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London pre-open: Retailers in focus
Wed, 08 Feb, 2012
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London pre-open: Retailers in focus
Thu, 9 Sep 2010, 06:38:00
Retailers are likely to be in focus in early trading after supermarket chain Morrisons and Argos and Homebase owner Home Retail Group updated the market on trading.

City sources expect a mixed opening, with the blue-chip index tipped to start around five points lower than last night's close.

Retailer <b>Home Retail Group</b> said that unless Christmas is a cracker this year profits are likely to be in the bottom half of the range of analysts' estimates. Like for like (LFL) sales were down 5.0% from a year earlier at Argos but this was an improvement on the 8.1% slide in LFL sales in the first quarter. LFL sales at Homebase were unchanged from last year.

Supermarket <b>Morrisons</b> posted profits broadly in line with expectations for the six months to August 1 as it delivered results for the first time under its new chief executive Dalton Philips. Pre-tax profits totalled £412m, down from £449m over the same period the previous year when they were boosted by an exceptional credit. Revenues climbed to £8.1bn from £7.5bn, a rise of 9%. Like for like sales were up by 0.9%.

Housebuilder <b>Redrow</b>'s legal completions were ahead of expectations at 2,587 in the year to end-June at a better than expected average selling price of £149,300 per unit. Underlying profit before tax was £0.7m, versus a loss of £44.2m the year before. 


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