Toblerone and Red Bull a hit for Poundland in Spanish Dealz shop July 3, 2014 Poundland chief executive Jim McCarthy said yesterday its Dealz chain “could be bigger” in Europe than its sister chain in the UK, after kicking off its expansion by opening its first store in Spain on Wednesday. The company, which reported a 23.5 per cent jump in annual profits yesterday, said 2,700 people came [...]
Thorntons share price rise tastes sweet as chocolatier says it will meet earning targets July 3, 2014 Thorntons said yesterday its commercial arm selling chocolates to supermarkets returned to “double-digit” growth in the fourth quarter, making it confident of meeting full-year profit targets. The London-listed chocolatier expects pre-tax profits to leap 51 per cent to £7.1m for the year to 28 June compared with £4.7m a year earlier. Shares rose 8.4 per [...]
Mario Draghi rips up the rulebook on European Central Bank minutes July 3, 2014 European Central Bank (ECB) boss Mario Draghi said yesterday that the bank’s monetary stance would remain unchanged for the coming month, as he unveiled a new system for communicating its policymakers’ thinking. From the start of next year, the euro area’s central bank will meet every six weeks, instead of monthly. The extra time period [...]
Pub giant Greene King lifts a glass to record profits July 3, 2014 Pub and brewing giant Greene King yesterday reported record annual sales and profit. The company said its revenues were up 6.9 per cent to £1.3bn and its pre-tax profit was up 7.4 per cent to £158.2m. The group added 48 new sites during the year as part of a five-year plan to increase its estate [...]
Samsung drops plasma screens to leave LG all alone in the market July 3, 2014 Samsung is ending production of its plasma screen TVs leaving LG as the only electronics company still manufacturing the sets which first went on sale to the public in 1997. Panasonic earlier this year stopped making plasma screens, and it’s the result of steady declines in demand, in part from competition from thinner and cheaper LCD [...]
Eurozone retail sees zero growth and the EU’s statisticians are calling that “stable” July 3, 2014 Eurozone retail has hit an unexpected roadblock in May. Retail sales haven't seen the 0.2 per cent growth expected, and have instead been entirely motionless. There's been zero retail sales growth in the euro area this May. The numbers, released by Eurostat, are a disappointment for economy watchers. Retail sales are up by just 0.7 [...]
Poundland sees profits dive but plans to add 60 new stores July 3, 2014 Budget chain Poundland has reported a fall in statutory pre-tax profits of 19 per cent to £21.5m, thanks largely to costs associated with its recent IPO. Underlying pre-tax profits rose a hefty 23 per cent to £36.8m. The company, which had its IPO in March, enjoyed growth in like-for-like sales of 1.9 per cent and [...]
Tesco chairman Sir Richard Broadbent flies to Burma to broker F&F clothing deal July 2, 2014 Tesco chairman Sir Richard Broadbent flew to Burma this week to broker a deal that would see it source clothing from the country for its fast-growing clothing brand F&F. Broadbent, who travelled with group commercial director Kevin Grace, is understood to be meeting suppliers and government officials as well opposition leader Aung San Suu Kyi. [...]
Housing market boom helps to boosts demand at Topps Tiles July 2, 2014 TOPPS Tiles yesterday posted a jump in third quarter sales, helped by a buoyant housing market pushing more Britons into upgrading their homes. The tiling specialist, which runs 330 UK stores, said like-for-like revenues rose by 6.3 per cent in the 13 weeks to 28 June compared with a drop of 1.5 per cent in [...]
Mothercare share price surges 12pc after Destination Maternity takeover bid rejection July 2, 2014 Shares in baby goods retailer Mothercare have jumped by 11.8 per cent on the news that it rejected two takeover proposals from Destination Maternity. The US firm's latest offer was worth 300p per share, a 29 per cent premium on the company's closing price of 232.5p on 1 July. Destination Maternity first approached Mothercare in [...]