All City & finance articles – Page 516
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NewsInterest rate kept at 0.5 per cent
The interest rate has been kept on hold at 0.5 per cent after a series of sharp cuts over the past six months.The interest rate now stands at an all time low, after the Bank of England progressively slashed it from October’s 5 per cent in an effort to kick-start ...
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‘Stupendous’ week for general retail stocks
General retailers staged a “stupendous run” last week, broker Numis observed, buoyed by better than expected Marks & Spencer numbers.
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OpinionHunger for food stocks sated
General retailers’ popularity has been growing of late. At the end of last week some big names rose again, at the expense of the food giants.Although food stocks are often popular for their defensive qualities during tough times, the big grocers were not the flavour of the week. Last Friday ...
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NewsDunelm’s strengths are in the price
Value homewares specialist Dunelm has been a favourite in the downturn. Investors like its low-ticket offer and the retailer expects to land good property deals as a result of others’ struggles, aiding expansion.On Monday, UBS downgraded Dunelm from buy to neutral, because Dunelm’s shares had performed so well rather than ...
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Macy’s credit rating reduced to junk status
Macy’s had its credit rating reduced to junk status by ratings agency Moody’s.
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Casino gains call option on ING stake in Super de Boer
An agreement with ING has given grocer Casino a call option on the bank’s stake in Dutch grocer Super de Boer.
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NewsTesco’s management incentives ‘best in class’
Tesco’s management incentive scheme is the most likely among those of the big grocers to encourage strong performance, broker Bernstein has concluded.The broker said executive compensation structures are broadly similar at all three quoted grocers, combining basic salary, bonus and various long-term incentives.However, at Tesco and Sainsbury’s there is a ...
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Hopes grow for Budget action on credit insurance
Retailers are optimistic of being thrown a lifeline in this month’s Budget as speculation mounts that action on the issue of credit insurance could form part of Chancellor Alistair Darling’s plans.
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NewsSymbol store group Henderson reports profits rise
Henderson Group, which owns and runs 72 symbol stores including Spar and Eurospar in Northern Ireland and supplies 400 shops, has revealed a “strong performance” in 2008 and expansion plans for this year.The company did not disclose exact figures, but said that operating profit rose 10.7 per cent and turnover ...
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NewsConsumer confidence slowly rises
Shopper confidence is at its highest since May 2008, with the GfK NOP Consumer Confidence Index up five points to -30 for March.
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NewsM&S rounds off good week for retail stocks
Marks & Spencer spearheaded an advance by retail shares on Tuesday, when its fourth-quarter numbers defied downbeat expectations.The retail sector rose 6 per cent on the day, when there was also the successful refinancing of Clinton Cards and placings of Debenhams and Sainsbury’s shares. Improving sentiment towards retailers helped the ...
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OpinionCautious Next sets the standard
Next chief executive Simon Wolfson was his usual cautious self last week, revealing to the City that the fashion retailer would be “sticking to the knitting”.His approach pleased analysts, and one even believes that Next is among the best-managed companies in the sector.Wolfson is right to be cautious. Among the ...
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NewsLaura Ashley remains resilient
Fashion and homewares group Laura Ashley claimed a “resilient” performance despite suffering a fall in full-year profits from £15.8m to £9.6m.Promotions and the weakness of sterling sliced 2 percentage points off gross margin, but the retailer generated a 9.6 per cent rise in total group sales to £260.5m in the ...
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Opinion
Cruel month of April no joke for retail
In The Wasteland, TS Eliot wrote that April is the cruellest month. Something tells me JG Brown and AM Darling studied it in their formative years.With property and people being retailers’ biggest operating costs, Wednesday certainly wasn’t a day to celebrate. April 1 was the day this year’s whopping business ...
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Spectre of deflation looms as Retail Price Index falls to zero
The stores sector faces deflation after the Retail Price Index (RPI) fell to zero last month for the first time in nearly half a century.
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NewsPricewaterhouseCoopers: Sales to be had in high street shake-up
The number of retail pre-pack administrations will climb this year as the recession takes its toll, but fewer chains will disappear from the high street completely.
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Opinion
Tesco will find its feet again
With the grocers’ reporting season well under way, all eyes will be on Tesco next month when it reveals its preliminary results.
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Opinion
Retail’s resources are to be envied
This specialist magazine is understandably introspective and does just what it says in its title, scrutinising retail week after week.
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Generalists on the up but food out of favour
General retailers, but not their food counterparts, once again outperformed the market but remained well down year on year.
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Signet to cut costs after challenging year
Jewellery giant Signet intends to slash costs and cut debt to cope with harsh trading conditions.