Asos on track to hit £1bn of sales by 2015 as profits beat analyst expectations October 23, 2013 Online retailer Asos has posted a whopping 23 per cent rise in full year pre-tax profit to £54.7m in the year to 31 August. Analysts had expected the company to post a profit of just £44.5 to 54m. That's not stopped Asos shares dropping on the open though. Shares are now trading about 4.7 per [...]
Best of the Brokers for 21 October 2013 October 20, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS HSBC has kept its “overweight” rating on the online fashion store and hiked its target from 4,380p to 7,160p ahead of full-year results on Wednesday. The broker moved its target after changing its value measure to enterprise value and sales growth. DEBENHAMS [...]
London Report: GDP figures and housing prices reveal recovery October 20, 2013 GROSS domestic product (GDP) figures due on Friday are expected to reveal the UK’s solid recovery prospects, coupled with further good news from Nationwide and Rightmove housing figures earlier in the week. Analysts predict further improvement in the economy, with third quarter GDP expected to rise. “We expect GDP to rise 0.8 per cent quarter-on-quarter. [...]
Japan looks to private help with reserves October 13, 2013 THE JAPANESE government is set to look for private sector assistance in managing its enormous foreign currency reserves, according to the country’s finance ministry. Prime Minister Shinzo Abe’s government wants to lift the current ban on private involvement, enlisting the services of financial institutions. The country holds around $1.27 trillion (£795.8bn) in foreign exchange reserves, [...]
Bottom Line: A global web player that is best of British September 19, 2013 ANYONE who said there was no space in the internet retail revolution for British business may have to start eating their words. On the heels of Ocado’s return to form thanks to a licensing deal with Morrisons comes this startling set of numbers from Asos. They confirm the online fashion retailer’s extraordinary achievement. In little [...]
Asos on trend with stellar set of sales figures September 19, 2013 ONLINE fashion retailer Asos saw its share price soar to a record high of nearly £55 yesterday after stunning the city with a stellar set of quarterly sales figures. The clothing site, which sells clothes to the lucrative 18 to 24 year old fashion market, said sales rose by almost 50 per cent across June, [...]
Asos sees sales soar with strong UK market and new growth in US and Russia September 19, 2013 Online retailer Asos has announced UK retail sales up 47 per cent for the three months to the end of August with 49 per cent growth in the UK. (Release) Retail sales for the year were up 40 per cent year-on-year. The company had 7.1 million active customers at the end of August, up 42 [...]
Bottom Line: Results are also a game of two halves September 18, 2013 LUCKY for JD Sports that rival JJB went into administration at the end of last year. That helped it to score a 7.5 per cent increase in like-for-like sports sales in the UK and Ireland in the first half, with group profit before tax up 111 per cent to £6.1m. Without it, these results could [...]
London Report: Drop in inflation unlikely to help consumers long September 15, 2013 CONSUMERS are likely to receive a small piece of good news this week, with the inflation rate edging down for August. But the upbeat data is likely to come before more rising prices, as analysts predict consumer price inflation will reach three per cent soon. The inflation news, out tomorrow, is part of a slew [...]
Entrepreneur of the year September 11, 2013 The City A.M. Entrepreneur of the Year award recognises those individuals or groups who set up a successful new venture and are now growing it as a profitable business. With close to 400,000 new businesses launched in 2013 so far, the spirit for entrepreneurship in Britain is alive and well. From entertainment to retail, our [...]