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☆ A woman who suffered a brain injury after a fall lost out on $750,000 compensation after a judge branded her 'dishonest'
▼ + stars: | 2024-04-14 | by ( Cameron Manley | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA woman who suffered a brain injury after falling from a seaside pier lost out on $750,000 in compensation after she was found to be "thoroughly dishonest" in her claim, said a judge. In the US, an estimated $308.6 billion annually is lost to insurance fraudulent insurance claims, according to Forbes. Healthcare insurance fraud (including Medicaid and Medicare insurance fraud) is the most common type, estimated at $105 billion annually. But Ritchie said that "overall" he found Williams-Henry to have been "dishonest and manipulative," so he could dismiss the case.

Persons: —, Kirsty Williams, Henry, Williams, division's, Ritchie, Christel Williams, Ms Williams Organizations: Service, Aberavon Pier, Business, British Ports Holdings, Forbes . Healthcare Locations: Cardiff

☆ UK fashion retailer can revive discount price tag
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 7 (Reuters Breakingviews) - Primark’s improved fast-fashion appeal can power a valuation revival. Assuming sales at the retailer were to grow 7% annually, just half of the 15% jump of last year, they would hit 9.6 billion pounds. If margins were to rise to 10%, that would add 235 million pounds to the conglomerate’s operating profit, which stood at 1.5 billion pounds last year, Breakingviews calculations show. If Primark’s input costs keep falling and it successfully expands in the U.S., it can narrow this gap. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aimee Donnellan, Aston Martin, Lisa Jucca, Oliver Taslic Organizations: Reuters, British Foods, Foods, X, Starbucks, Paramount, Macquarie, Thomson Locations: U.S

☆ Primark owner AB Foods expects growth in new year after profit rises 5%
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

It said lower material and freight costs should result in a "substantial recovery" in Primark's gross margin and overall it expects Primark's adjusted operating profit margin to recover strongly from the 8.2% made in 2022/23. "At this early stage we believe that the adjusted operating profit margin will be above 10% with further improvement dependent on levels of consumer demand," it said. For the year to Sept. 16, 2023, it made an adjusted operating profit, its key profit measure, of 1.51 billion pounds ($1.86 billion), up from the 1.44 billion pounds made in 2021/22. Primark's adjusted operating profit fell 3% to 735 million pounds. The group announced an additional share buy back of 500 million pounds after concluding a programme of the same amount last month.

Persons: James Davey, Sarah Young, Miral Organizations: British Foods, Foods, Revenue, Thomson

☆ British retail sales grow in August after washout in July
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - British retail sales partially recovered in August after a rainy July washout, official figures showed on Friday, adding to signs that the country's consumers were mostly coping with the cost-of-living squeeze. Sales volumes rose by 0.4% on a month-on-month basis after a sharp 1.1% fall in July, the Office for National Statistics said. "These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. However, August's data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand. Retail sales volumes were 1.4% lower than a year earlier, the ONS said, compared with economists' forecasts for a 1.2% decline.

Persons: Phil Noble, Heather Bovill, GfK, BoE, William Schomberg, James Davey, William James, Christina Fincher Organizations: REUTERS, National Statistics, Reuters, Office, Bank of England, British Foods, Thomson Locations: Altrincham, Britain

☆ Rates are rising in Europe. HSBC names the region's 'most and least vulnerable stocks'
▼ + stars: | 2023-09-19 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

CNBC Pro takes a look at the bank's two screens of "the most and least vulnerable" stocks: one for "cash-rich" companies and the other for "high leverage" names. 'Cash-rich' names HSBC named "cash-rich companies relatively immune to rising borrowing rates." HSBC's screens in this category include French luxury goods label Hermes International , with a net debt of 9,222 euros ($9,834.11), British food processing company Associated British Foods (net debt of 1,709.39 euros) and Swiss biotech player Bachem Holding (net debt of 271.15 euros). Names with high debt HSBC also screened for companies with high leverage, meaning high net debt to equity and net debt to EBITDA ratios. Companies with high debt are seen to be vulnerable to further rises in interest rates.

