Heineken to sell off 100 UK pubs April 14, 2014 HEINEKEN is considering plans to sell around 100 of its UK pubs, up to 10 per cent of its British pub estate. The Dutch brewer is understood to be in the earliest stages of talks to dispose of the poorest performing pubs in its portfolio. “We currently have around 1,250 pubs in our estate, but [...]
Odeon’s profits stall on a weak Spanish market April 14, 2014 CINEMA giant Odeon saw profits plummet last year as a lack of blockbuster movies and the weak Spanish economy left seats empty at the cinema chain. Odeon’s earnings before interest, tax and other charges dropped by 24 per cent to £69.2m while sales fell five per cent to £706.7m. In Spain, where Odeon operates 43 [...]
Consumers save up for luxuries and splash out on bargain buys April 14, 2014 CONSUMER spending at bargain and upmarket stores has grown sharply over the last year, according to new figures released yesterday, as shoppers buy from polar ends of the market. Data from Barclaycard, which processes nearly half of the UK’s debit and credit transactions, showed that spending at discount stores, budget grocers and fashion outlets has [...]
Wall St The Week Ahead: Biotech stocks slide likely to hit US earnings April 14, 2014 THE wrenching selloff in US high-growth technology and biotech shares could leave investors braced for more than a minor pullback when earnings pick up speed this week. First-quarter earnings estimates have fallen sharply as many companies have blamed the brutal winter for weak outlooks. With high-valuation stocks under pressure, earnings could be subjected to even [...]
Bottom Line: Bolland must use his breathing space wisely April 10, 2014 MARKS & Spencer’s boss Marc Bolland usually looks pretty pleased with himself, but yesterday his proud smile was somewhat justified. By posting the retailer’s best clothing performance in three years – based on an improvement in its crucial womenswear lines – Bolland has proved the critics wrong, pulling something that looks like the start of [...]
What you need to know before the US open April 10, 2014 US stock futures haven’t altered much today, following the S&P 500 reaching its largest gain in more than a month. The number of people claiming unemployment benefit for the first time in the US has dropped to a May 2007 low of 300,000 – much lower than expected. Over here, the Bank of England’s decided [...]
Bolland’s bought more time, but what does M&S need now? April 10, 2014 The trading update from high street staple Marks & Spencer has been described by stockbroker Shore Capital as “frankly, quite mellow”. The encouraging figure was for clothing sales, which rose 1.3 per cent and 0.6 per cent on a like-for-like basis in the first quarter of 2014. The group reported sales up 1.9 per cent, [...]
Cost cutting pays off for WH Smith as profits rise April 10, 2014 High street retailer WH Smith has seen its cost cutting strategy bear fruit as the group reported a rise in profits before tax of three per cent to £69m, for the six months ended 28 February 2014. The newsagent found £9m of cost savings on the high street in the first half, with a further £5m [...]
M&S sees clothes sales rise but Bolland still cautious April 10, 2014 A glimmer of hope for high street store Marks & Spencer. The retailer’s reported that clothing sales rose 1.3 per cent in the first part of 2014, up 0.6 per cent like-for-like. General merchandise saw group sales up a modest 0.2 per cent in the 13 weeks to the end of March, but still declining [...]
Mothercare sales slide but promises lean retail operation April 10, 2014 Baby goods retailer Mothercare has suffered a fall in like-for-like UK sales of 0.3 per cent for the 12-weeks to 29 March, according to the company's latest trading statement. Total UK sales for the troubled retailer also fell by four per cent for the same period. Mothercare also saw worldwide network sales decline by 2.5 [...]