Latest finance news – Page 617
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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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NewsRobert Dyas completes management buyout
Hardware retailer Robert Dyas has completed its management buyout.The retailer, which said the deal is “fully supported” by its banks, said it will now be able to “build on its recent excellent trading performance while safeguarding the future of its employees and stores across the South of England”. Chief ...
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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.
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Rising cost of food drives shop price inflation
Shop price inflation edged up to two per cent in March from 1.9 per cent in February – the fourth consecutive month of rising inflation.The weakness of the pound was blamed for pushing up food costs but key general merchandise lines, such as clothing, were cheaper than a year ago.Food ...
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NewsSymbol store group Henderson reports profits rise
Henderson Group, which owns and runs 72 symbol stores including Spar and Eurospar in Northern Ireland and supplies 400 shops, has revealed a “strong performance” in 2008 and expansion plans for this year.The company did not disclose exact figures, but said that operating profit rose 10.7 per cent and turnover ...
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NewsConsumer confidence slowly rises
Shopper confidence is at its highest since May 2008, with the GfK NOP Consumer Confidence Index up five points to -30 for March.
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NewsAldi sales jump 16.8 per cent
Discount grocer Aldi has recorded a 16.8 per cent sales uplift in the first two months of the year.
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NewsPeacocks sales soar
Peacocks reported a surge of 8.3 per cent in like-for-like sales in the 14 weeks to March 28 after benefiting from its value position.
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NewsLaura Ashley remains resilient
Fashion and homewares group Laura Ashley claimed a “resilient” performance despite suffering a fall in full-year profits from £15.8m to £9.6m.Promotions and the weakness of sterling sliced 2 percentage points off gross margin, but the retailer generated a 9.6 per cent rise in total group sales to £260.5m in the ...
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NewsM&S rounds off good week for retail stocks
Marks & Spencer spearheaded an advance by retail shares on Tuesday, when its fourth-quarter numbers defied downbeat expectations.The retail sector rose 6 per cent on the day, when there was also the successful refinancing of Clinton Cards and placings of Debenhams and Sainsbury’s shares. Improving sentiment towards retailers helped the ...
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Government defers 5% business rates rise
Chancellor Alistair Darling has modified plans to increase business rates by 5 per cent tomorrow.
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Spectre of deflation looms as Retail Price Index falls to zero
The stores sector faces deflation after the Retail Price Index (RPI) fell to zero last month for the first time in nearly half a century.
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NewsPricewaterhouseCoopers: Sales to be had in high street shake-up
The number of retail pre-pack administrations will climb this year as the recession takes its toll, but fewer chains will disappear from the high street completely.
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Generalists on the up but food out of favour
General retailers, but not their food counterparts, once again outperformed the market but remained well down year on year.
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Signet to cut costs after challenging year
Jewellery giant Signet intends to slash costs and cut debt to cope with harsh trading conditions.
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JJB Sports in eleventh-hour talks on clubs sale
JJB Sports remains locked in talks to sell its fitness clubs division despite the expiry yesterday of an extension to its standstill agreement with lenders.
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NewsRetail price stagnation sparks deflation fears
Inflation has fallen to zero for the first time in 49 years.
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NewsCredit insurance fury reaches boiling point
Retailers are turning the heat up on the Government to intervene in the credit insurance crisis.
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Flying Brands profits dive 53% after punishing year
Pre-tax profits at home shopping specialist Flying Brands’ ongoing operations plummeted 53 per cent to 1.5m last year.