Carphone and Dixons dial up £3.8bn merger May 15, 2014 DIXONS Retail and Carphone Warehouse shares slid into the red yesterday after the high street giants’ plans for a £3.8bn merger was given a mixed reception. The new group, which will be named Dixons Carphone, aims to exploit the ever-growing presence of smartphones in people’s lives and the so-called internet of things – where household [...]
Asda returns to sales growth as price cuts kick in May 15, 2014 SUPERMARKET giant Asda said yesterday it had returned to underlying sales growth in its first quarter as price-cuts started to attract thrifty shoppers. Asda, which trails market leader Tesco by annual sales and is vying with Sainsbury’s to be the UK’s no2 grocer, said like-for-like sales rose 0.1 per cent in the 15 weeks to [...]
Alliance Boots boosted by new Walgreen partnership synergies May 15, 2014 HEALTHCARE giant Alliance Boots, owner of the high street Boots stores, has found more synergies than expected so far with American pharmacy chain Walgreen, as it posted a 18.5 per cent rise in underlying profit yesterday. The firm reported sales for the year to March that rose 4.3 per cent to £23.4bn, with £840m in [...]
Westfield kickstarts new projects in the UK as retail sales increase May 15, 2014 WESTFIELD said shoppers continued to make a beeline for its shopping centres in the first quarter, with the Australian retail giant reporting a solid performance across its two UK sites. Speciality sales at Westfield London and Stratford City rose by 1.6 per cent to £828 per square feet in the three months to 31 March, [...]
French Connection loses shape May 15, 2014 FRENCH Connection shares fell over 15 per cent yesterday after the retailer warned of a weak clothing market in north America and posted a slowdown in underlying sales growth at home. Like-for-like sales in the UK and Europe rose 5.6 per cent in the 15 weeks to 10 May. That compares with an 11 per [...]
Frankie & Benny’s owner expanding May 15, 2014 Restaurant Group, known for its Chiquito and Frankie & Benny’s chains, said yesterday it was on track for a strong first-half performance after a healthy rise in sales. The group, which last month named managing director Danny Breithaupt as its new chief executive after long-serving boss Andrew Page retired, said sales at outlets open over [...]
New York Report: Sharpest drop on the Dow for over a month May 15, 2014 US STOCKS fell yesterday, giving the Dow and the S&P 500 their worst declines in more than a month, as small-cap shares extended their retreat and Wal-Mart results disappointed. The Russell 2000 index of small-cap stocks lost 0.7 per cent, well off its session low where it hit correction territory, down more than 10 per [...]
Winter freeze hits Walmart’s profits May 15, 2014 Walmart felt the chill of the US’s harsh winter, reporting a five per cent fall in net profits to $3.6bn (£2.2bn) in the first quarter. The world’s biggest retailer also saw very moderate sales growth, up under one per cent to $114.2bn. Same-store sales fell 1.2 per cent. Chief executive Doug McMillon stressed the cold [...]
What you need to know before the open May 15, 2014 A less positive open is expected today, as investors digest the EU inflation and growth numbers due out today. So far, numbers have shown a shock flatlining of French growth in the first quarter, as the stuttering economy saw household consumption drop. It’s a different story in Germany, however, where warmer weather saw the powerhouse [...]
Walkie Talkie owner more than doubles profit but warns of supply squeeze May 15, 2014 Walkie Talkie tower owner Land Securities says it’s “reaping the reward” of its “bold strategy to develop early and speculatively in London”. The developer’s seen profit before tax rocket 108 per cent to £1.1bn over the last year. Basic net asset value per share jumped 11.5 per cent to 1.069p, as it’s enjoyed the increasingly [...]