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Retail sales fall in April as cold hits footwear and fashion, says BRC-KPMG

Tue, 10th May 2016 10:27

(ShareCast News) - British retail sales in April fell on a like-for-like basis compared to last year, with non-food sales outweighing positive food sales.The monthly Retail Sales Monitor (RSM) from the British Retail Consortium (BRC) and KPMG showed total sales were flat for a second month in a row, but the LFL retail sales for April fell 0.9% on the same month last year, well short of the consensus +0.5%.Unlike the official retail measure, the BRC is not calendar adjusted, and so likely was depressed by the shift in the timing of Easter.Backing up the woes reported by clothes retailers recently, the 12-month average growth for non-food sales slowed to 2.5%, while for food sales it nudged back into positive territory at 0.1%.Moreover, the three-month average of annual growth in total food sales picked up to -0.2%, from -0.7% in March.Economists pointed out that, on the same basis, growth in non-food sales values eased to a 37-month low of 0.7%, from 3.0% in March, with the three-month average only positive due to a strong performance in February.Pockets of strength in non-food were seen furniture and homewares, while the worst sub-sector was footwear, followed by outdoor sports and leisure sales and gardening, beating even clothing, as all were badly depressed by the impact of the cold weather as April temperatures were 0.9 degrees below the long-term average."Overall, flat total sales mask a very mixed picture; some retailers benefitting from the healthy housing market, while others are evidently more susceptible to the effects of lower consumer confidence and a higher proportion of disposable income going into leisure and entertainment," said Helen Dickinson, BRC chief executive."While glimmers of hope are evident, the rapid pace of change in the industry, increasing cost pressures and other businesses burdens remain a cause for concern."Broker Peel Hunt said this data along with other prints "reinforce the view that UK consumer confidence is waning".Independent retail analyst Nick Bubb said the data was "a bit of a relief" as expectations ahead of the release were pretty low given the very weak trading experienced by fashion retailers last month.Sam Tombs at Pantheon Macroeconomics agreed the negative headline LFL figure was no surprise, following very weak surveys from the CBI and BDO and a series of poor trading updates from retailers, but he said May's hotter weather should ensure postponed purchases are now undertaken."Nonetheless, the slowdown in employment growth and the intensification of the fiscal squeeze in April suggest that a fundamental slowdown in consumer spending growth is under way and that any bounce back in sales in May will be relatively modest."Clive Black at Shore Capital said the clement start to May should help both non-food and food.But he noted: "Slowing UK GDP, noting recent downgrades to expectations, is also not a good sign for ongoing household spending growth, it should be said, all of which makes for few upgrades across the industry and so the greater chance of rating contraction for sector equities than advance."Even that bastion of visibility and control Next has stumbled in recent times, leading us to remain most interested in pure-play non-food online as investment targets and selective recovery plays in the sector to our minds."
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18 Nov 2016 07:41

Jimmy Choo revenue grows, on track for full year

(ShareCast News) - Luxury retailer Jimmy Choo reported revenue growth for the second half on Friday and said it was on track to deliver full-year underlying profits in line with expectations. In an update on trading since the end of June, the company said it was seeing revenue growth despite the con

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9 Oct 2016 16:22

Sunday share tips: Provident Financial, Jimmy Choo

(ShareCast News) - The top brass at Provident Financial did nicely for themselves in the wake of Brexit, picking up stock in the doorstep lender on the cheap. Chief Peter Crook, Vanquis bank president Chris Sweeney and corporate affairs boss Nick Boakes bought into the shares after they lost 26% of

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23 Sep 2016 09:39

Broker tips: Persimmon, Jimmy Choo, ASOS

(ShareCast News) - Housebuilder Persimmon and its peers got a boost on Friday as Liberum upgraded the stock to 'buy' from 'hold' and lifted price targets across the sector as it took a more positive view. "We have upgraded estimates across our coverage as 2016 trading is much better than we feared i

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23 Sep 2016 08:44

BofA ML upgrades Jimmy Choo to 'buy'

(ShareCast News) - Jimmy Choo got a boost on Friday as Bank of America Merrill Lynch upped the stock to 'buy' from 'neutral' and lifted the price target to 150p from 130p. It pointed out that although the stock offers the highest estimated earnings growth in the luxury sector, it trades at a 30% dis

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13 Sep 2016 06:53

Tuesday newspaper round-up: Jobs boost, Brainard caution, recovery 'mirage'

(ShareCast News) - Britain's employers have refused to panic following the referendum vote, but new jobs are likely to become increasingly scarce as concerns over Brexit talks undermine business confidence. Recruitment agency Manpower said that, on the surface, the EU referendum had done little to d

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9 Sep 2016 08:53

RBC reiterates 'outperform' rating, lifts target price on Jimmy Choo

(ShareCast News) - RBC Capital Markets reiterated an 'outperform' rating on Jimmy Choo and raised its target price to 160p from 150p as the broker upgraded its earnings forecasts on the luxury shoe maker. Following Jimmy Choo's first half results on 25 August, RBC believes there are two positive cha

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9 Sep 2016 08:31

BROKER RATINGS SUMMARY: Goldman Takes Centrica And Burberry Off List

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8 Sep 2016 16:41

Director dealings: Jimmy Choo CEO takes some profits

(ShareCast News) - Jimmy Choo chief executive Pierre Denis sold £400,000 worth of shares in the shoe maker a few days after interim results sent the shares strutting to their highest level since late April. Denis, who has been CEO since July 2012, sold 100,000 shares at a price of 125.625p apiece, t

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7 Sep 2016 10:31

Wednesday broker round-up

(ShareCast News) - Centrica: Goldman Sachs downgrades to sell with a target price of 213p. Ashmore: Barclays maintains underweight with a 270p target. Aviva: UBS upgrades to buy with a 505p target. Polymetal: Berenberg reiterates buy with a 1200p target. SSE: Goldman Sachs keeps at neutral with a

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2 Sep 2016 16:10

DIRECTOR DEALINGS SUMMARY: Jimmy Choo Non-Executive Buys Shares

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30 Aug 2016 16:24

Directors dealings: Jimmy Choo boss picks up more stock

(ShareCast News) - Jimmy Choo boss Pierre Denis added to his stake in the luxury shoe and fashion accessories-manufacturer after excercising an option worth a total nominal consideration of £1.0m. Dennis excercised options over 439,801 shares of 100p each, while simultaneously selling 206,740 shares

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25 Aug 2016 08:48

Jimmy Choo first half boosted by Asia, men's offering

(ShareCast News) - Luxury shoe retailer Jimmy Choo reported a jump in revenue and operating profit for the first six months of the year thanks to strong growth in Asia and a good performance from the men's category. For the six months to the end of June, revenue was up 9.2% at reported currency to £

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25 Aug 2016 06:44

Jimmy Choo Profit Hit By Finance Costs, But Revenue Rises

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