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Tesco – Getting Mended.
Tesco TSCO claims it has stabilised the business, with overall like for like first quarter sales growth of 0.9%. Internationally it has steamed ahead with like for like growth of 3%. In Asia like for like sales were up by 3.3%, as against a year ago when they fell by 3.4%. Both Asia and Europe have now completed four consecutive quarters of growth. Even in the UK, where fresh food brands have been performing “very well”, there has been a big improvement, with growth of 0.3% after taking into account price deflation of 0.7%.
Prime People PRP expects softer market conditions for the remainderof 2016, with macro economic headwinds, turbulent emerging markets, other volatility plus that tried and tested favourite, the referendum,all being pulled out of the excuses drawer by a management which does not seem too sure of its ability to cope. as for the past, gross fee income for the year to 31st March rose by 25%, profit before tax by about a third from £1.44m to £2.15m and profit after tax by some 50% from £1.13m to £1.7m. The dividend remains unchanged.
Latham James LTHM is increasing its final dividend from 8.8p to 10.3p per share after what it describes as very good trading results. Group revenue for the year to 31st March grew by 6.3% leading to a rise of some 28% in pre tax profits. Earnings per share rose from 40.3p to 53.7p. For the first two months of the current year, revenue has risen by a further 4%.
Stadium Group SDM Following loss of a major customer which has decided to take manufacturing in house, growth and full year results are now expected to be below market expectations, despite profits in the second half being materially ahead.
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Sainsbury Fights Back – With Butternut Squash Noodles
Sainsbury (SBRY) still lives in cloud cuckoo land, with management proudly boasting that a miniscule rise of 0.1% in fourth quarter like for like sales shows strong growth. This is the first quarterly like for like sales rise in two years, so if you really are desperate and want to keep your job it is worth trying to pretend its a great performance. That of course ignores the fact that if Lidl had produced such disastrous figures, the whole lot from the office boy to the CEO would have quickly been shown the door.
All Sainsbury’s quarter four figures prove, is how it has become inured to failure and is completely incapable of competing with the its German rivals.
In fact the full figures are even worse because if you exclude fuel its like for like sales rise becomes an even bigger, like for like sales fall – down 0.5%.
True, clothing and entertainment both delivered strong growth of 10% and 11% respectively but the Germans don’t really compete there – at least not yet.
The main success of the quarter appears to have been the introduction of butternut squash noodles and other vegetable based delights – no doubt as part of a healthy, chemical free diet. Somehow I can’t see them ever replacing the Mediterranean diet.
Ocado OCDO has seen double digit growth in the 12 weeks to the 21st February, with gross sales up by 15.3%, without any help from vegetable based doo dahs. Despite a challenging retail environment, average weekly orders rose by 16.9%
Legal & General LGEN provides better news from the financial world and is raising its full year dividend by 19%, meaning that dividend increases over the past four years have now averaged 20%. Profit after tax rosey by 1`0% and adjusted earnings per share by 11%.
Stadium Group SDN is increasing its total dividends by 28.6%, matching a revenue increase of 29% for the year to 31st December. It also enjoys a strong order book and a pipeline of opportunities, with strong trading continuing into 2016.
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