Home Retail profits slump October 19, 2011 Home Retail posted a 70 percent slump in first-half profit, with profitability at its Argos business collapsing. The firm, which also owns Homebase, the second largest do-it-yourself chain, said on market conditions were “weak and volatile.” “In these early weeks of the second half we have not seen the improvement in sales that we had [...]
John Lovering returns to fashion chain Peacocks October 27, 2011 RETAIL veteran John Lovering has returned to the board of the investment group that owns Peacocks, the struggling fashion chain he chaired for six years until 2003, City A.M can reveal. Last month the British high street retailer, which sells discount fashion lines, called in KPMG to conduct an independent business review as fears grow [...]
ANALYST VIEWS: HOW SERIOUS IS THE SALES BLOW AT HRG? October 20, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN For now, investor concern continues to be fully vindicated. Profits have missed already lowered forecasts, with Argos suffering. The company remains in a very difficult place, with downbeat management outlook comments likely to foster further profit downgrades. Consensus opinion is a sell. PHILIP DORGAN | PANMURE GORDON We find it [...]
Carpetright issues a fresh profit alert October 25, 2011 CARPETRIGHT yesterday said full year profits would be at the lower end of forecasts as it announced another fall in sales. The group, which has issued a string of profit warnings in recent months, said underlying pre-tax earnings for its full financial year would be towards the lower end of a forecast range of £11.8-£16.9m. [...]
Home Retail boss expects sales to drop September 8, 2011 THE chief executive of Home Retail Group warned that hopes of an “Olympics bounce” on the high street next year could prove misguided. Terry Duddy told City A.M. that consumer confidence was as low as in early 2009. The Argos and Homebase owner reported a second quarter slump which stopped short of analysts’ worst fears. [...]
Home Retail boss expects sales to drop September 8, 2011 THE chief executive of Home Retail Group warned that hopes of an “Olympics bounce” on the high street next year could prove misguided. Terry Duddy told City A.M. that consumer confidence was as low as in early 2009. The Argos and Homebase owner reported a second quarter slump which stopped short of analysts’ worst fears. [...]
Argos sales fall but pace of decline slows September 8, 2011 Homeware retailer Argos trimmed the fall in its sales in the past quarter but remains under pressure, its owner Home Retail Group said in a trading statement. Consumers have dramatically scaled back their buying of expensive electrical goods, leaving sales at the catalogue specialist down 8.6 per cent in the three months to the end [...]
Top retailers lose out on £500m in online market September 18, 2011 SOME of the UK’s retail giants are missing out on millions in online sales as they fail to grasp the potential of new technology, a survey shows today. The UK’s best known brands were found to have squandered a potential £500m in sales between 2007 and 2010. According to research from Oxford Economics, supermarket giant [...]
BEST OF THE BROKERS September 11, 2011 WM MORRISON Deutsche Banks rate the supermarket group as “hold” with a target price of 310p, up from 272p. Following results last week, the broker says Morrisons is in a good place relative to other UK food retailers, but lacks growth potential compared to other stocks in the sector. If the supermarket does not achieve [...]
Well-run companies profit even in hard times October 23, 2011 YOU could be forgiven for not noticing, but it is earnings season again. Once you finish trawling through the endless speculation about the next phase of Eurozone debt crisis in the papers and on TV, you’ll eventually find some good old-fashioned company news reporting. Let me summarise. Well-run companies with good products are holding up [...]