All City & finance articles – Page 548
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NewsHalfords to overhaul supply chain as it strives to cut costs
Bicycle and car maintenance specialist Halfords is rethinking its supply chain and distribution centre network in an effort to save costs and drive efficiencies.
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NewsFrench Connection downgraded
Seymour Pierce last week rated French Connection a sell after revising its pre-tax loss forecast for 2009/10 following a company visit.
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NewsSir Terry Leahy heralds signs of economic stability
Tesco boss Sir Terry Leahy says confidence is bouncing back as the grocer records profits of £3bn.
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NewsNext leads share rally in retail sector
Next led a share rally in the retail sector last night as Citigroup said that share prices in the sector had bottomed out and that it was time to “relight the fire”.
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NewsAlexon profits dive as Bay Trading suffers tough competition
Fashion group Alexon has revealed that pre-tax profits before exceptionals plummeted to £3.5m in its full year to January 31, from £16.4m the year before.After exceptionals of pre-tax losses were £27.7m, down from a £12m profit in 2008.Turnover fell 4.5 per cent to £250.3m with like for like sales down ...
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NewsDeflation for first time since 1960
The retail price index (RPI) has fallen into negative territory for the first time since 1960 as decades of inflation come to an end.In the year to March all items on the RPI fell by 0.4 per cent compared with no change in February according to the Office of National ...
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NewsChancellor agrees £5bn deal with largest credit insurers
The Chancellor is expected to deliver some much-needed good news to retailers in his Budget tomorrow revealing a temporary scheme to ensure a £5bn provision for supply chain insurance.
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NewsPrimark first half sales hit £1bn
Primark outperformed the fashion market with sales breaking the £1bn mark in its first half, but warned margins will come under increasing pressure.
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NewsAlexon rejects approach to acquire business
Fashion group Alexon has rejected an unsolicited approach from an unnamed third party wanting to acquire the retailer.
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OpinionWhy Tesco's short-term mistakes could end up being long-term triumphs
Tesco has come in for plenty of stick lately, but the grocer came out of the last recession strongly, so who’s to say it doesn’t know what it is doing this time around?
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NewsBRC demands credit insurance redress at Budget
Half of large retailers say the reduction or withdrawal of trade credit insurance has undermined their ability to trade.According to the British Retail Consortium’s Credit Conditions Survey, 40 per cent of small and medium-sized retailers also say the reduction or withdrawal has undermined their position.Two thirds of larger retailers believe ...
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NewsBurberry downgraded after rally
UBS last week downgraded Burberry from neutral to sell after the upscale fashion group’s stock rose by 30 per cent the previous week.Burberry posts fourth-quarter sales next week and finals in May. “If there is no positive surprise with the trading update, we think the stock may come under pressure,” ...
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Sector shares rise a false dawn, analyst warns
The retail sector’s recent strong share price performance may be outpacing reality, broker Altium has warned.Altium analyst Dave Stoddart said that store shares’ rise in the first quarter was understandable given expectation of economic recovery next year and precedents.But he cautioned: “We are not persuaded that those precedents accurately capture ...
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NewsBrokers cut forecasts over concern for Next
Two big brokers have issued bearish notes on Next, fuelled by concerns ranging from the impact of price rises to management continuity and strategy.ING initiated coverage last week with a sell note, just days after Credit Suisse cut its forecasts.Discretionary demand for mid-market clothing and gross margin pressure were among ...
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NewsBrokers unmoved by surging retail stocks
Rocketing store shares prompted open-jawed amazement on the part of some analysts, who are convinced the market has got ahead of itself.Fresh back from his holidays, Pali’s Nick Bubb clocked the “astonishing” surge of the past few weeks but maintained his bear stance.“Green shoots can quickly shrivel and we are ...
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NewsJD Sports to expand fashion as full-year results impress
JD Sports Fashion chief executive Barry Bown has laid out plans to up the retailer’s fashion offer as he pleased the City with a solid set of full-year results.Bown plans to expand the Bank fascia from 54 to 150 stores in the next five years and will launch transactional Bank ...
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NewsAnn Summers co-founder Ralph Gold bought out for £56.5m
Sex toys and lingerie chain Ann Summers co-founder Ralph Gold pocketed a £56.5m dividend as he sold his entire stake in the chain to his older brother.The information is revealed in accounts filed at Companies House by parent company Gold Group International, which also owns underwear retailer Knickerbox.David Gold bought ...
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NewsArgyll Partners takes hit on Woolworth Deutschland
Retail corporate financier and private equity firm Argyll Partners’ investment in Woolworth Deutschland has turned sour as the German retailer plunged into administration.Argyll, one of the best known retail finance boutiques, bought into Woolworth Deutschland 18 months ago but the store group was hit by poor Christmas trading, competition from ...
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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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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 ...