Latest finance news – Page 639
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Baugur insists 'business as usual' despite Icelandic meltdown
Icelandic investor Baugur has once again offered reassurance that its UK retail portfolio will be unaffected by the Icelandic financial crisis.
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Top Baugur man’s role in flux as investment giant refocuses
The role of Baugur managing director of retail Jeff Blue is likely to change as the Icelandic investor adapts its strategy in changing circumstances.
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Sainsbury’s delivers robust second quarter
Sainsbury’s is confident its market position will be an advantage in the wake of the credit crunch after delivering better than expected second-quarter sales.
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Bhs blames bad weather for profits nosedive
A return to normal weather patterns will be key to Bhs’ fortunes being revived, the company said this week.
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Land of Leather: City View
Operating costs are being slashed at Land of Leather as it battens down the hatches in anticipation of very tough trading in its new financial year.
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Industry holds its own against backdrop of financial calamity
In the week that the FTSE 100 suffered its biggest ever one-day points fall and governments rushed to shore up a crumbling banking system, retailers weathered the storm to outperform the market.
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Blacks weighs up boardwear division sale as losses widen
Blacks Leisure may sell its boardwear business after tough trading over the summer months led to greater losses for the outdoor retailer.
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Kaupthing taken over by Icelandic government
The Icelandic government has seized control of Kaupthing, the bank that is closely connected to swathes of the UK high street.
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WHSmith profits jump 15%
Robust sales at WHSmith's travel division helped it achieve a 15 per cent hike in profit before tax and exceptional items to 76 million for the year to August 31.
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Robert Tchenguiz 'to sell Sainsbury's stake'
Property billionaire Robert Tchenguiz has reportedly been forced to put his 10 per cent stake in J Sainsbury up for sale.
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Management buys Joy out of administration
Fashion and homewares retailer Joy has been bought out of administration, saving around 150 jobs.
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Bank of England cuts interest rates to 4.5 per cent
Bank of England has unexpectedly cut interest rates by half a point to 4.5 per cent.
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Slowing food inflation prompts BRC call for interest rate cut
The rate of food price inflation has fallen for the first time in six months, prompting the British Retail Consortium to call on the Bank of England to bring in an immediate interest rate cut.
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Profits crash at Land of Leather
Furniture retailer Land of Leather has revealed that pre-tax profits fell by 16.2 million, from 18.5 million to 2.3 million in the year to August 3.
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Woolworths: Last big credit insurer withdraws cover
Woolworths is facing more instability in the run up to Christmas after another credit insurer has withdrawn cover from the beleaguered business.
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Thorntons sales rise
Thorntons has reported sales growth across its business of 6.4 per cent to 45.7 million for the 14 weeks to October 4.
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Sainsbury's beats second-quarter sales expectations
Supermarket group Sainsbury’s has posted second-quarter sales ahead of expectations.
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Poundland profits rocket
Value retailer Poundland has unveiled a 122 per cent rise in operating profit, from 3.5 million to 8 million for the year to March 31.
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Iceland nationalises Landsbanki
Landsbanki, Iceland’s second largest bank, has been nationalised. The move is the latest chapter in the saga surrounding the collapse of Iceland’s economy and subsequent speculation surrounding its impact on UK retailers owned or backed by Icelandic banks or Icelandic investor Baugur.
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MFI retail and property divisions placed into administration
MFI placed its retail and property divisions into administration yesterday after the completion of a management buyout led by chief executive Gary Favell.