News@Nine FRIDAY 24TH OCTOBER 2014
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Amazon shares plummet as it reports $437m loss

24 October | 07:26 AM | My-Retail Media | My-Retail Media

Shares in Amazon plummeted last night after the e-commerce giant announced a USD 437 million loss for its fiscal third quarter – a huge increase on the USD 41 million decline it reported for the same period a year ago. The business has warned investors to expect significant losses during the approaching financial quarter. Ten per cent was wiped off Amazon's share price in after-hours trading. Despite the share price set back, Amazon announced that net sales increased by 20 per cent to USD 20.58 billion during the quarter compared to USD 17.09 billion in 2013.

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Adidas Ireland continues profit and sales slump

There were no trophies won by Adidas Ireland off the field last year as sales and profits slumped further. Adidas is the kit supplier for Munster rugby, but in common with the provincial side last year, Adidas (Ireland) Ltd saw its fortunes decline further in the Irish market, recording a 20% drop in pre-tax profits to €693,000. This followed revenues declining by 19% from €35.5m to €28.8m in the 12 months to the end of December last.

Tesco front view

Tesco is shopping for a new chairman

SIR RICHARD Broadbent yesterday announced his plans to leave Tesco, and said he felt the need for a demonstration of accountability by the supermarket’s bosses. His decision came as the firm revealed its pre-tax profits had slumped 92 per cent on the year to £112m in the first six months of its financial year. Sales fell 4.4 per cent to £34bn, with the UK worst affected of all the global units – trading profits in Britain slumped 56 per cent to £499m.

Xbox One

Microsoft sales lifted by the cloud; shares jump 3%

Lifted by strong momentum in its Internet cloud-based offerings, Microsoft on Thursday said its fiscal first-quarter revenue jumped to $23.2 billion, topping Wall Street estimates. The company said it earned 54 cents a share, or $5.84 billion. Analysts had expected Microsoft to earn 49 cents a share, down from 62 cents, or $5.2 billion, a year ago, according to Yahoo Finance. Revenue expectations were $22 billion.

My Tube: Tesco Interim Results 2014/15: Interview with CEO Dave Lewis
Tesco Interim Results 2014/15: Interview with CEO Dave Lewis
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Heat goes out of the recovery with drop in retail sales

Unseasonably warm weather depressed retail sales last month, taking some steam out of the recovery, official figures showed yesterday. The Office for National Statistics said sales were down 0.3 per cent by volume in September – worse than analysts’ expectations of a 0.1 per cent decline. The ONS said the Indian summer had caused shoppers to delay purchases of autumn and winter clothing. There was also evidence of the supermarket price war intensifying, with prices at food stores falling 0.3 per cent year on year, the largest decline since December 2004.

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Debenhams set to come in from the cold

Debenhams is on track to avoid a repeat of the miserable Christmas it endured last year despite announcing a 24 per cent fall in profits to £105.8m for the year to the end of August. A profit warning and the abrupt resignation of the finance boss Simon Herrick capped a woeful festive season last time, not helped by warm winter weather. But a rise in operating profit during the spring-summer second half of its financial year reassured the City of the department store chain’s turnaround strategy.


Handbags and glad rags but Puma is the star turn

A return to growth at the sportswear brand Puma has helped offset weaker sales of Gucci handbags at the French giant Kering. The Paris-based owner of luxury and sportswear brands, also including Yves Saint Laurent and Christopher Kane, yesterday revealed a 3.3 per cent rise in third-quarter sales to €2.6bn (£2bn) – in line with expectations. Sales in its luxury division rose 3.5 per cent on a like-for-like basis, while the previously struggling sportswear division posted a 6.1 per cent rise in comparable sales.

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