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Thomson Reuters same-store sale index records modest April sales Friday, 10th May 2013
Photo credit: Thomas Reuters
The Thomson Reuters same store sales index shows how thirteen major U.S retailers have reported a 3.8 per cent increase in April sales at stores open at least a year.
The news comes after Wall Street optimistically expected a 4.3 per cent increase, and AlixPartners Managing Director Steve Nevill, says that Wall Street “got ahead of itself” with its expectations.
He went on to say that high unemployment and a lack of consumer confidence is the reason behind the modest April sales.
L Brands Inc, the group which operates companies Victoria’s Secret and Bath & Body Works, said sales at all company stores open at least a year were up 2 per cent last month, but shares fell 1.1 per cent.
Costco Wholesale Corp, which sells everything from computers, clothing to garden furniture and food, reported a 4 per cent gain, slightly less than expected. This is in part due to lower gas prices, but the company did say that food and consumer electronics were good, despite shares falling 0.5 per cent.
Not all retailers recorded a less than satisfactory performance however. TJX Cos Inc, which operates T.J. Maxx and Marshalls, and Ross Stores Inc, both surpassed Wall Street estimates comfortably.
Ross’ first-quarter profit forecast subsequently rose after reporting a 7 per cent gain in same-store sales. TJX Cos also saw same-stores sales rise to 8 per cent last month. Their shares were up 0.6 per cent whilst Ross Stores was up 0.2 per cent.
Gap Inc after-hours trading in the market sent their shares up 7.2 per cent, as they recorded a 7 per cent gain in sales for all their companies. Its profit forecast was above Wall Street expectations.
Spending is not expected to rise much in the coming months, as consumers’ concerns regarding the U.S and European economies, the debt debate In Washington, and lack of employment, remain rife.
Furthermore, many shoppers’ have delayed buying Spring clothes due to the cool weather in April.
Adrienne Tennant, market analyst for Janney Capital Markets, said this week that retailers were more aggressive in offering April discounts. She continued to say that discounts had eased up by the end of April, suggesting retailers’ had not over-ordered, avoiding panicked markdowns.
Google forced to suspend shares after email knocks $20bn from value Friday, 19th October 2012
When emails go wrong: a premature release of Google’s latest quarterly results wiped USD 22 billion from the search engine’s value on Friday.
Shares in Google were suspended after an email sent from the company’s financial printers RR Donnelly to the US stock market authorities revealed the world’s largest search engine performed beneath Wall Street expectations for the quarter.
Stock fell 9 per cent before being halted, and then recovered slightly to close down 8 per cent after resuming. With the release still pending a leading quote from Google chief executive Larry Page, there was no gloss added to the firm’s performance, which missed expected profits for the third quarter. Figures showed Google earned USD 9.03 per share, well beneath analysts’ consensus estimates of USD 10.63.
Despite the surprise release, reaction for the results themselves are not expected to have a long-term effect on the tech giant. Gary Buchan, a director of digital marketing agency, Render Positive, described the results as “nothing more than a blip”:
"In the medium to long term, Google is extremely well positioned to capitalise on investments it has made in huge data processing facilities that can be applied to several potential areas of new growth.
"But in the short term, which is all Wall Street cares about, this is unlikely to be the only blip in earnings reports. There are probably a few ugly reports in the pipeline yet... Google has fallen foul of the global advertising slump, but it's fundamentally future-proof.”
US retail sales miss Street estimates Thursday, 3rd May 2012
US sales for April missed Wall Street estimates as colder temperatures and an early Easter compounded concerns for the economy, leaving shoppers reluctant to spend.
"Early results show there was a sequential slowdown from a particularly strong February and March," said Ken Perkins, president of Retail Metrics LLC, a research firm as reported by the Associated Press."Weather cooled, and consumers took a bit of a breather. But spending is still decent."
Some of the States' largest retailers on Thursday reported disappointing sales after delivering strong results in February and March. Costco, Macy’s and Target made up part of the group included in Retail Metric's analysis, which accounts for 13 per cent of overall US retail sales, excluding gas, autos and online-only stores such as Amazon.
Apple delivers another record quarter Wednesday, 25th April 2012
Photo credit: Apple's Covent Garden store, Apple Inc
The tech giant managed to shrug off Wall Street concerns with another record quarter on Tuesday, watching shares rise yet again in after-hours trading.
Net profit for Apple’s second quarter was USD 11.6 billion, while revenue came in at USD 39.2 billion, with earnings of USD 12.30 per share. The results caused Apple shares to climb on the Nasdaq Stock Market in after-hours, according to the Montreal Gazette.
In a survey by Thomson Reuters, Apple was expected to report second-quarter earnings of USD 10.02 per share on revenue of USD 36.7 billion.
CBRE tops earnings forecasts Wednesday, 25th April 2012
CBRE reported better than expected first quarter earnings on Tuesday evening, as strong business in the Americas managed to offset slow European trade.
The global property firm reported first quarter earnings of USD 45.9 million, excluding USD 18.9 million in charges relating to its ING acquisition. The results were a marked improvement on the USD 40.6 million for the first quarter of 2011.
