European Retail Correspondent
Mark's Feed
Nov 9, 2011

Sainsbury sees no let-up for embattled Britons

LONDON, Nov 9 (Reuters) – New stores, cost cutting and
demand for online and convenience shopping helped British grocer
J Sainsbury meet first-half profit forecasts in a tough
trading environment the group said was set to continue.

Chief Executive Justin King said on Wednesday shoppers were
“under tremendous pressure” as disposable incomes were squeezed
by higher prices, muted wages growth and austerity measures, and
as they worried about an uncertain economic outlook.

Nov 8, 2011

UK stores fret over Christmas as M&S profit falls

LONDON, Nov 8 (Reuters) – Weak October sales and profit
falls from top store groups Marks & Spencer Plc and
Primark frayed British retailers’ nerves on Tuesday ahead of the
key Christmas trading period.

Industry group the British Retail Consortium (BRC) said a
0.6 year-on-year fall in October sales from stores open more
than a year augured badly for the festive season.

Nov 8, 2011

Marks & Spencer profit fall to show UK retail pain

LONDON, Nov 8 (Reuters) – Marks & Spencer , Britain’s
biggest clothing retailer, was expected to post an 11 percent
drop in first-half profit and its first fall in underlying
quarterly sales for two years on Tuesday, underscoring the
pressure on consumers.

Britons have been reining in spending, with disposable
incomes squeezed by rising prices, muted wages growth and
government austerity measures, and as they fret about falling
house prices, job security and a fragile economic recovery.

Nov 7, 2011

Best Buy buys out US mobile partner for $1.3 bln

LONDON/NEW YORK, Nov 7 (Reuters) – Top U.S. electronics
chain Best Buy Co is buying its British partner out of
a fast-growing U.S. mobile phone joint venture for $1.3 billion
and scrapping plans for a chain of European megastores.

The moves are the latest sign Best Buy is scaling back its
overseas ambitions to focus on its main U.S. business, which
faces stiff competition from discounters and online retailers.
Earlier this year, the U.S. group dropped plans for Best
Buy-branded stores in China and Turkey.

Nov 7, 2011

Best Buy, Carphone target China’s mobile market

LONDON (Reuters) – U.S. retailer Best Buy and Britain’s Carphone Warehouse are launching a mobile phone venture with Best Buy’s Chinese partner Five Star and are in talks to enter other emerging markets together.

Carphone Warehouse Chief Executive Roger Taylor told Reuters on Monday Best Buy and Carphone planned to replicate the success of their U.S. joint venture Best Buy Mobile.

Nov 7, 2011

Best Buy bags U.S. mobile venture, axes UK chain

LONDON, Nov 7 (Reuters) – U.S. electricals retailer Best Buy
Co Inc will pay $1.3 billion to buy its British partner
out of a fast-growing U.S. mobile phone venture, while
abandoning plans for a chain of European megastores, it said on
Monday

The moves are the latest sign Best Buy is scaling back its
overseas ambitions in order to focus on its main U.S. business,
which faces stiff competition from discounters and online
retailers. Earlier this year, the U.S. group dropped plans for
Best Buy-branded stores in China and Turkey.

Nov 4, 2011

M&S profit seen falling, Best Buy may quit UK

LONDON (Reuters) – The fragile state of British consumer spending could be laid bare next week with bellwether retailer Marks & Spencer (MKS.L: Quote, Profile, Research) set to report lower profits and U.S. electricals giant Best Buy (BBY.N: Quote, Profile, Research) likely to pull the plug on its UK megastores.

Grocers J Sainsbury (SBRY.L: Quote, Profile, Research) and Wm Morrison (MRW.L: Quote, Profile, Research) are expected to show they are faring better, thanks to their focus on essential purchases, though analysts will look at market research data on Tuesday for clues on whether they have been hit by recent price cuts from industry leader Tesco (TSCO.L: Quote, Profile, Research).

Oct 28, 2011

Metro seen cutting profit goal, CEO news eyed

LONDON/FRANKFURT (Reuters) – Metro AG (MEOG.DE: Quote, Profile, Research, Stock Buzz) could become the latest European retailer to warn on profits next week, piling pressure on the German group to sort out a successor to Chief Executive Eckhard Cordes.

Europe’s shoppers are curbing spending as their disposable incomes are squeezed by rising prices, subdued wage growth and government austerity measures.

Oct 25, 2011

Carpetright sees profit at lower end of hopes

LONDON, Oct 25 (Reuters) – Carpetright , Britain’s
biggest floor covering retailer, said full-year profits will be
towards the lower end of analysts’ expectations as squeezed
shoppers cut back spending on non-essential goods.

Shares in the group dropped over 5 percent in early Tuesday
trading after it reported worsening sales trends for the second
quarter of its financial year and said it saw no respite from
tough trading conditions in the year ahead.

Oct 20, 2011

Kingfisher to double Turkey business in 5 years

ANKARA (Reuters) – Kingfisher, Europe’s biggest home improvements retailer, plans to double the size of its business in Turkey over five years and then expand it into neighbouring countries as it looks to step up sales growth.

Chief Executive Ian Cheshire told Reuters on Wednesday that Koctas, Kingfisher’s (KGF.L: Quote, Profile, Research) joint venture with Turkey’s biggest company Koc Holding (KCHOL.IS: Quote, Profile, Research), would open 6-8 stores a year to add to its existing 35 outlets.

    • About Mark

      "Based in London, UK. Responsible for ThomsonReuters coverage of European retail companies. Previously worked as Chief Correspondent of UK Equities and before that as reporter on the UK company news desk."
    • Follow Mark