Gap reports yet another round of disappointing profits for Q2 August 21, 2015 American apparel retailer Gap reported a fall in quarterly profit for the second consecutive quarter yesterday. The company said that it had been hit by a stronger dollar, shipment delays and weak sales. The company said net income fell by more than a third to $219m (£140m) or 52 cents per share, in the second [...]
Best of the Brokers for 21 August 2015 August 21, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com ADMIRAL GROUP Canaccord Genuity upgraded its rating for motor insurance company from “sell” to “hold”. It said profit before tax had beat expectations by 14 per cent over the first half of the year. The higher-than-expected profit was due to profit commission and [...]
Fat Face plots first US store despite profit fall August 21, 2015 FAT FACE is gearing up for expansion overseas after revealing plans yesterday to open its first two stores in the US before Christmas. The casual clothing chain, which has 216 shops in the UK and Ireland has invested a record £9m over the past year on improving its IT and distribution network as well as [...]
Europe grocery sales rise for fifth quarter but UK lags behind August 20, 2015 THE VOLUME of everyday products bought by consumers across Europe has increased year-on-year for the fifth consecutive quarter, with the UK standing out as the only one of the big five western European countries to post a decline. Data from research giant Nielsen released today showed sales volumes of fast-moving consumer goods (FMCG), such as [...]
The super-rich paying a £50,000 deposit to RENT in London August 20, 2015 With rising house prices placing home ownership out of reach for many and overseas investment rife, London’s lettings market is booming. But the commonly-painted picture of young professionals struggling to pay for their grotty house share in Dalston only tells one side of this increasingly complex story. For competition isn’t only fierce at the affordable [...]
UK retail sales rise 0.4 per cent in July as summer sales entice shoppers August 20, 2015 UK retail sales rose 0.4 per cent in July, official data showed today – suggesting summer sales did the trick, enticing consumers to the high street. The figure – which strips out fuel sales – was an impressive turnaround from a 0.3 per cent fall in June. Including petrol, the figure showed a drop of [...]
WH Smith’s share price falls as retailer reveals full year results to beat expectations August 20, 2015 WH Smith's share price nudged down as it said sales would beat expectations for the full year to the end of August, in a pre-close announcement issued this morning. The retailer said there had been a strong performance in its travel division during the second half, with “good sales across all of our core [...]
Hamleys’ rival toys with takeover August 20, 2015 THE MIDDLE Eastern owner of Hamleys’ rival, The Toy Store, is said to be considering a takeover bid for the country’s most famous toy shop. Gulf Greetings has sent a letter of intent to Hamleys’ French owner Ludendo, highlighting its interest in acquiring the iconic Hamleys names, according to Retail Week. It is the second [...]
Walmart’s Asda has reached its “nadir” says chief Andy Clarke as supermarket chalks up more declines August 19, 2015 Asda boss Andy Clarke has said the troubled supermarket's “nadir” has been reached, as the Walmart-owned retailer revealed yet another slump in sales. Second quarter like-for-likes were down 4.7 per cent, while profits were flat. Clarke described the figures as “disappointing, but a short-term picture”. “We've hit our nadir,” Clarke said insisting there was [...]
Prosecco vs champagne: Italian sparkling wine sales overtake champagne as Brits quaff £339m August 19, 2015 Sales of prosecco have overtaken champagne for the first time as Brits knocked back a third of a billion pounds worth of the Italian sparkling wine. The value of prosecco sales has rocketed by £142m, or 72 per cent in the last year, hitting £339m – fizzing ahead of its French rival. Champagne sales were flat, up [...]