Boohoo claims credit for online market success October 14, 2014 BOOHOO co-chief executive Carol Kane said the online fashion retailer’s success and recent IPO had acted as a wake-up call for other high street stores to improve their own online businesses, as it posted a jump in sales yesterday. Boohoo made its successful debut on Aim in March, with a market value of £560m, just [...]
Carpetright stays on track to meet expectations after a frayed year October 14, 2014 CARPETRIGHT cheered the market yesterday after posting a seven per cent rise in like-for-like sales in its first quarter under the leadership of new chief executive Wilf Walsh. The retailer has had a tough year after suffering several profit warnings and losing its previous chief executive Darren Shapland last October. In June, its founder Lord [...]
Britain’s bad bank sells off £2.7bn of loans October 14, 2014 GLOBAL investors yesterday snapped up £2.7bn of Northern Rock and Bradford and Bingley (B&B), in Europe’s biggest retail mortgage-backed security (MRBS) deal for three years. JP Morgan and Commercial First arranged the deal with UK Asset Resolution (Ukar), the unit responsible for the assets of the so-called bad bank parts of the collapsed lenders. The [...]
Burberry profits vulnerable to forex as revenue rises amid digital growth October 14, 2014 Fashion house Burberry has enjoyed a rise in underlying revenue of 14 per cent to £1.1bn for the first half. Burberry cheerfully reported a strong performance across all regions and continued digital growth. Retail sales climbed 15 per cent to £748m, with double-digit growth in Asia Pacific and the Americas. Chief executive officer Christopher Bailey [...]
Boohoo share price up as profit increase bucks retail downturn October 14, 2014 Boohoo has nothing to cry about this morning, reporting strong half-year results – its first since going public – and sending shares up five per cent in early trading. Pre-tax profits were up 23 per cent to £4.5m, as revenue was up 31 per cent to £67m in the six months to 30 September in [...]
Mulberry share price tanks to four-year low after issuing third profit warning October 14, 2014 Mulberry's share price plunged more than 27 per cent this morning after the premium handbag brand revealed its third profit warning this year. The British group, which is currently endeavouring to regain ground lost under former chief executive Bruno Guillon's disastrous attempt to shift it into the luxury market, said it expected profit for [...]
Enthusiastic UK shoppers boost growth hopes as spending on cards increases October 13, 2014 Shoppers are splashing out more in almost every area of spending, Barclaycard numbers showed yesterday, indicating there is more life yet in the economic recovery. Overall, spending on cards last month was 4.8 per cent higher than it was in September last year – the fastest annual increase since May 2013. Spending in restaurants jumped [...]
Thorntons sales melt by 12.8pc October 13, 2014 SHARES in Thorntons slumped nearly eight per cent yesterday after subdued consumer spending and lumpy orders from commercial customers hurt the chocolatier’s first quarter sales. Thorntons has been reducing its exposure to the high street and repositioning itself as a fast-moving consumer goods (FMCG) business, its chocolates to supermarkets and other third-party retailers. The company [...]
Best of the Brokers for 14 October 2014 October 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com TESCO Cantor Fitzgerald has puts its target price under review and has no rating on the retailer after it said there could be “a lot more issues” for Tesco in the wake of an internal audit review of its commercial practices. WH SMITH [...]
Thorntons share price crumbles as sales drop 12pc October 13, 2014 Thorntons’ share price tumbled in early morning trading after the confectionary company recorded a 12.8 per cent drop in first quarter sales. Shares opened 13 per cent lower this morning before recovering to a price of around 91 pence, a 7.98 per cent drop. Last month the chocolate maker announced positive full-year results, [...]