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Angus Energy in talks to buy 'transformational' gas asset in North England


Burberry Share News (BRBY)

Stock Market news at lse.co.uk - RSS News Feeds

Share News for Burberry (BRBY)


Share Price: 1,852.50Bid: 1,831.00Ask: 2,040.00Change: 0.00 (0.00%)No Movement on Burberry Grp
Spread: 209.00Spread as %: 11.41%Open: 1,819.00High: 0.00Low: 0.00Yesterday’s Close: 1,852.50




UPDATE 1-Home Depot's do-it-yourself model fails in China's do-it-for-me market

Fri, 14th Sep 2012 06:34

(Adds details on other retailers)

* U.S. retailer the latest to su
ffer from China slowdown

* DIY giant will close all seven big box stores, cut jobs

* Company will retain two specialty stores in Tianjin

* Says closures will not affect earnings forecast

* Shifting to online retailing with top websites



By Dhanya Skariachan and Siddharth Cavale

Sept 14 (Reuters) - Home Depot Inc, the world's largest home improvement chain, will close all seven of its big box stores and cut 850 jobs in China as the retailer changes its focus in the Chinese market to online and specialty stores and becomes the latest retailer to feel the chill from China's slowing economy.

Earlier this week, British fashion house Burberry Group Plc warned a slowdown in China could hit earnings. The profit warning came as recent Chinese data signaled a further slowing of the world's second-largest economy.

Chinese home appliance retail chain operators such as Suning Appliance Co Ltd and GOME Electrical Appliances Holding Ltd, who are seen by some as China's answer to Best Buy Co Inc, are also slowing their expansion to focus on raising efficiencies at existing stores and refining their e-commerce operations.

China's retail sales growth in all consumer goods categories slowed to 13.2 percent year-on-year in August to 1.67 trillion yuan ($263.84 billion) from 18.1 percent in December, official data showed.

Home Depot will retain two recently opened specialty stores in Tianjin and is 'developing relationships with several of China's leading e-commerce websites,' it said in a statement late on Thursday.

'China is a do-it-for-me market, not a do-it-yourself market, so we have to adjust,' Home Depot spokeswoman Paula Drake told Reuters late on Thursday.

The company made its first foray into the rapidly-growing Chinese market in late 2006 through its acquisition of a 12-store Chinese chain called The Home Way.

However, it has struggled to expand ever since as it was a relatively late entrant into the market behind other international chains such as Britain's Kingfisher Plc which ventured into the world's most populous country in the late 1990s. http://r.reuters.com/far62t

The company expects to incur a $160 million charge in the third quarter as a result of the closures, but said this will not affect its full-year earnings forecast.

Home Depot said it will continue to employ about 170 associates in China working in the sourcing offices in Shanghai and Shenzhen. Shares of the Atlanta-based company closed up 2 percent at $58.30 on the New York Stock Exchange on Thursday.

Last week, Suning Appliance announced the launch of a network of super stores to offset slow growth in its core business in China. The super stores will sell home appliances, general merchandise, books, and daily necessities, a move that put it in direct competition with local operators such as Sun Art Retail and Wumart Stores, as well as foreign giants like Walmart and Carrefour.

($1 = 6.3296 Chinese yuan)



(Additional reporting by Tej Sapru in Bangalore; Editing by Matt Driskill) Keywords: HOMEDEPOT CHINASTORECLOSURE/

(tej.sapru@thomsonreuters.com)(within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800)(Reuters Messaging: tej.sapru.reuters.com@reuters.net)

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Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.






UPDATE 2-Financials, miners lead FTSE 100 rebound, but Burberry, Thomas Cook slip

* FTSE 100, FTSE 250 up 0.8%* Banks, miners boost main index* Burberry slumps after FY report* Profit warning takes Thomas Cook to multi-year low* Gen
[16 May '19 10:04]

Huawei ban fans China-U.S. worries, hits FTSE 100; Thomas Cook slumps

(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.3%* FTSE 250 up 0.3%* Thomas Cook slumps to multi-yr low* Bu
[16 May '19 08:40]

European stocks dip as U.S. sanctions on Huawei add to trade anxiety

(For a live blog on European stocks, type LIVE/ in an Eikon news window)May 16 (Reuters) - European shares retreated on Thursday after Washington blac
[16 May '19 08:02]

UPDATE 3-Burberry's profits lack new designer's touch

* Full-year adj operating profit down 6%, missing market view* Revenue flat at 2.72 billion pounds* Says very encouraged by response to Tisci's new co
[16 May '19 07:59]

CORRECTED-Burberry reports steady full-year profit

(Corrects to read Tisci, paragraph 1)LONDON, May 16 (Reuters) - British luxury brand Burberry reported broadly flat full-year revenue and profit on Th
[16 May '19 07:21]

UPDATE 2-London's FTSE 100 falters, outcome of U.S.-China talks awaited

* FTSE 100 down 0.9 pct* FTSE 250 down 1.3 pct* BT slumps after FY results* RSA, Barratt higher on trading updates* Metro slips to a fresh life low (A
[9 May '19 10:02]

U.S.-China trade tensions haunt London's FTSE 100

(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.5 pct* FTSE 250 down 0.6 pct* RSA higher after Q1 report* Su
[9 May '19 08:57]

UPDATE 2-FTSE 100 flounders as miners, exporters drag; Metro Bank plummets

* FTSE 100 down 0.5 pct* FTSE 250 down 0.6 pct* Miners, exporter shares drag on main index* Shell, Smith & Nephew outshine* Metro Bank hits life-low a
[2 May '19 09:43]



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