Persons: Snam, — CNBC's Michael Bloom Organizations: British, HSBC, CNBC Pro, Companies, Hermes, British Foods, Bachem, Nokia, Daimler Truck Holding, Imperial Brands, Benz Group Locations: Europe, Swiss, Finnish

☆ Britain faces 'epidemic' of shoplifting as Primark profits hit
▼ + stars: | 2023-09-12 | by ( James Davey | ) www.reuters.com time to read: +2 min

Sadly, in the last year we've seen twice as many offences," Sharon White, chair of the John Lewis Partnership that owns department stores and Waitrose supermarkets, told BBC Radio. Weston said some of the theft was "quite organised" and Primark was also seeing higher levels of anti-social behaviour. His comments echo those of Tesco (TSCO.L) CEO Ken Murphy, who earlier this month said Britain's biggest supermarket chain was offering body-cams to staff who need them. Murphy also called for a change in the law to make abuse and violence towards retail workers a specific offence in Britain. Target (TGT.N), Foot Locker (FL.N) and Dick's Sporting Goods (DKS.N) have all warned that profits have been under pressure from loss of inventory due to theft at their stores.

Persons: John Lewis, It's, we've, Sharon White, White, shoplifters, George Weston, Weston, Primark, Ken Murphy, Murphy, James Davey, Mark Potter Organizations: Police, Foods, John Lewis Partnership, Waitrose, BBC Radio, British Foods, Crown Prosecution Service, Reuters, Tesco, Dick's Sporting, Thomson Locations: Britain, United States

Cost inflation rose during the COVID-19 pandemic and was exacerbated by Russia's invasion of Ukraine, which sent energy prices to record highs last year. Energy costs have since dropped, however, while global prices for some commodities are rising more slowly. Companies like Nestle (NESN.S), Reckitt Benckiser (RKT.L) and Danone (DANO.PA) continued to raise prices sharply in the first quarter even though input costs are easing. First quarter price/mix, a basket of variables the company uses to help determine what prices to charge, rose 12.4% while sales volumes declined 4.5%. Similarly, Nestle increased its prices by 9.8% during the quarter and sales volumes - which the company calls real internal growth - fell only 0.5%.

☆ Cut-price fast-fashion retailer Primark is eyeing an ambitious US expansion, opening stores across southern states like Texas and Florida
▼ + stars: | 2023-04-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

It will open new stores across the South, including Texas, "anchored" to a new warehouse in Florida. It said that in the coming months it expected to sign leases for stores across the South, including in Texas. It has also signed leases to open stores in Orlando, Florida and Jersey City, New Jersey. "The first Florida store has shown us that we're relevant in that market," Weston told investors. As of March 4, Primark had 419 stores globally, with nearly half in the UK.

☆ Primark owner AB Foods raises outlook on consumer resilience
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Last September, Primark said it had decided to limit further price increases in 2022-23 beyond those already planned, seeking to maintain its value credentials among consumers. "Macro-economic headwinds for the consumer remain and may weigh on spending in the months ahead," it said. "At Primark, we remain cautious about the resilience of consumer discretionary spending in the face of continuing inflation in the cost of living and higher interest rates." Shares in AB Foods were up 2% in early trade, having increased 24% so far this year. ($1 = 0.8366 pounds)Reporting by James Davey; editing by Sarah Young, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Britons are shopping for holidays, says Primark
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 27 (Reuters) - Britain may be heading for a recession but many of its citizens are heading for the sun and shopping accordingly, the finance chief of clothing retailer Primark's owner said on Monday. Earlier this month, the Bank of England forecast a recession starting in early 2023 and lasting into early 2024. However, that is not deterring Britons from spending on holidays, with several airlines and holiday operators having recently reported robust forward bookings. "People are planning or have planned their holidays for this year," he said. He also highlighted strong sales of formal wear as Britons increased the frequency of their trips to the office and a big increase in sales of beauty products.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

☆ Morning Bid: Not if or when but how fast?
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kai PfaffenbachA look at the day ahead in European and global markets from Anshuman Daga:Is it really good news? Probably yes, probably not. Fed funds futures traders are now pricing for the Fed's benchmark overnight interest rate to reach 5.36% in July and end the year at 5.18%. Asian stock markets floated in a sea of red on Wednesday following an ugly sell-off on Wall Street. Inflation data from Germany and Italy due later on Wednesday will offer clues on price pressures.

