Latest finance news – Page 477
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News
Net income plunges at Best Buy
Consumer electronics specialist Best Buy’s net income plunged 91% to $12m (£7.6m) for the three months ended August 4.That compares with $150m (£94.8m) in the same period a year earlier. Second-quarter adjusted operating profit fell 52% to $124m (£78.3m), hit by restructuring including store closures and job cuts.Total revenue fell ...
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NewsCo-op boss criticises rivals’ ethical stance
Co-operative Group chief executive Peter Marks accused his grocery rivals of “jumping on the bandwagon” of ethical retailing as he reported a slide in first-half sales and profits.
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NewsConsumers want to bank with retailers, says poll
Consumers would rather bank with retailers such as John Lewis or Asda rather than the standard banking giants, according to a report by Uswitch.com.
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News
Grocer Delhaize posts sales growth
Grocer Delhaize posted sales of e11.17bn (£8.84bn) for the first half of 2012, representing growth of 10.1% compared with the same period the previous year. Operating profit was e207m (£163.8m), down 51.5%.In the US, revenues fell 2.2% to $9.35bn ($5.91bn). Excluding the 126 stores closed in February, sales increased 0.5%.In ...
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News
Grocery retailer Ahold reports sales increase
Dutch grocery retailer Ahold’s sales increased 8% to e17.4bn (£13.76bn) in the first half of 2012.At constant exchange rates, that was a rise of 2.8% compared with the same period last year. Operating income was e724m (£572.8m), up 3.2%.Chief executive Dick Boer said: “We expect market conditions to remain difficult.”
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NewsCity positive over potential CVC bid for M&S
Shore Capital analyst Clive Black has welcomed speculation in the media and the City that private equity firm CVC could bid for Marks & Spencer.
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NewsJJB must submit survival plan within two weeks
JJB Sports’ management team has less than two weeks to finalise a restructuring plan.
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NewsShares in United Carpets suspended as it calculates store closure costs
Shares in United Carpets have been suspended as the retailer works out costs of multiple store closures.
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NewsCountrywide profits fall despite sales boost
Profits at rural specialist Countrywide fell last year despite a jump in sales.
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News
Target reports second-quarter sales increase
Target’s second-quarter sales rose 3.5% to $16.5bn (£10.51bn). Like-for-like sales were up 3.1% on top of a 3.9% gain a year ago. Net earnings remained flat at $704m (£448.6m).During the quarter, Target added eight new stores, including its first three CityTarget stores. The retailer’s REDcard loyalty scheme penetration reached 12.8% ...
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NewsErnest Jones drives strong Signet sales
H Samuel and Ernest Jones owner Signet has reported a 7.1% increase in like-for-like sales fuelled by a strong UK performance in the second quarter.
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News
Sainsbury's inks deal with digital video service
Sainsbury’s has signed a deal with Rovi Corporation to provide a new digital video service for its microsite Sainsbury’s Entertainment.
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NewsWHSmith expects full-year figures to be at top end of market expectations
WHSmith said it expects the outcome for the year to August 31 to “be at the top end of market expectations” in a pre-close trading statement today.
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NewsJD to dispose of Canterbury as it acquires OneTrueSaxon
JD Sports Fashion is to acquire the casual clothing brand OneTrueSaxon for £50,000 and has inked a deal to dispose of its rugby brand Canterbury to Pentland for £22.7m, three years after acquiring it.
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NewsCo-op profits tumble 16% in 'fiercely competitive food market'
The Co-operative Food’s underlying profit slumped 16% to £119m in the six months to June 30 amid “fierce” competition in the food sector and the “unrelenting consumer downturn”.
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NewsFat Face ready for growth after ditching discounting
Fashion retailer Fat Face says 7% sales jump and kicking ‘discount drug’ leaves it poised for economic recovery.
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NewsDobbies profits increase amid tough conditions
Tesco-owned Dobbies Garden Centres recorded a 22% uplift in sales last year while profits rose 6%.
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NewsCostcutter sales edge up as it speeds up Kwiksave roll-out
Sales at Costcutter have edged up in the first six months of the year while it has revised its target for new Kwiksave stores upward.
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NewsBest Buy appoints chief executive as takeover talks stall
US electricals retailer Best Buy has appointed turnaround specialist Hubert Joly as its new chief executive.
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NewsPotential Allders bidders wary on property fears
Allders administrator Duff & Phelps is struggling to sell the iconic department store because of doubts over the property.