All City & finance articles – Page 543
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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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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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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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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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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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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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‘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.