☆ ADIA weighs bid for 2 bln stg stake in UK's Associated British Ports - Bloomberg News
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is among parties considering a bid for a 34% stake in Associated British Ports that could be valued at about 2 billion pounds ($2.42 billion) or more, Bloomberg News reported on Tuesday. Stonepeak Partners LP and British Columbia Investment Management Corp are among the other investors interested in the stake being sold by Canada Pension Plan Investment Board (CPPIB), the report said, citing people familiar with the matter. Deliberations are in the early stages, the report said, adding that other suitors, including existing shareholders, could also emerge. ADIA, Associated British Ports, British Columbia Investment Management, Stonepeak and CPPIB did not immediately respond to Reuters' requests for comment. ($1 = 0.8256 pounds)Reporting by Aarati Krishna in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ H&M’s fast-fashion parade is skating on thin ice
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 27 (Reuters Breakingviews) - H&M’s (HMb.ST) outfit is once again failing to impress. That corresponds to a meagre operating margin of 1.3%, a far cry from the around 15% margin larger rival Inditex (ITX.MC) is expected to report in its fourth quarter. H&M’s operating margins were already lingering in the mid-single-digit area before inflation became a problem. Sales growth of just 5% in December and January suggests the Swedish retailer is struggling to recover to its pre-crisis levels. If a recession curbs even more consumer spending, H&M’s profit margin may disappear.

☆ Primark sales up 15% in Christmas quarter
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 24 (Reuters) - Associated British Foods (ABF.L) on Tuesday reported a 15% rise in sales at its Primark clothing business over the 16 weeks to Jan. 7, benefiting from "very strong" trading in the Christmas period. AB Foods said consumer spending had proven to be more resilient in the quarter than anticipated at the start of the financial year. "To date, Primark trading has been good in all our markets and was ahead of expectation," it said. The group said it continued to encounter significant cost pressures but inflation had become less volatile and recently some commodity costs had declined. ($1 = 0.8070 pounds)Reporting by James Davey; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Europe Inc earnings season a test for market optimism
▼ + stars: | 2023-01-23 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

In a sign analysts were unprepared for such optimism, Citi's economic surprise indicator for the euro zone (.CESIEUR) jumped last week to its highest since July 2021. "Companies are telling us that it's going to be harder to pass on rising costs to customers in 2023 as economic growth slows," said Nigel Bolton, co-chief investment officer of BlackRock Fundamental Equities. Fourth-quarter earnings for STOXX 600 companies are forecast to have grown by 10.7% year-on-year, the slowest in two years, according to Refinitiv I/B/E/S data. Earnings are seen bouncing back to growth of 11.4% in the final quarter of the year. Analysts downgrade earnings forecastsReporting by Joice Alves Editing by Josephine Mason and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ U.K. Tax Change to Yield Higher Costs, But Much-Needed Certainty For Companies
▼ + stars: | 2022-12-04 | by ( Jennifer Williams-Alvarez | Nina Trentmann | ) www.wsj.com time to read: +6 min

Now, under a new prime minister, the government is pledging fiscal austerity, accompanied by an increase in the corporate tax rate to 25%. Photo: Agence France-Presse/Getty ImagesWith the latest change, the corporate tax rate has flip-flopped four times in less than a year. The tax increase, from the current rate of 19%, will apply to companies with annual profit of more than £250,000, equivalent to more than $307,000. We know it is increasing to 25%.”The U.K. government’s change brings the corporate tax rate in line with those of other large economies. Photo: Jason Alden/Bloomberg NewsU.K. companies’ costs are rising on multiple fronts.

☆ U.K. Tax Change to Yield Higher Costs, but Much-Needed Certainty for Companies
▼ + stars: | 2022-12-04 | by ( Jennifer Williams-Alvarez | Nina Trentmann | ) www.wsj.com time to read: +6 min

☆ Primark website crashes on click and collect debut
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - Fashion retailer Primark's new click and collect online service crashed shortly after its launch on Monday, with some shoppers in Britain unable to access its website. The trial launched in 25 stores across the north west of England, Yorkshire and north Wales for children's products only. "It’s been great to see so much interest in the launch of our new Click + Collect trial," a Primark spokesperson said. Primark is one of the last major retail chains in Britain to introduce online orders, a move partly prompted by the sales it lost during COVID-19 lockdowns. Primark, part of the Associated British Foods (ABF.L) conglomerate, announced the move into click and collect in June but said the move should not be seen as a precursor to an online delivery offer.

