Latest finance news – Page 651
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Flying brands: the city view
Tricia Killen, former president of Reader’s Digest for Western Europe, has her work cut out as the new chief executive of home shopping group Flying Brands.
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Morgan Stanley turns positive, but upbeat sentiment shortlived
Bullish noises from Morgan Stanley bolstered sentiment towards store groups, but food and general retailers’ shares moved little over the week.
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More misery for DIY as housing slump worsens
Deepening gloom in the housing market is likely to exact a heavy discretionary spending toll on retailers this year.
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Interest rate held at 5%
The Bank of England has left the UK interest rate unchanged at 5 per cent amid consumer fears about rising food and fuel prices.
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Supermarkets shield shoppers from price rises
Retailers are protecting shoppers from food price rises, according the British Retail Consortium.
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Kingfisher profits rise 8.9% in first quarter
DIY group Kingfisher reported a better-than-expected rise in sales and profits for the 13 weeks to May 3.
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Credit insurer warns of more retail administrations
Credit insurer Euler Hermes has signalled more retail administrations on the horizon as trading conditions continue to worsen on the high street.
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Staples ups offer for Corporate Express
US office supplies retailer Staples has increased its offer for rival Dutch business Corporate Express by 14 per cent.
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Tesco snaps up RBS stake in Tesco Personal Finance
Tesco is to acquire Royal Bank of Scotland’s stake in Tesco Personal Finance for 1 billion, bringing to an end a joint venture with the bank that has lasted almost a decade.
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Moss Bros supplier on trail of Baugur stake
Menswear supplier Berwin & Berwin is understood to be interested in buying a slice of Baugur’s stake in Moss Bros after the Icelandic investor walked away from its 40 million takeover bid for the retailer.
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City slams upbeat ONS April retail sales data as incorrect
Office for National Statistics (ONS) figures showing resilient retail sales in April have been blasted by the City for painting a rosier picture than that experienced on the high street.
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DIY chains take hammering over first quarter
The world’s two largest home improvement retailers, Home Depot and Lowe’s, have reported a meltdown in first-quarter profits as the US housing market continues to slump.
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Gap profits soar while Old Navy haemorrhages sales
Beleaguered US fashion group Gap has suffered a like-for-like sales dive in its first quarter, with chief executive Glenn Murphy describing the retail climate as “one of the toughest” in recent memory, despite profits soaring 40 per cent over the period.
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John Lewis sales fall again
John Lewis Partnership has suffered another drop in sales at its department stores.
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Grocery bills rise 5.8%
The cost of groceries have soared 5.8 per cent since the start of the year, according to a Verdict report.
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NewsBill Gates buys stake in Carpetright
Carpetright has been given an unexpected boost after Microsoft billionnaire Bill Gates bought a 3 per cent stake in the flooring and carpet specialist.
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Brafman buys MKOne
Mark Brafman has bought value fashion retailer MK One out of administration for an undisclosed sum as predicted by Retail Week magazine on May 23.
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Browett’s plan for DSGi fails to impress the City
Analysts sharply marked down electricals group DSGi’s shares after chief executive John Browett unveiled his turnaround strategy last week.
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NewsClinton cards: the city view
Greetings card specialist Clinton Cards notched up a 1.2 per cent rise in third-quarter group like-for-likes, but is cautious about the outlook.
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NewsDeals breathe life into ailing value market
The reshaping of the embattled value sector began this week with two key deals.