UK: M&S reports second year of profit decline on fashion-line woes
Bloomberg - May 21st, 09:06
Marks & Spencer Group Plc (MKS), the U.K.’s largest clothing retailer, said annual profit fell 5.8 percent as consumers spent less on its fashion goods, even as food sales increased.
So called underlying profit before tax fell to 665.2 million pounds ($1.01 billion) in the year ended March 30, the London-based retailer said today in a statement. That compares with the average estimate of 663.3 million pounds from 16 analysts surveyed by Bloomberg.
The retailer unveiled its new autumn-winter fashion range last week, which Chief Executive Officer Marc Bolland said was a “step in the right direction” with its emphasis on improved quality and styles, and has opened a new e-commerce distribution center to speed up delivery times. The company aims to boost its general merchandise margin over the next three years, it said today.
“We are working hard to get the general merchandise performance back on track,” Bolland said in the statement.
M&S shares reached a five-year high last week after analysts reacted positively to the revamped fashion range and a new general-merchandise management team. Underlying profit excludes gains and losses on property disposals, impairment charges and one-time pension costs.
SA, Poland sign trade deal
23/10/2013 - 08:27
Johannesburg - South Africa has endorsed a trade deal with Poland, Deputy President Kgalema Motlanthe has said
Nakumatt eyeing East Africa's hospitality sector
18/10/2013 - 08:47
Nakumatt is targeting new sales within the hospitality industry by offering select label products like furnishings, decorative accessories, bath towels, bed and table linen. according to the supermarket chain's business development manager Neel Shah.
Guinness Ghana moves to enhance product distribution
04/10/2013 - 12:23
Guinness Ghana Breweries Limited (GGBL), has appointed Mr Eric Otoo as the 'Route to Consumer' (RtC) Director in line with the company's vision of dominating the beverage industry in the country.
Massmart confirms Naivas bid, targets entry into Kenya
04/10/2013 - 11:00
Massmart has confirmed it is interested in buying a major stake in Kenyan retailer Naivas.
Namibia Breweries Limited earnings expected to be lower by N$190 million in September
03/10/2013 - 12:31
Namibia Breweries Limited (NBL) said earlier in September that it expects basic earnings per share to be materially lower than the prior year by between 66% and 68% in the year ended 30 June. The company said in a trading statement published by the Namibia Stock Exchange that the decline is attributed to the impairment of a deferred tax asset related to DHN Drinks.