☆ Inflation dampens festive spirit as German retail faces slump
▼ + stars: | 2022-11-10 | by ( Rachel | ) www.reuters.com time to read: +3 min

BERLIN (Reuters) - German shoppers are tightening their purse strings this festive season, the HDE retail association warned on Thursday, forecasting the strongest slump in Christmas sales since 2007 as double-digit inflation weighs on consumer purchasing power. REUTERS/Michele Tantussi/File PhotoIn price-adjusted terms, retail sales in the crucial November-December period are forecast to drop by 4% year on year, the HDE said. The HDE’s survey of 500 companies found that a little more than half expected this Christmas sales period in Germany to be worse than last year, while 21% feared it would be considerably worse. In nominal terms, sales are expected to rise 5.4% year on year in the final two months of 2022, the association said. However, Genth warned that economic difficulties could deny German retailers the luxury of being able to offer discounts.

Machin also noted a trend of more eating at home as consumers look to save money by cutting down on restaurant visits. Katie Bickerstaffe, joint CEO, told reporters that its customers had already bought about 30% of their clothing and homewares Christmas gifts. "People are planning forward a little bit now," she said, highlighting very high demand for Christmas pyjamas. Similarly, Sainsbury's said last week consumers were buying cakes, mince pies and chocolates in advance of Christmas. ($1 = 0.8747 pounds)Reporting by James Davey and Sarah Young; Editing by Kate Holton and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 9 (Reuters) - Some European retailers this week forecast or reported better full-year sales after working to keep prices low to attract cash-strapped shoppers although others, including Marks & Spencer (MKS.L) and Adidas (ADSGn.DE) warned on profit. Many consumers have turned to cheaper private-label products, boosting sales for retailers like Dutch grocer Ahold Delhaize and Primark owner Associated British Foods (ABF.L), as they face a prolonged cost-of-living crisis. On Wednesday, Ahold raised its annual outlook for the third time this year, expecting low-double-digit earnings per share growth versus a prior mid-single-digit guidance. Carrefour said it would step up its expansion in e-commerce, open more discount stores and cut costs as it detailed its new turnaround strategy, . LUXURY GAPHaving less disposable income has meant many shoppers are holding back on buying mid-market clothes and other discretionary items.

☆ Primark owner AB Foods warns of 'substantial' cost inflation
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 8 (Reuters) - Primark owner Associated British Foods (ABF.L) faces "substantial and volatile" input cost inflation that will hit results in its current financial year, it said on Tuesday, taking the shine off a 42% jump in 2020-21 profit. AB Foods, which also owns sugar, grocery, ingredients and agricultural businesses, reported annual adjusted operating profit of 1.44 billion pounds ($1.65 billion), up from 1.01 billion pounds in 2020-21, mainly reflecting higher Primark sales after the end of COVID-related restrictions. The group also announced a 500 million pound share buyback programme and an 8% increase to its total dividend. AB Foods expects 2022-23 profit in its grocery business, which includes Twinings tea, Jordans cereals, Kingsmill bread and Ovaltine drinks, to be broadly in line with 2021-22. ($1 = 0.8705 pounds)Reporting by James Davey Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UK's FTSE 100 falls as miners, energy stocks weigh
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.6%, FTSE 250 off 0.3%Nov 8 (Reuters) - British stocks fell on Tuesday, dragged down by miners and energy sector shares on worries of softening demand from China, while shares of Associated British Foods jumped after posting higher annual profit. The export-oriented FTSE 100 index (.FTSE) fell 0.6% by 0818 GMT. Energy firms (.FTNMX601010) slipped 1.1%, while miners (.FTNMX551030) shed 0.4%, as worsening COVID-19 outbreaks in China receded hopes of recovering demand for raw materials. METL/The home construction sector index (.FTNMX402020) fell 4.0% after Persimmon (PSN.L) tumbled 8.4%, as Britain's second-largest housebuilder said its sales rate slipped further in the last six weeks. In a bright spot, Associated British Foods (ABF.L) jumped 4.7% to the top of the FTSE 100, after the Primark owner reported a 42% surge in 2021-22 profit.

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