Virgin Money IPO: Retail investors denied place in yet another float October 2, 2014 Virgin Money defended its choice to sell its shares exclusively to institutional investors – as revealed yesterday in City A. M. – arguing it made for a smoother flotation. Small investors have missed the chance to invest in the majority of IPOs over the past year – the last very large float with a [...]
Ted Baker defies retail gloom with strong international and web sales October 2, 2014 Ted Baker profits rose 24 per cent to £14m in the last half year, as the fashion retailer benefited from international sales. The brand’s revenue also lifted 17.4 per cent to £182m and web sales rose 49 per cent, to £14m. UK and European sales soared 15.1 per cent to £104.5m, American and Canadian sales [...]
FTSE slumps to 2014 low after Draghi fails to light up markets – London Report October 2, 2014 BRITAIN’S top equity index yesterday slid to its lowest closing level so far this year on disappointment with the European Central Bank’s latest stimulus measures. The blue-chip FTSE 100 index ended down by 1.7 per cent, or 111.13 points, at 6,446.39 points – its lowest closing level since ending at 6,439.96 points in December 2013, [...]
Zalando share price fizzles after explosive opening in Frankfurt stock debut October 1, 2014 Shares in Europe’s largest online fashion retailer Zalando gave up most of their opening gains on the Frankfurt stock market debut yesterday. After pricing at €21.50 shares soared as high as €24.10, but by the close of trading had retreated to just €21.569. Berlin-based Zalando started out selling shoes in Germany in 2008, inspired by [...]
Sainsbury’s new boss Mike Coupe blames “perfect storm” for sales drop October 1, 2014 Sainsbury's new chief executive said that a “perfect storm” of effects had plunged sales further into the red in the second quarter as the supermarket retailer cut its full-year sales forecast and warned that it might review its dividend. In his first official trading update since taking over from Justin King in July, Mike [...]
Sainsbury’s needs to shore up the shop – Bottom Line October 1, 2014 In business, timing is everything, and retail moves faster than most businesses. Justin King, Sainsbury’s ex-kingpin, seems to have grasped this better than most when he sailed off into the sunset earlier this year, just as the storm clouds were gathering over the supermarket. Under King’s helm, Sainsbury’s reported a 2.1 per cent rise in [...]
Supermarkets sweep to the bottom of FTSE – London Report October 1, 2014 BRITAIN’S top equity index fell yesterday to its lowest closing level in nearly six months, as a new slump in the shares of supermarket retailers hit the market. The sentiment was also hit by news that Britain’s manufacturing grew at the slowest rate in 17 months in September as demand weakened at home and in [...]
Tesco, Sainsbury’s and Morrisons: Have investors given up on supermarkets? October 1, 2014 Tesco's share price has fallen 3.4 per cent today. Wm Morrison's has declined by 5 per cent. Sainsbury's share price tumbled 6.6 per cent. Although they operate in the same sector, each of these three supermarkets is suffering its own problem. So what is happening? Tesco's well documented £250m black hole in its [...]
Shares in high street retailers cool on Next’s warm weather warning September 30, 2014 SHARES in the UK’s biggest clothing retailers slumped yesterday after industry bellwether Next warned it might have to cut its profit forecast if the warm weather continued. Next said third-quarter sales to date were up six per cent rather than the 10 per cent it had forecast as the mild September weather deterred shoppers from [...]
Endless Capital sells Kiddicare two months after £2m takeover September 30, 2014 ENDLESS Capital has sold Kiddicare to online retailer Worldstores just two months after buying the mother and baby products site for £2m from Morrisons. The turnaround specialist bought Kiddicare in July after Morrisons’ disastrous ownership of the site. The Yorkshire-based grocer bought Kiddicare in 2011 for £70m as part of its bid to build its [...]