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The High Street – Still Alive And Kicking But Online Threat Grows
Marks & Spencer MKS gives a very brief summary of its trading for the 13 weeks to the 31st December. Group sales rose by 5.9% on a reported basis. Food did well with a rise of 5.6% or 0.6% on a like for like basis and continuing to increase its market share. Sales in clothing and home did even better on a like for like basis with a rise of 2.3%. Total like for like sales were up by 1.3%. The high street may still be a battleground but at least Marks emerged unscathed from the most important trading period of the year.
Tesco TSCO claims its first increase in market share since 2011 following strong and sustained progress in its 3rd quarter, covering the 13 weeks to the 26th November, which also produced the 8th consecutive quarter of volume growth. Over the 6 weeks to the 7th January the rise in like for like sales continued with growth of 0.3%, the UK being particularly strong with a rise of 0.7%. Clothes and toys produced over all sales rises of 4.3% and 8.5% respectively. The one weak point was International which produced like for like falls in both the 3rd quarter and over the 6 week Xmas period.
Mothercare MTC showed a return to growth in the UK for the 13 weeks to 7th January with a 1% rise in like for like sales but International sales still has problems with a total fall of 6% in constant currency terms, the day being saved by currency fluctuations which turned that into a rise of 13% in real terms. Online growth was particularly strong with a rise of 5.5% taking online’s percentage of total sales up to some 40% of total sales. Perhaps this is an indication of the future of retailing.
Debenhams DEB Is pleased with what it claims to be a resilient performance, with like for like sales over the 18 weeks to 7th January up by 3.5% or 0.5% on a constant currency basis. Online sales were strong with a rise of 13,9% taking online’s growth over 2 years to more than 25%. The 7 week Xmas period to 7th January produced like for like growth of 5% or 1.7% on a constant currency basis.
ASOS ASC provides more evidence of the growing power of online retailing with growth which dwarfs that of the high street retailers. Total group revenue rose by 30% on a constant currency basis for the 4 months to the end of December. The UK looked positively pedestrian against this with a rise of only 18%, which ASOS nonetheless claims is a strong performance in a more promotional market.
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Brand CEO Alan Green discusses Feedback (FDBK) developments & Tesco (TSCO) on VOX Markets podcast
Brand CEO Alan Green discusses Feedback (FDBK) developments & Tesco (TSCO) with Justin Waite on the VOX Markets podcast. The interview is 37 minutes, 45 seconds in.
Is Deutsche Bank too big to fail? Plus Tesco woes. Panmure Gordon’s David Buik on TipTV
Is Deutsche Bank too big to fail? Plus Tesco woes. Panmure Gordon’s David Buik on TipTV
Tesco Blows A Trumpet or Two
Tesco TSCO blows a fanfare of trumpets over today’s interim results and when one considers that over the past two years prices have fallen by over 6%, it is perhaps right to do so. It claims significant progress in the first half with positive like for like sales and volume growth in all regions. UK and International sales volume grew by 2.1% and3.3% respectively. Operating profit rose by 38% and net debt fell by 49.3% year on year. On the statutory basis profit before tax was down by 28.3% but for the full year Tesco expects it will turn in an operating profit of £1.2bn before exceptionals.
Topps Tiles TPT claims record sales for the year to the 1st October despite a slowdown in the fourth quarter caused by weaker market conditions and the decision to exit from low margin wood flooring. These reduced like for like sales by 1.9%. leaving a rise for the quarter of 1.4% compared to the headier rises of the first three quarters. For the full year a healthy like for like rise of 4.2% is anticipated.
Gooch & Housego GHH is enjoying a positive trading environment in its second half, which has produced a robust order book standing 10.5% higher than it was a year ago, excluding recent acquisitions, which makes the company well placed for further growth.
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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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Company news: Tesco Sells Dobbies – A Great Business, They Say!