"We continue to believe that we are in the relatively early days of what should be a protracted commercial real-estate recovery," said Brett White, CBRE's chief executive, as reported by the Wall Street Journal. "I wouldn't be surprised if, for the next two or three quarters, [results are] bumpy like this until this recovery gets its sea legs."
Revenue for CBRE’s first quarter rose 14 per cent to USD 1.35 billion. Global property sales rose by double-digits for the group’s 10th consecutive quarter, with a 33 per cent improvement in the Americas managing to offset a decline in the European markets.
Johnson & Johnson Q3 earnings fall Wednesday, 19th October 2011
Third quarter earnings for the prescription drugs, consumer products and medical devices company fell on lower US sales, although a weaker dollar and a strong overseas demand helped the company beat Wall Street forecasts.
Johnson & Johnson earned USD 3.2 billion or USD 1.15 per share, compared with USD 3.42 billion of USD 1.23 per share a year earlier.
Revenue rose 6.8 per cent to USD 16 billion, just beneath the Wall Street estimates of USD 16.02 billion. Without the weaker dollar boosting the value of overseas markets it would have risen just 2.6 per cent.
The company’s US sales fell 3.7 per cent, due to declines in all three of its product segments.
Apple stuns Wall Street with missed expectations Wednesday, 19th October 2011
Apple Inc blamed the rumours surrounding the new iPhone for its disappointing results, which for the first time in years came beneath Wall Street expectations.
Shares in the electrical mogul fell 7 per cent in extended trading on Tuesday, taking around USD 27 billion off the value of what one of the world’s most valuable companies.
Unfortunately for the company, it was also Apple’s first earnings under new chief executive Tim Cook, who took over from Steve Jobs in August.
"Investors are going to start to speculate that there is change under way now that Jobs is gone, and that there's trouble ahead. We don't share that point," said Channing Smith, co-manager at Capital Advisors Growth Fund, which holds Apple shares.
"The iPhone is where the weakness was and it's an explainable one. The strong demand for the iPhone 4S set up strong demand for the holiday season."
Apple said it sold 17.07 million iPhones in its fiscal fourth quarter ended September 24 -- well short of the roughly 20 million forecast by analysts. The iPhone is Apple's most lucrative product, yielding some 40 percent of annual sales.
Revenue rose 39 per cent to USD 28.27 billion, lower than the average analyst estimate of USD 29.69 billion, according to Thomson Reuters.. It was the first time Apple missed revenue expectations since the fiscal fourth quarter of 2008.
Net profit was USD 6.62 billion, or USD 7.05 a share. That fell shy of expectations for earnings of USD 7.39 per share. The last time Apple missed EPS estimates was in the first quarter of 2001, according to Thomson Reuters.
Apple shares rot 5 per cent after ‘disappointing’ iPhone launch Wednesday, 5th October 2011
Apple’s share price fell 5 per cent at one point during the technology company’s launch of its new iPhone, which failed to impress Wall Street analysts and investors.
The much hyped unveil of the new iPhone 4S last night dashed hopes that the company would release an iPhone 5 in time for the peak Christmas period.
Apple’s share price fell 19.25 to USD 356.14 at one stage, having risen more than 1 per cent ahead of the launch.
Press disappointed at the lack of a design revamp, were last night warned by Apple’s marketing chief Phil Schiller, “Don’t be deceived because inside it is all new”. But the claims did little to salvage weary analysts who saw the release as a chance for competitors to finally gain an edge over Apple.
Analysts at CCS Insight described the news as a "disappointing update other than aggressive price changes, leaving Apple exposed to rival products in mature markets. Will need iPhone 5 in early 2012 to remain competitive."
Apple shares close down USD 2.10 or 0.6 per cent at USD 372.50.
Taking Wall Street by storm: Madoff’s old clothes fashioned as iPad cases Thursday, 11th August 2011There’s nothing like seeing your favourite fraudster’s designer sweaters fashioned into an iPad case- at least that’s how the hoardes of New Yorkers shelling out USD 500 a pop feel.
The craze is all down to entrepreneur John Vaccaro’s latest venture to the auction house: having bought up most of Madoff’s wardrobe at a US Marshalls auction of his assets last year, Vaccaro then had them redesigned as iPad coves to sell between USD 350 and USD 500 through his website, Frederick James.
According to Vaccaro the first five cases, made from a navy blue Christian Dior sweater and a Bergdorf Goodman cardigan, “sold almost instantly, just by word of mouth,” Vaccaro told the New York Post.
The entrepreneur also took home 16 pairs of Madoff’s trousers including several from the disgraced businessman’s country club. After a Wall Street lawyer asked to buy a bulk order for Christmas presents, Vaccaro realised he was onto something.
However, anyone stuck for a memorable birthday present for a man who has everything will have to move quickly: "I've made 31 so far, and only have a few pairs of pants, sweaters and sweatshirts left," said Vaccaro.
Liz Claiborne losses on the rise Thursday, 28th July 2011
Liz Claiborne Inc. has reported that its second quarter net loss has increased as high expenses and wavering sales weigh down the U.S. group.
For the period ended 2 July, the company’s loss amounted to USD 89.9 million, or 95 cents a diluted share, compared with a year-ago loss of USD 86.8 million, or 92 cents. The company also reported a loss from continuing operations of 34 cents, which was still steeper than the 32-cent loss expected by Wall Street.