DCC posts ‘strong growth’ in Q1, Burberry’s Q1 sales impacted by Chinese lockdowns

London pre-opening

The FTSE 100 was set to open 22.2 points higher before the bell on Friday after closing down 1.63% in the previous session at 7,039.81.

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Sales, Marketing and Support Services Group CDC said on Friday it saw “strong growth” in the “less seasonally significant” first quarter of its new business year.

DCC said the group’s operating profit was in line with expectations and well above that of the previous year, thanks to the strong growth of DCC Energy. The FTSE 100-listed company added that its DCC Healthcare unit traded “vigorously and in line with expectations”, while its DCC Technology wing also recorded strong growth, benefiting from its recent acquisition of Almo.

Luxury fashion house Burberry said Friday that first-quarter same-store sales were up just 1% year-over-year as sales were hit by shutdowns across mainland China.

Burberry said retail revenue for the 13 weeks to July 2 was £505.0 million, up 5% at reported exchange rates and unchanged at constant exchange rates. Excluding mainland China, same-store sales increased 16%, while same-store sales in Europe, the Middle East, India and Africa increased 47% year-over-year.

Newspaper overview

As the cost of living crisis intensifies, UK buyers are cutting their budgets in almost every area. But there is one notable exception – money being spent on clothes is above pre-pandemic levels, with the return of weddings, vacations and socializing fueling a boom in “revenge spending” or the purchase of those treats missed during months of pandemic shutdowns. Shoppers are paying almost a fifth more for clothing than a year ago, according to research by Kantar for the Guardian found, taking the value 1% ahead of the 2019 figure. – Guardian

The ministers issued an ultimatum to the chief executive of Heathrow, asking him to come up with a plan to resolve airport staffing issues, it was reported. According to a letter from the ministry of transportDirector General of Aviation, Maritime and Security and Director General of Civil Aviation Authority. – Guardian

by Mike Ashley Frasers banned staff from working from home on Fridays after some employees were caught posting too often on social media. The retailer, which owns Sports Direct and House of Fraser, ended its flexible Friday policy and asked staff to be in the office all week. An internal memo, sent by the company’s chief operating officer, said “Frasers Friday” had become “an unproductive day of the week.” – Telegraph

Solar panel owners are losing hundreds of pounds due to rules that allow energy companies to underpay them for electricity. After months of soaring electricity prices, a three-bedroom household fitted with solar panels should now be able to earn over £400 a year selling reserve solar power to the grid. But under export tariffs offered by some energy companies, they would only receive £22, according to the analysis.- Telegraph

Europe may have to ration energy this winter if Russia cuts gas while Britain will also face “really very high prices”, senior energy officials have warned. The bosses of Shell and national gridIstanbul’s electricity system operator has issued stark warnings of a gloomy winter ahead, after President Putin threatened that sanctions could have catastrophic consequences for energy markets. – The temperature

Close in the United States

Wall Street stocks closed mostly lower on Thursday as second-quarter bank profits began to rise.

At the close, the Dow Jones Industrial Average was down 0.46% at 30,630.17, while the S&P 500 was 0.30% lower at 3,790.38 and the Nasdaq Composite saw the session 0, 03% firmer at 11,251.19.

Reporting by Iain Gilbert on Sharecast.com

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