Tesco TSCO confirms that it has sold Dobbies Garden Centres which it has owned since 2007. The CEO says the staff at Dobbies built up a great business – which is of course a good reason for selling it but only if you are desperate for £ 217m. in cash.
JD Sports Fashions JD expects to deliver excellent first half results following further positive trading boosted by Euro 2016. Pity the same cannot be said about England’s performance.
Precious Metals On The Move
Gold has risen more than 23% this year as equity prices collapse, oil collapses and Brexit uncertainties dominate the headlines. As ever that leaves gold, now having touched a 2 year high, providing the only safe haven.
Lithium which for years promised much but never delivered has at long last done so with the price of the metal doubling during the last few months of 2015. A Chinese Lithium miner has entered the list of the Top 40 mining companies, coming in at number 31
Rare Earths. At the same time the world’s top producer of rare earths has jumped 23 places to number 17.
Uranium. The price of Uranium is forecast to double by 2018 and to enjoy a 6% annual compound demand growth rate for the next few years, which could return the price to levels last seen in 2007
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WH Smiths Off On The Road to Recovery
Tesco TSCO The 40% fall in net debt is probably the best item in Tesco’s preliminary results and they are perhaps entitled to boast of a turn round in quarter 4, except in its home markets of the UK and the Republic of Ireland where it still seems to have lost the plot. Group like for like sales growth for quarter 4 came in at 1.6%, with International showing a healthy 3.8% and Europe 4.1%. But where was the poor old UK ? Last of course, with a miserable rise of 0.9%, beaten by Ireland with 1%, hardly matching the company’s claim that it has become competitive again in those markets, which must be nonsense when one looks at the growth of its German competitors.
Over the full year Tesco managed to produce zero growth, its performance in Europe and other wealthier parts of the world overshadowed by continual decline in the UK and Ireland.
The second good thing is that Tesco has actually made a profit for the year of just over £1,046m. compared to the previous year’s disastrous £5 billion loss.
Tesco also proclaims that the customer is once again its prime focus and always will be, which is presumably why it stopped international delivery of online orders. Once again actions showing the emptiness of fair words.
Tesco can be praised for having stopped the rot. It will be interesting to see how far it can go in the current year to begin growing new shoots.
WH Smith SMWH has at long last enjoyed a strong first half, with profit before tax for the 6 months to 29th February up by 11%. It says something about the state of the company when it can boast that flat like for like sales is its best result for many years. Cynics amongst us had often wondered for how long it could go on squeezing more profit out of declining revenue. What is particularly pleasing i that it has also done well in its traditional markets where stationary and books were particularly strong.
Halfords HFD produced strong quarter 4 growth with revenue for the 11 weeks to 1st April up by 3.2% but cycling became the laggard with Q4 like for like sales up by only 1.9% compared to motoring and car maintenance which rose by 3.5 and 3.9% respectively. Cycling revenue for the full year actially fell by 0.9%.
Telford Homes TEF anticipates profit before tax for the year to 31st March will be slightly above what market expectations as it benefits from continued investor interest and relatively affordable apartments in London where its average price remains comfortably below £600,000.
Walker Greenbank WGB is raising its final dividend by 25% after sales rose by 5.4% and profit before tax by 15.9% as it completes recovery from serious flooding
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Is Tesco The Xmas Winner ?
Tesco (TSCO) enjoyed a strong Xmas and perhaps surprised many of the pundits, not to to say the opposition, with all round growth as sales rose both at home and abroad. Like for like group sales for the 6 weeks to 9th January rose by 2.1%, even UK like for like sales were up 1.3% and international led the way with a rise of 4.1%.
Home Retail Group HOME admits to a mixed performance over the 18 weeks to the 2nd January but Argos sales rose 0.9% despite reduced store footfall on the high street. Homebase like for like sales were up by 5% but that figure is rather meaningless because total sales fell by 4% as a result of the aggressive store closure plan.
