Latest finance news – Page 479
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NewsAnalysis: Fortnum & Mason focus on growth
The appointment of a new chief executive should boost the retailer’s online and overseas targets.
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NewsCo-op refinancing may lead to acquisition
The Co-operative Food could acquire a smaller operator after the retailer secured a refinancing of almost £1bn this week.
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NewsHMV boss Simon Fox exits as Jessops' Trevor Moore takes the post
HMV chief executive Simon Fox has stood down from the retailer and will be replaced by former Jessops boss Trevor Moore.
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NewsNext powers ahead in online fulfilment war
Next’s compelling delivery options powered growth at its Directory arm in the first half, as fulfilment increasingly becomes a critical battleground in the fight for online spend.
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Coles releases full-year results
Coles released its full-year results for the 12 months ended June 30. Headline food and liquor sales of Aus$26.2bn (£17.51bn) were 4.6% above 2011, while like-for-like sales increased 3.7%.That was a better performance than rival Woolworths, which posted a full-year Australian food and liquor sales increase of 3.8%.
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LVMH’s Selective Retailing division reports organic sales growth
Luxury group LVMH’s Selective Retailing division reported organic sales growth over the first half-year of 16% to E3.6bn (£2.81bn), while profit soared by 30% to E373m (£191.1m). The retailer said it benefited from sustained growth in Asia and North America.The group will open three concessions at Hong Kong airport by ...
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NewsBike specialist Hein Gericke crashes into administration
The British division of German motorbike specialist Hein Gericke has fallen into administration.
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NewsFlying Brands closes plant growing business as it "considers strategic options"
Flying Brands closed its growing and live despatch business yesterday following the sales of its Gardening Direct retail arm last month.
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NewsFood inflation hits two-year low in July
Food inflation hit a two-year low in July, dropping to 3.1% from 3.5% in June.
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NewsNext raises profit target after strong online growth
Next has raised its profits forecast for its second half after strong growth in its Directory business in the first half.
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Fnac reports sales decrease
Fnac, PPR’s books, music and electronics business, reported sales were down 1.1% for the first six months of this year to E1.77bn (£1.38bn). Like-for-like sales fell 1% and the retailer recorded an operating loss of E7.5m (£5.8m) compared with an operating profit of E6.7m (£5.2m) for the same period last ...
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Media-Saturn acquires electronics etailer 003.ru
Germany-based Media-Saturn, part of the Metro Group, has acquired Russian electronics etailer 003.ru from founder Vladislav Oulendeev, subject to approval by anti-trust authorities.Media-Saturn chief executive Horst Norberg said: “Our objective is to position our new subsidiary in Russia as an inexpensive online retailer, similar to Redcoon in Western Europe.”
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NewsGames Workshop reports hike in profits
Fantasy board game specialist Games Workshop has bucked the economic gloom to report a rise in pre-tax profit from £15.3m to £19.5m for the 53 weeks to June 3.
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NewsHarrods owners pay themselves £100m dividend
Harrods’ Qatari owners paid themselves a £100.5m dividend after the retailer posted record profits in its last financial year.
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NewsEthel Austin rescued by clothing entrepreneur
Ethel Austin has been bought out of administration by Liric, a firm controlled by clothing entrepreneur Mike Basso.
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NewsCo-operative Group secures £950m in refinancing deal
The Co-operative Group, which includes the food retailer The Co-operative Food, has agreed a £950m refinancing deal with a group of banks led by Barclays.
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NewsProfits double at upmarket frozen food retailer Cook
Family-owned frozen food retailer Cook has defied the economic gloom to post a 101% rise in pre-tax profits to £1.3m in the year to March 2012.
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NewsJJB appoints former La Senza director as interim chief executive
Embattled sports retailer JJB Sports is understood to have appointed former La Senza commercial director Beverley Williams as interim chief executive following the sudden departure of Keith Jones on Friday.
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NewsHarrods profits soar 15% despite economic woes
Famous department store Harrods achieved a 15% uplift in profit last year as it defied the economic gloom.
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NewsCarphone Warehouse posts like-for-like sales fall
Carphone Warehouse posted a better-than-expected like-for-like sales fall of 2% in Europe in the first quarter to June 30.