Sony to lurch further into red February 2, 2012 TROUBLED electronics company Sony is set to make its fourth consecutive annual loss – the worst run in its 54 years as a listed firm – as the group yesterday upped its loss forecast from ¥90bn (£750m) to ¥220bn. Sony also slashed its previous operating income forecast of ¥20bn to a ¥95bn loss. The third [...]
ARM warns of a light Christmas July 26, 2011 ARM Holdings, the Cambridge-based maker of chips that power the Apple iPhone and other smartphones, has reported a 25 per cent profit rise this quarter, but warned it is not counting on a Christmas sales boom. The firm’s technology, used by firms such as Samsung, Qualcomm and Texas Instruments, helped lift pre-tax profit to £54.2m, [...]
Kesa bears burgeoning Comet losses January 19, 2012 WORSE-than-expected sales at Comet this Christmas will cost its owner Kesa £15m in writedowns as the electronics group nears completion of a deal to sell the troubled UK chain. Europe’s second largest electricals retailer will complete the sale of Comet next month to private equity buyers OpCapita for a nominal £2 together with a cash [...]
US retailers slash prices to lure festive bargain-hunters January 5, 2012 MANY US store chains had to offer deep discounts to entice shoppers over the holiday selling season, cutting into profits even as overall December sales came in slightly above expectations. JC Penney yesterday cut its quarterly profit forecast, citing “higher markdown activity”, and its shares fell 2.7 per cent. Kohl’s also cut its holiday-quarter profit [...]
ASOS BOUNCES BACK AS IT POSTS STRONG DECEMBER TAKINGS January 19, 2012 ASOS, the online fashion retailer, kicked the retail gloom to report a 46 per cent rise in sales in the third quarter boosted by rapid growth overseas and a solid performance in its domestic market. UK sales growth bounced back to 10 per cent in the second quarter from one per cent in the previous [...]
Tesco loses market share in run-up to Xmas January 10, 2012 Britain’s biggest retailer, lost grocery market share in the run-up to Christmas as rivals fought back against its price-cutting campaign and cash-strapped shoppers flocked to discount stores, according to new data. Market researcher Kantar Worldpanel said grocery sales rose 4.8 per cent in the 12 weeks to 25 December. That lagged a 5.9 per cent [...]
Hoare Govett bidder loses top executive January 9, 2012 ORIEL Securities, the expanding stockbroking firm that is bidding for Hoare Govett, has lost one of its senior executives after less than a year. Glenn Poulter, who joined Oriel as head of equities in December 2010, has left the firm after asking chief executive Simon Bragg whether he could extend his settling-in period during which [...]
ANALYST VIEWS: WERE MORRISONS’ RESULTS IN LINE WITH EXPECTATIONS? January 9, 2012 PHILIP DORGAN | PANMURE GORDON Christmas trading was slightly below best expectations, although in line with the market. Morrison’s shares were fantastic performers in 2011 and, while we see no real downside, we expect others within the sector to pick up the baton in 2012. CLIVE BLACK | SHORE CAPITAL We deem such a performance [...]
Home Retail hires Walden as Argos boss February 1, 2012 HOME Retail Group has named former Best Buy executive John Walden as the new boss of its struggling Argos business. He takes over as managing director of the chain next month and will report to group chief executive Terry Duddy, who had taken on the role temporarily after the departure of Sara Weller last April. [...]
HMV gets Xmas sales still flagging January 9, 2012 Struggling British entertainment retailer HMV got a little respite over Christmas as sales declines slowed, providing a glimmer of hope the firm may have a future. The group, which last month posted wider first-half losses, said it was in danger of going out of business and put its HMV Live division up for sale, said [...]