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London pre-open: Retailers in focus

Wed, 05th Jan 2011 07:37

London looks set to open weaker, continuing the softer trend seen towards the end of yesterday's session. City traders expect the FTSE 100 index will open down by about 6 points from last night's close.Retailers are in focus in the early going. The snow lost Next an estimated £22m of full price sales in the run-up to Christmas - about 2.2% of the season's total sales - although the high street fashion chain remains on target to meet full-year profit forecasts. Like for like sales between 1 August and 24 December tumbled 6.1%, worse than analysts expected. Fast growing pizza delivery firm Domino's Pizza will deliver an extra topping of profits after a strong finish to the year. System sales for the 13 week period to 26 December increased by 17.8% to £132.5m from £112.4m in the corresponding period of 2009.Entertainment media retailer HMV has also been hit by the weather which has exacerbated already tough trading conditions. "With four months of the year to go, ... profit before tax and exceptional items for the full financial year will be around the lower end of the current range of market expectations,* the company warned.Oil fabrications giant Petrofac has confirmed the appointment of Andy Inglis, the former head of BP's exploration and production and who was in charge of safety at the time of the Gulf of Mexico oil spill.

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