Member Info for mulledwine

INTERIM MANAGEMENT STATEMENT FOR THE 14 WEEKS TO 6 OCTOBER 2012 Greggs is the leading bakery retailer in the UK with over 1,600 shops throughout the country, serving freshly baked food to six million customers each week NEW CHANNELS PROVIDING GROWTH IN TOUGH CONDITIONS · Total sales up 5.9% for the 14 weeks to 6 October 2012 · New channels contributing 3.5% to total sales growth · Like-for-like sales down 2.6% · 'Bake at home' sales through Iceland continue to perform strongly · New motorway services shops opened in partnership with Moto · Net 70 new shops opened year to date, ahead of expectations

http://www.investegate.co.uk/Article.aspx?id=201210110700044331O

Irish broker Goodbody, meanwhile, has initiated coverage of building-materials company Wolseley with a "buy" recommendation and a share-price target of 3,400 pence.

In other broker action, French broker SocGen is sweet on Tate & Lyle, moving to "buy" from "hold".

coverage Burberry, which issued a profit warning last month, confirmed like-for-like (LFL) sales growth in its stores slowed dramatically in the July-September quarter, but the good news is that towards the end of the period things started to pick up again. LFL sales over the half-year were up 3%, but much of the heavy lifting was done in the first quarter, when LFL sales were up 6%, while in the second quarter LFL sales growth eased to 1%. However, that second quarter performance was better than some market observers were expecting; Seymour Pierce, for instance, was wrong footed by the late September revival as it had predicted second quarter like-for-like retail sales would be down 2%. Burberry also had good news on the operating margin front, saying the Retail/wholesale operating margin in the six months to September 30th 2012 is now expected to be at least in line with the same period last year (14.9%), rather than lower as previously guided.

very impressive SP reaction today +13% and has been higher

well I certainly called that one wrong today ( thank goodness !) - crack on BRBY

It appears I was over cautious - up 5% !

Tempus in the Times writes that Diageo will hold its annual meeting next Wednesday and faces questions over two huge takeovers in growing economies. It is in talks to take a 25% stake in Indian company United Spirits as well as purchase the family-owned Jose Cuervo tequila brand from Mexico. Diageo’s share price has risen 24% since the start of the year and sells on a 17 times earnings multiple. Still, ”any further positive news, in not next week, could spark fresh impetus.”

Dont think market will like this continued 'slow down' - profit warning last month and what appears a continued reduction in growth - I see red today ....but I could be reading too much into it.

Outlook Retail: For the second half of FY 2012/13, average retail selling space is on plan to increase by about 14%. Openings in flagship markets will include Chicago, Shanghai and a standalone menswear store in Knightsbridge, London, as well as further stores in Brazil, Mexico and the Middle East. Wholesale: For the second half of FY 2012/13, Burberry expects broadly unchanged underlying wholesale revenue year-on-year (H2 2011/12: £230m), reflecting the rationalisation of certain opening price point products in core accessories and outerwear. With a more cautious approach from customers globally, the United States, Asia Travel Retail and Emerging Markets are expected to continue to grow, offset by further contraction of small speciality wholesale accounts, especially in Southern Europe. Licensing: With timing benefits in the second half, Burberry continues to expect licensing revenue for FY 2012/13 at constant and reported exchange rates to be broadly unchanged year-on-year.

Angela Ahrendts, Chief Executive Officer, commented: "Against record prior year comparatives, Burberry delivered 8% total revenue growth and 10% retail growth in the first half, albeit slowing in the second quarter. In a more challenging external environment, footfall declined but brand momentum remained strong, particularly with our higher spending luxury consumer. Our highly experienced team remains very focused on the consistent execution of our key strategies, engaging consumers through innovative retail and digital marketing initiatives as we enter the most important quarter of the year. We continue to invest for long term growth in flagship and emerging markets, while tightly controlling discretionary spend."

