RAMSEY CROOKALL & CO
24 MARCH 2011 EVENING REPORT
Retailers dominated the best performers today Kingfisher, the owner of do-it-yourself
retailer B&Q, built profits by 19% last year, pretty much in line with market expectations.
The company made £671m in the year ended 29 January 2011 and the increase was 22.5% when
adjusted for one-off items. Sales were flat but they dropped 0.9% on a like-for-like basis.
Next paraded a 9% rise in full-year profit to a new record of £551.4m in the 12 months to
January 2011, exactly what the City was expecting following guidance from the fashion
retailer in January. Catalogue arm Next Directory grew profits 21% from £221.9m.
Marks & Spencer has risen in sympathy with its fellow retailers.
Invensys was sharply lower after the abrupt departure of chief executive Ulf Henriksson.
He will be replaced by Wayne Edmunds, who steps up from the role of chief financial officer.
Finally, tobacco group Imperial ran out of puff. Underlying first half tobacco net revenues
are expected to increase by around 2%, as anticipated, but the group said the Spanish market
remains challenging due to an increase in duty in December, the ban on smoking in public
places and the continuing weakness of the Spanish economy.
THE FTSE 100 AT CLOSED UP 84 @ 5880
THE DOW JONES AT 4.45 IS UP 82 @ 12,168
THE NASDAQ COMP AT 4.45 IS UP 35 @ 2733
Exchange Rates
GBP – USD 1.6136
GBP - EURO 1.1362
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