Competition and sterling hit profit margins October 27, 2014 THE NUMBER of profit warnings issued by companies increased over the summer as margins were squeezed by greater competition, rising input prices, and a strong pound. UK quoted companies issued 69 profit warnings in the third quarter of 2014 – 13 more than the same quarter last year, a report released yesterday by accountants EY [...]
UK house price boom bolsters web shopping October 26, 2014 HOUSE price gains helped fuel consumer spending over the past year with new research suggesting a substantial rise in internet searches for home and garden products. Total search volumes for home and garden products grew by 15 per cent in the third quarter of 2014 compared with the same quarter in 2013, figures released today [...]
Office owner Silverfleet brings in advisers to explore £300m sale or a float October 26, 2014 Silverfleet, the private equity firm which owns high street shoe retailer Office, has brought in advisers to explore the sale or float of the company. Office was bought by Silverfleet for £150m in 2010 from Scottish billionaire Sir Tom Hunter’s West Coast Capital, but could now be worth as much as £300m, according to the [...]
Tesco and Next: Two of the six retailers that contributed to the highest number of profit warnings since 2008 October 26, 2014 The number of UK-listed firms issuing profit warnings has risen to its highest summer level since 2008, according to a report by consultancy firm EY. It said 69 warnings were issued by firms during the third quarter of 2014 – a 56 per cent increase from the equivalent period in 2013. Profit warnings [...]
Poor Fire Phone sales take their toll on Amazon October 24, 2014 Poor sales of the Fire Phone are taking their toll on Amazon's business. In a conference call the company said it would take a $170m write down “primarily related to Fire phone inventory valuation and supplier commitment costs.” Amazon’s phone was said to be the “iPhone killer” ahead of its release, but even its [...]
Pets at Home share price rises as sales rise 4.2 per cent October 24, 2014 A scratch behind the ears and a doggy biscuit for newly-listed Pets at Home, which today reported a 4.2 per cent rise in first-half sales, pushing its shares up almost three per cent in mid-morning trading. The company, which listed in March, said total group revenues rose 10.2 per cent to £381.5m in the six [...]
Amazon shares tank after hours following huge $437m losses October 23, 2014 SHARES in online giant Amazon fell sharply last night after the retailer announced a $437m loss in the third quarter, much higher than the $41m loss it reported for the same period a year before. Ten per cent was wiped off the company share price in after-hours trading, following the shock results. The online superstore [...]
Amazon share price falls by the most in a decade as revenues disappoint October 23, 2014 Shares in Amazon fell as much as 13 per cent in New York after hours trading this evening – the company's biggest fall in at least a decade. The drop occurred after the online retailer posted disappointing results for the third quarter, with forecasts and sales falling well below Wall Street expectations. Analysts [...]
What businesses will Tesco sell after ruling out a rights issue to raise cash? October 23, 2014 Tesco may be in dire straits, but a rights issue was ruled out by chief executive Dave Lewis this afternoon. Rather, the team will look “to extract value” from the business, most likely by selling off some of its non-core business assets. The supermarket sells much more than just groceries after embarking upon a rapid [...]
Tesco share price falls again: Chairman Sir Richard Broadbent steps down as profit overstatement is bigger than thought October 23, 2014 Shares in Tesco closed down 6.6 per cent in early afternoon trading, after the supermarket posted first-half results showing statutory profit before tax, which includes one-off items, collapsed by 91.9 per cent to £122m in the 26 weeks ended 23 August 2014. Sir Richard Broadbent, Tesco's chairman, announced he will step down, while the embattled [...]