British retailers cheer Christmas sales, but City analysts warn of coming storm January 15, 2023 Britain’s largest retailers kicked off 2023 strongly last week, posting better than expected Christmas sales, signalling the consumer is holding up a bit better than feared. Tesco’s like for like sales were 7.9 per cent higher, while Marks and Spencer pocketed a 7.2 per cent rise. Sainsbury’s also posted record Christmas sales. Those bumper numbers, [...]
FTSE 100 close: ASOS and Centrica pop to crystalise strong start to 2023 January 12, 2023 London’s FTSE 100 built on gains yesterday that propelled to its highest level since 2018 after a series of British bellwether retailers posted a decent set of results this morning and the owner of British Gas skyrocketed. The capital’s premier index closed up 0.89 per cent at 7,794.04 points, while the domestically-focused, mid-cap FTSE 250 [...]
Asos’ UK sales slip as analysts warn firm has a “mountain to climb” January 12, 2023 Pandemic darling Asos reported a further decline in UK sales this morning, with the fast fashion flagship’s boss insisting the firm was making good progress on a turnaround plan. UK sales slipped eight per cent year on year in the four months into December 31, with the firm blaming “weak consumer sentiment.” Fast fashion firms, [...]
FTSE 100 close: China reopening boosts Antofagasta and London miners January 9, 2023 London’s FTSE 100 has today extended its robust start to the new year, fuelled by mining giants clinching gains on investors betting commodity prices are on the rise as China dismantles pretty much all of its Covid-19 restrictions. The capital’s premier index jumped 0.33 per cent to close at 7,724.93 points on the opening day [...]
Mike Ashley’s Frasers Group reduces stake in Hugo Boss as shares dip January 6, 2023 Mike Ashley’s Frasers Group, the owner of brands such as Sports Direct and House of Fraser, has reduced its stake in Hugo Boss after previously upping its investment into the luxury fashion house. Frasers Group said it now owns 3.9 per cent of Hugo Boss’s total share capital, a decline from the 4.3 per cent [...]
Currys, Asos and Sainsbury’s top retail stocks this Christmas December 23, 2022 For investors looking to give their portfolios a seasonal shake-up, CityA.M. takes a look at analysts’ selections of the retail stocks to keep a close eye on in the coming weeks. Analysts at Hargreaves Lansdown chose Currys, Asos and Sainsbury’s as the three retail stocks to watch this Christmas. It comes as retailers have been [...]
Profit surge for Zara owner Inditex despite shoppers’ fears of inflation December 14, 2022 Zara owner Inditex has seen sales and profit boosted, against a backdrop of a torrid consumer environment for fashion firms. The Spanish fashion giant posted a 24 per cent jump in net profit in the first nine months of its financial year, despite what CEO Óscar García Maceiras described as a “challenging context.” Sales online [...]
Asos interim chief financial officer steps down December 2, 2022 Asos is set to continue its search for a new finance boss, after its interim chief financial officer (CFO) announced her exit today. Katy Mecklenburgh, who will leave the online retailer in around six months, is set to join London-listed IT group Softcat in 2023. The outgoing interim chief had only held the role since [...]
FTSE 100 hoisted by investors pouring into retailers ahead of Black Friday November 24, 2022 London’s FTSE 100 was bumped higher today by investors heading into retailers ahead of Black Friday today. The capital’s premier index inched 0.02 per cent higher to close at 7,466.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to the health of the UK economy, jumped 0.2 per cent to 19,540.34 [...]
Black Friday will have a black mark to its name if it ignores the climate question November 24, 2022 If you are walking past a colleague’s desk tomorrow, and their screen is full, not of the task due yesterday, but of Black Friday sales, they are one of the 76 per cent of customers hunting for discount deals. For some, the day of mega sales can be traced back to a Wall Street stock [...]