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Wednesday,18 January 2023 at 17:09
the British electricals retailer, has held its profit guidance for the current
year after an “improved” performance in the UK offset weaker sales from its
Revenue in the retailer’s UK and Ireland business in the ten weeks to January 7
dropped by 5 per cent year-on-year but profits were stronger than expected,
reflecting gross margin increases and continued cost savings.
Customer demand was high for microwaves, tumble dryers and mobiles but this was
offset by weaker consumer electronics and computing revenues, while in-store
sales outperformed online.
Air fryer sales increased by 500 per cent during the period as people looked to
save money during the cost-of-living crisis.
UK and European
markets closed cautiously higher as uncertainty persisted
on the economic outlook, a topic high on the agenda at the World Economic Forum
in Davos this week.
U.S. stocks turned lower as
Wall Street continued to parse through corporate financial updates for signs of
the “earnings recession” many analysts have warned about.
Oil prices rose to their
highest since early December on optimism that the lifting of
China’s strict Covid-19 curbs will lead to a fuel demand recovery in the
world’s top oil importer.
Gold priced higher.
At the close
FTSE 100 7,830 (-0.26%)
FTSE 250 19,890 (-0.29%)
DAX 15,181 (-0.03%)
Dow Jones 33,553 (-1.06%)
S&P 500 3,956 (-0.86%)
NASDAQ 11,007 (-0.77%)
UK 10-YR YIELD 3.318
Gold $1,906 (-0.102%)
Brent $86.77 +0.16%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.