LONDON (Reuters) – British luxury goods group Burberry is not seeing a slowdown in demand for its trademark raincoats and leather goods despite an uncertain economic outlook, it said on Wednesday as it beat quarterly sales forecasts.
“No evidence of any slowdown … What we have seen is consistent strong brand momentum and business growth,” Finance Director Stacey Cartwright told reporters after the 155-year-old group posted a 29 percent rise in second-quarter revenue.
LONDON, Oct 12 (Reuters) – British luxury goods group
Burberry beat quarterly revenue forecasts, helped by
new stores and strong demand from China, and signalled it had
not seen a slowdown in demand despite an uncertain economic
The 155-year-old maker of raincoats and leather goods, known
for its camel, red and black check pattern, said on Wednesday
revenue rose 29 percent to 463 million pounds ($723 million) in
the three months through September, its second quarter.
LONDON, Oct 11 (Reuters) – Britons are cutting back on
groceries as their disposable incomes are squeezed, and there is
little prospect of conditions getting easier anytime soon, some
of the country’s top retailers warned on Tuesday.
“I don’t think I’ve ever seen consumers squeezed so much,”
Peter Marks, chief executive of the Co-Operative Group, told the
annual conference of grocery industry group IGD.
LONDON, Oct 5 (Reuters) – Pressure on British consumers was
laid bare on Wednesday as top retailer Tesco Plc posted
one of its biggest-ever falls in underlying sales and rival J
Sainsbury Plc reported only modest growth.
The results showed Britons are cutting back on groceries,
traditionally the most resilient area of spending, as disposable
incomes are squeezed by rising prices, muted wage growth and a
government austerity drive.
LONDON (Reuters) – Two of Britain’s biggest retailers — J Sainsbury (SBRY.L: Quote, Profile, Research) and Tesco (TSCO.L: Quote, Profile, Research) — will likely underscore the pressure on shoppers grappling with the worst squeeze on disposable incomes in decades when they report next week.
Analysts expected Tesco, which accounts for more than one in every 10 pounds spent in British shops, to show its biggest fall in underlying quarterly sales in its home market since at least the early 1990s.
BERLIN (Reuters) – Europe should stand ready to ease monetary policy if crumbling consumer confidence leads to a big drop in spending, the head of Europe’s biggest home improvements retailer said on Tuesday.
So far, spending levels have remained fairly steady, albeit subdued, in the face of a euro zone sovereign debt crisis, Kingfisher (KGF.L: Quote, Profile, Research) chief executive Ian Cheshire told Reuters.
BERLIN, Sept 27 (Reuters) – Africa is starting to appear on
the radar screens of western retailers as they look for the next
growth opportunity in emerging markets while having to cope with
subdued consumer spending at home.
Consultants Deloitte and Planet Retail on Tuesday identified
five African countries — Algeria, Kenya, Morocco, Nigeria and
South Africa — as being among the 10 new markets most likely to
appeal to multinational store groups in the coming years.
BERLIN, Sept 26 (Reuters) – The euro zone debt crisis is
sapping consumer confidence and if policymakers do not take
effective action soon the consequences will be felt the world
over, retail executives warned on Monday.
A survey of 100 retailers with annual turnover of more than
$1 billion, published on the first day of the World Retail
Congress in Berlin, showed western European store groups more
pessimistic about domestic consumer confidence than those in any
other part of the world, except Australia.
LONDON, Sept 22 (Reuters) – Tesco , the world’s No.3
retailer, said it is investing more than 500 million pounds
($780 million) cutting prices in Britain as it tries to win
back cash-strapped shoppers.
The supermarket group, which takes more than one in every
ten pounds spent in British shops, said on Thursday it would cut
the price of over 3,000 staple products, including milk, bread,
fruit and vegetables, from Monday.
LONDON (Reuters) – A price-cutting drive by Tesco, Britain’s biggest retailer, will tighten the screws in an embattled industry and highlight the weakness of consumer spending as policymakers debate how to revive a flagging economy.
Speculation is mounting that Tesco, which accounts for more than one in every ten pounds spent in Britain’s shops, will announce big price cuts in the coming days in a bid to stem a gradual erosion of its market share over the past three years.