RAMSEY CROOKALL & CO
24 MARCH 2011 MIDDAY REPORT
Retailers are in focus in London, providing some badly needed interest in a
market that has been sleep-walking since the Chancellor of the Exchequer stood
up to give his speech yesterday.
Next paraded a 9% rise in full-year profit to a new record, exactly what the
City was expecting following guidance from the fashion retailer in January.
Profit before tax increased to £551.4m in the 12 months to January, up from £505.3m
in 2010, led by catalogue arm Next Directory where profits jumped 21% from £183.6m
to £221.9m this time. The shares move up, dragging Marks & Spencer along with them.
Do-it-yourself retailer Kingfisher built profits by 19% last year, pretty much in
line with market expectations.
The B&Q owner made £671m in the year ended 29 January, up from £566m last time.
The increase was 22.5% when adjusted for one-off items. Sales fell 0.5% to £10.45bn,
in line, but rose 0.5% at constant currency. They dropped 0.9% on a like for like basis.
Elsewhere, tobacco group Imperial is running 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 shares move down, taking sector peer BATs with them.
THE FTSE 100 AT NOON IS UP 59 @ 5855
THE DOW JONES CLOSED UP 67 @ 12,086
THE NASDAQ COMP CLOSED UP 14 @ 2698
Exchange Rates
GBP – USD 1.6159
GBP - EURO 1.1469
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