Profit before tax for the year to the end of February is expected to be at the bottom end of market expectations.
Mothercare MTC had a fairly disastrous third quarter on the international front, reflecting economic and currency headwinds for which management is in no way to blame. International sales were down 9.5% in actual currency, over the 13 weeks to the 9th January, whilst UK like for like sales rose by 4.2% following weeding out of weaker stores. UK online won the day with a rise of 11%.
Group worldwide sales fell by 5.5%, double the fall in the previous quarter. Mothercare was another store to get its weather forecasting wrong, so blames the unseasonably wamr weather for having a lot of unsold stock left over for the sales.
Associated Brtish Foods ABF saw Primark sales up by 7% over 16 weeks to 2nd January and group revenue up by 3%.
So in the end it looks like the surprise winner will have been Tesco. It remains to be seen if Tesco can now start regaining market share and clamber its way back up to being number one.
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Tesco (TSCO) abandons international delivery for online clothing sales
At a time when major retailers are being dragged kicking and screaming into the world of internet sales, the last thing one would expect would be for the biggest of them all to abandon international online sales.
Yet Tesco (TSCO) is doing just that. As from 1st February it will abandon international delivery of online orders for its F&F clothing range.
If ever there was a sign that Tesco’s troubles may be far deeper than it has so far been prepared to admit, it is the e mail which it has issued today to to its international customers, advising them that their business is no longer wanted – full stop, no explanation, not a word of regret.
What retailer in its right mind can treat customers worldwide, like this. Is this what Tesco meant when it said it was re assessing its attitude to customers. Is this what it meant when it said it needed to improve customer service.
Internet sales will gradually become the be all and end all of international retailing and what passes at Tesco for management has chosen to walk away from the future and seek refuge in its outdated mammoth stores which nobody wants any more.
Some commentators are expressing the view that Tesco in its present form will have ceased to exist by the end of the year. Now we know why.
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Retailers (Part 1) There’s No ‘Flys’ on Tesco
Tesco has problems but they are management problems which can be resolved if it can find a management team able enough to erase the long standing failures of the Leahy team which was directly responsible for Tesco’s current woes. Silly as it may seem, it may be best to get a grocer in and sack all the accountants and number crunchers. Once a retailer becomes as big as Tesco, it is the little things which count and it is the little things which they ignore because they have arrived and believe that nobody can knock them off their pedestal.
Marks made the same mistake and Asda and Walmart are following suit. But as far as Asda is concerned there is no Archie Norman in sight, to save them this time round. The worst offender is, believe it or not, Lidl,
Tesco first. Everything I have bought from Tesco has been wrong and should have been returned but I bought them on line, Greece not being blessed with even a Tesco Tiny or whatever the latest name is for its attempts to try and retrieve its lost shoppers. I bought two pairs of Jeans – they were excellent apart from one thing – the button flies. The problem was very simple, the buttons did not match up with the button holes – on either pair. That may be a little mistake but it can have big consequnces standing in some unlit loo on a dark night at the back of a grotty taverna trying to force the metal buttons out of a button hole which is misaligned and a bit too small in any event.
And then there are the underpants. Now M&S underpants in Greece are 25 Euro per pack of three and Tescos seemed a bargain by comparison but again they had the same problem, the flies. The inward fly entrance did not match up with the exit fly so that it was virtually impossible to put the hand in and retrieve the required body part, without twisting it in two. Imagine however if, in addition to the underpants, you were also wearing a pair of the button fly jeans. You had to struggle with buttons to gain access to the underpants and then found it virtually impossible to get through the underpants to access the, by now, urgently needed organ. And all because Tesco had gone ahead and bought no doubt hundreds and thousands of the offending articles without bothering to test the design. They must have been the only superrmarket in Europe trying to palm off underpants which didn’t work. Now their business is crumbling and they can’t understand why. I can.
Part 2 of this thrilling expose will appear tomorrow.
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