Latest finance news – Page 548
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NewsJJB takes cautious approach as volatile trading continues
JJB Sports slashed losses in its first half but investors took fright at volatile trading conditions since.
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NewsMint Velvet sales top £10m in first year
Womenswear chain Mint Velvet has notched up sales in excess of £10m in its first year of trading and “exceeded expectations”, said managing director Liz Houghton.
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NewsHome Bargains warns of tough times ahead
Value retailer Home Bargains has reported another record year but warned that the value sector is heading for tough times as margins are squeezed in the face of rising costs, and competition hots up.
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NewsVision Express fights to capture optical spend with promotions
Vision Express has launched a series of promotional initiatives after reporting strong figures for the 2009 financial year.
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NewsUnited Carpets reports "challenging" first half
United Carpets said trading has been “challenging” in the 25 weeks to September 30 as like-for-likes dropped 5.5%.
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NewsJJB Sports funding concern prompts big broker downgrade
Broker Singer has slashed its price target for JJB Sports by more than a third to just 8p because of concerns about the retailer’s funding and punishing trading conditions.
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NewsMoss Bros to axe staff as pre-tax losses widen
Menswear retailer Moss Bros is axing jobs as its pre-tax losses widened to £3.3m over the six months to July 31.
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NewsTopps Tiles full year sales up
Topps Tiles said it expects to report UK revenues up 2% to £182.4m in the 53 weeks to October 2.
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NewsJJB cuts losses but prepares for promotional blitz
JJB Sports has hailed “steady progress” in its turnaround after cutting losses and fattening margins in its first half.
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NewsWalmart to buy South African retailer Massmart, Asda’s Andy Bond to oversee
Walmart intends to push into Africa with the $4.2bn acquisition of general merchandise group Massmart.
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NewsTesco chief Sir Terry Leahy attacks investor short-termism
Tesco chief executive Sir Terry Leahy has criticised short-term investor attitudes and such shareholders’ superficial understanding of companies in which they hold stakes.
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NewsBestseller rules out bid for fashion etailer Asos
Danish retailer and investor Bestseller has ruled out bidding for online fashion specialist Asos.
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NewsVAT rise won’t hurt us, says JD Sports Fashion
JD Sports Fashion expects to feel little impact from the VAT rise in January and has posted a surge in first-half profits.
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NewsKesa pleases despite Comet concerns
Kesa Electricals, which owns UK chain Comet, posted first-quarter figures last week.
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NewsDunelm profits surge as Adderley passes baton
Value homewares retailer Dunelm reported a profit surge of 46% in its full year as it revealed that Will Adderley, its chief executive of 15 years, will step down.
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NewsSolid updates ensure retail shares pick up
Store shares shifted off the shelf last week as a raft of decent updates - albeit with the usual caveats about prospects - left investors wondering whether retailers had been oversold.
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Fiscal cuts spell five-year spending ‘crisis’
The Government’s fiscal austerity programme will create a five-year “crisis” for UK retailers as consumers rein-in spending amid tax rises, wage stagnation and low levels of savings, according to a report that draws lessons from the recessionary experiences of overseas retailers in the 1990s.
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NewsInvestments eat into River Island’s profits
River Island grew its sales nearly 8% last year, but profits fell as the company invested in the business, and trading conditions so far this year have proved challenging.
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NewsLakeland doubles profits as it cuts costs and drives product innovation
Homewares retailer Lakeland, darling of the middle classes, has more than doubled its full-year profits after cutting costs and focusing on product innovation.
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NewsAlexon posts rise in profits
Womenswear group Alexon recorded a rise in profits for the 26 weeks to July 31 despite tough trading conditions.