Morrisons reports success in Q1
Morrisons has reported its second consecutive quarter of positive results, suggesting CEO David Potts may be beginning to turn the store around.
Britain’s fourth largest supermarket has struggled over the past four years, reporting consistent profit decreases. However, Potts has implemented a scheme to revive the flagging chain, improving store standards, cutting prices and tailoring stores which now seems to be having an effect.
Sales at stores open over a year, excluding fuel, rose 0.7 percent in the 13 weeks to May 1st, with like-for-like transactions growing 3.1 percent. Volume growth was “strong”.
“We are of course pleased with a second consecutive quarter of positive lfl (like-for-like) sales, which demonstrates our aim to stabilise trade is taking effect,” said Potts.
Shares are up 2.03 percent at 191.50 (0909GMT).
Trinity Mirror to close ‘New Day’ paper
Newspaper publisher Trinity Mirror has announced the closure of the ‘New Day’ publication after just nine weeks.
Circulation was below expected figures, with the new paper failing to attract sales in a fiercely competitive market. In a trading statement, the company described trading conditions as “volatile, but that performance would remain within expectations.
Group revenue fell 8.6 percent on a like-for-like basis, with publishing revenue declining by 8.5 percent and and circulation falling 3.7 percent.
However, shares have risen 4.87 percent on the news of the closure of the new paper, trading at 118.50 (0914GMT).
Rolls Royce show stability with statement
Rolls Royce defied expectations by confirming it was in line for its 2016 profit guidance, after issuing profit warnings three times in the past year.
The aeronautical engineering company had a troubled 2015, but expect to break even in the second six months of this year.
Analysts expect Rolls-Royce’s 2016 pretax profit to halve to 642 million pounds according to Thomson Reuters data, down from 1.36 billion in 2015.
Shares in Rolls Royce still fell over 5 percent on the news, currently down 5.-4percent at 612.50 (0917GMT).
05/05/2016
