Latest finance news – Page 569
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NewsCargo profits rocket after drive to cut costs
Furniture retailer Cargo - which operates the Cargo and Homestyle fascias - more than tripled its pre-tax profits in the year to June 27, 2009, as it slashed costs and benefited from the buying power of its parent, Steinhoff.
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NewsFaith on brink of sale as John Kinnaird battles for MBO
The outcome of the sale process for Faith was due to be announced as Retail Week went to press.
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NewsDebenhams interim profits rise as own-bought strategy pays off
Department store group Debenhams has posted higher than expected interim profits after strong performances from its own-bought ranges and market share gains.
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NewsJD Sports profit rockets 61%
JD Sports Fashion pre-tax profit surged 61% to £61.4m in the year to January 30.
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NewsRetail administrations at lowest level in four years
The number of retailers to enter administration fell to their lowest level in four years in the first quarter of this year.
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NewsMorrisons claim shareholders blocked a competitive pay package for Marc Bolland
Morrisons has claimed shareholders blocked plans to increase pay awards for its former boss Marc Bolland who was poached by M&S to take over as its chief executive.
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NewsLow inflation deals blow to grocers’ shares
The lowest food inflation in three years may make life more difficult for the big grocers, whose shares have been lagging their general merchandise counterparts.
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NewsMorrisons awards shares to Philips
Morrisons has awarded two tranches of shares to new chief executive Dalton Philips, who took up his role last week.
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NewsBlacks chiefs regain focus as Sports Direct backs off
Blacks Leisure’s management celebrated the end of “an unwelcome distraction” when rival Sports Direct decided not to proceed with a takeover attempt.
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NewsConcerns over Topps Tiles forecasts spark downgrades
A worse than expected update from Topps Tiles led to widespread downgrades to profit forecasts as analysts voiced concern over dampened appetite for home and big-ticket purchases.
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NewsCity unfazed by Mothercare like-for-like knock
Mothercare suffered its first quarter of negative like-for-likes in three years after the cold snap hit sales.
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NewsAcquisition of HobbyCraft still on Halfords radar
Halfords is thought to still be interested in acquiring arts and crafts retailer HobbyCraft as the deadline for final bids, April 19, draws closer.
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NewsPoor weather prompts mixed Easter trading
Poor weather conditions dampened retailers’ sales during the early part of the crucial Easter trading weekend but there were also some welcome bright spots over the four-day break.
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NewsGap sales continue to grow
Gap sales have continued to improve both in the US and internationally with like-for-like sales in March ahead 11% across the group compared to an 8% fall for the same month last year.
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NewsStrong start to the year for H&M
Swedish fashion group H&M has announced a strong first quarter with sales up 7% in the three months to February 28.
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NewsM&S Q4 sales beat expectations
Marks & Spencer has revealed a 5.1% increase in fourth quarter like-for-like sales, well above expectations, driven by a strong performance from general merchandise.
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NewsCard Factory to be sold to Charterhouse
Card Factory is poised to be sold to private equity firm Charterhouse for more than £350m, sources familiar with the situation have told Retail Week.
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NewsMango sales up 5.7% as international expansion gathers pace
Spanish fashion brand Mango has announced total sales rose 5.7% to €1.48bn (£1.3bn) excluding VAT in 2009 and has confirmed that it will open its 1,500th global store in 2010.
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NewsMorrisons awards shares to new chief executive Dalton Philips
Supermarket group Morrisons has awarded two tranches of shares to new chief executive Dalton Philips who took up his role earlier this week.
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NewsRichemont acquires Net-a-Porter
Luxury goods group Richemont has confirmed it will buy Net-a-Porter in a deal that values the online designer fashion retailer at £350m.