird's for grown up series making it into the [...]
FTSE 100 index opens higher regaining some losses made yesterday on the back of miners and Tesco January 5, 2016 The FTSE 100 made a strong start as markets opened, regaining some of the 2.6 per cent it shed yesterday. The index rose 1.09 per cent to 6,158 points as trading began, led higher by miners and Tesco, while Aberdeen Asset Management and Next fell. Tesco led the pack, rising 4.26 per cent to 148.48p per share, [...]
Next’s share price falls as retailer reports disappointing sales, with warm weather deterring shoppers January 5, 2016 High street giant Next's share price fell this morning after it reported disappointing sales in the run up to Christmas, as the warm weather took its toll alongside growing competition online. The figures Sales over the 60 days to 24 December nudged up 0.4 per cent across the group, with Next Directory growing two per cent, [...]
Warm weather to cool Christmas sales at Marks & Spencer January 4, 2016 The mildest December on record combined with intense competition on the high street is expected to spell a gloomy end of the year for retailers, with Next and Marks & Spencer the first to unveil this week how they fared over the crucial Christmas period. The wet and mild weather, security fears in the aftermath of the [...]
City A.M.’s journalists take a look at what 2016 has in store for the world of finance and business January 4, 2016 BANKING Strengthening outlook despite more regulatory bumps ahead Bank of England governor Mark Carney may have declared the banking crisis officially over at the end of last year, but 2016 looks to be far from a challenge-free year for Britain’s biggest banks. To be sure, all seven of the UK’s leading lenders passed the Bank’s [...]
Carlyle insists it’s not hungry for Holland & Barrett sale January 3, 2016 Private equity firm Carlyle, owner of high street health food chain Holland & Barrett, has insisted that it is in no hurry to part ways with the retailer in 2016. A spokesperson told City A.M. that there is no intention of a sale in 2016, though there will be an exit at some point. In [...]