Latest finance news – Page 635
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Industry share prices on the up despite persistent poor trading
General retail stocks bounced back this week, jumping more than 20 per cent after taking a hammering the previous week, despite more bad news on trading.
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Smallbone profits feel the heat as demand for kitchens dries up
Smallbone has become the latest big-ticket retailer to be hit by the economic downturn after it issued a profits warning last week.
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Blacks banking on late Christmas sales surge
Blacks Leisure is bracing itself for a late Christmas sales rush this year.
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Asda reports strong clothing and grocery sales in October
Asda's comparable store sales last month were strongest in grocery and clothing, parent company Wal-Mart’s October results have revealed.
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Urban Outfitters like-for-like sales jump
Like-for-like sales at US fashion and lifestyle retailer Urban Outfitters climbed 10 per cent across its fascias in the three months to October 31.
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Decathlon sizes up MFI stores in administration
Decathlon is eyeing stores put into administration by furniture retailer MFI last month as potential sites for its store expansion programme.
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Interest rate slashed to 3%
The Bank of England has cut the interest rate by 1.5 percentage points to 3 per cent in a move that has been welcomed by retailers.
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Dunelm ups market share
Homewares retailer Dunelm reported that it has continued to gain share in a shrinking market as its sales performance improved.
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Asda profits hit by OFT fines
Asda’s pre-tax profits have been hit by provisions for fines and legal costs arising from the Office of Fair Trading investigations in to allegations of price-fixing.
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Findel posts flat sales
Findel, the home shopping group, has revealed robust first-half sales but warned it expects consumer spending to slow.
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Profits hit at Ideal Shopping Direct
TV shopping group Ideal Shopping Direct has issued a profit warning, blaming current market conditions which have had a negative impact on sales.
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Marks & Spencer profits plummet 34.1 per cent
Marks and Spencer’s adjusted pre-tax profits have plummeted 34.1 per cent to 297.8 million in the 26 weeks to September 27, 2008.
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GfK NOP Christmas study: consumers cautious on festive spending
Consumers have grown more cautious about their Christmas spending plans as the key trading period kicks in, according to an exclusive survey available on retail-week.com.
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Smallbone issues profit warning
Luxury furniture retailer Smallbone has issued a profit warning, saying that it expects figures to be “materially below” current market expectations.
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Ghost bought out of administration by Hawes & Curtis boss
Hawes & Curtis boss Touker Suleyman has bought fashion retailer Ghost after it fell into administration.
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High pay for retailers ‘not helping strategy’
Retail chief executives are paid disproportionately more than their counterparts in other industries but have less time than ever to spend on strategy, a study has claimed.
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Tesco: The City View
Tesco is budgeting for like-for-like growth of only 2 per cent at its core UK business in contrast to the 3 to 4 per cent it has traditionally targeted.
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Share prices languish as talk of recession heightens City’s fears
Only two retailers managed a share price rise over the week as the market took fright at the looming recession.
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DSGi rating reviewed as downturn takes toll
Ratings agency Moodys has put DSGi under review for a possible downgrade after the retailer suffered a first-half like-for-like tumble of 7 per cent.
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Carrefour and Ahold buck slump with robust Q3 sales
French giant Carrefour and Dutch grocer Ahold bucked the downturn to reveal resilient third quarter sales in the face of global economic turmoil.