First Half Trading Update First half highlights · Total revenue £883m, up 8% underlying · Retail revenue £577m, up 10% underlying - Comparable store sales growth 3% (Q1: 6%; Q2: 1%) - Q2 lower footfall countered by higher quality sales and average spend - Prorsum and London penetration up six percentage points - New mens tailoring and mens accessories performed strongly - Hong Kong, France and Germany robust; UK and China slowed in Q2 · Wholesale revenue £253m, up 5% underlying - In line with guidance - H2 underlying wholesale revenue expected to be broadly unchanged · Licensing revenue £53m, down 5% underlying - Consistent with full year guidance of broadly unchanged revenue year-on-year - H2 global launch of The Britain watch - Fragrance and beauty to be directly operated from 1 April 2013 · Ongoing investment in retail - 13 new mainline stores - Openings in flagship markets including Milan, Rome, Hong Kong and Regent Street, London - H2 average retail selling space expected to increase by about 14% - FY capital expenditure plans unchanged at £180-200m

http://www.investegate.co.uk/Article.aspx?id=201210110701014383O

Angela Ahrendts, Chief Executive Officer, commented: "Directly operating fragrance and beauty is in line with our strategy of taking greater control over our brand. There are significant opportunities to accelerate the growth of this business over time, leveraging our infrastructure and that of existing key suppliers and distributors. We are very excited about fragrance and beauty becoming an important fifth product division for Burberry, as we more closely align it with our core business and brand positioning." Further details, including financial information, will be provided with Burberry's interim results on 7 November 2012. As previously announced, Burberry will pay Euro181m in cash (exclusive of any receivables, inventories and other tangible assets) to Interparfums on 31 December 2012 for the ending of the licence relationship.

Burberry Group plc Fragrance and beauty to be directly operated In order to capitalise on the significant opportunities available for the brand in fragrance and beauty, Burberry announces that it will directly operate these product categories following the end of its existing licence relationship with Interparfums SA. Fragrance and beauty will be run as Burberry's fifth product division alongside accessories and womens, mens and childrens apparel. Burberry already leads all product design, packaging and marketing activities for fragrance and beauty. It will now take control of the relationship with sourcing, logistics and distribution partners worldwide, supported by Burberry's existing IT, planning and central infrastructure and supplemented by a number of key senior hires with extensive functional expertise in these categories. To facilitate the transition, the licence relationship with Interparfums has been extended until 31 March 2013. Burberry will commence direct operations from 1 April 2013.

http://www.investegate.co.uk/Article.aspx?id=201210110700064381O

The future of Britain’s biggest manufacturer has been thrown into doubt after German Chancellor Angela Merkel personally blocked a proposed £30bn merger between BAE Systems and Franco-German EADS. BAE’s management were forced to defend the company’s prospects and their own positions as chairman Dick Olver admitted he did not think the deal had a “hugely high probability of succeeding” from the outset, adding: “It was never something that I thought was more than 50/50.” Mr Olver said that he did not expect to resign over the collapsed talks, while chief executive Ian King insisted “we haven’t damaged the business by pressing ahead [with talks]”. However, some investors and analysts said failure of the talks left the company far more vulnerable to a break up or takeover approach, The Telegraph says.

Powerful Indonesian backers behind the troubled coal group Bumi have stoked tensions prior to a board meeting on Thursday by alleging their phones and emails have been hacked. Indonesia’s Bakrie family and its companies were infiltrated, according to Bakrie Group spokesman Christopher Fong, who said the group had “strong suspicions” as to who was behind the attacks. “Our email servers and telephones have been compromised or 'hacked’ and we have reported this to the Indonesian National Police, Cyber Crime Unit,” he told Reuters. The complaint came as Bumi’s board prepared to meet in Singapore, where they will be updated on its investigation into “potential financial irregularities” at its major Indonesian subsidiary, The Telegraph explains.

Nik Philpot, Chief Executive Officer of Eckoh, commented: "We are understandably delighted to be renewing our long standing relationship with Vue which has become such a dominant player in the UK cinema sector. Collectively, we share the same passion for innovation and progression, broadening the way we interact with the end customer. Our shared commitment to service excellence and regulatory compliance will provide us with new opportunities to leverage our multi-channel expertise over the next three years." Steve Knibbs, Chief Operating Officer at VUE said, "We have been working with Eckoh for almost a decade and they have consistently demonstrated an unrivalled level of flexibility, responsiveness, and expertise in the delivery of their telephony and contact centre services. Vue strives to set the highest customer service benchmarks for the cinema industry and as our partner, Eckoh has helped us to achieve that goal. We look forward to exploring other multichannel services with them to provide a more satisfying experience for our customers."