Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There’s a pre-close trading update out from Superdry this morning, reaffirming the situation given to the market almost a month ago. Global revenues are up 6.4% from a year earlier, but store sales are falling (online is more than compensating) and although last week’s cold snap helped bolster some of those missing jumper and coat sales which have been dragging on performance, the company has added that it really needs a sustained spell of winter weather to kick start these lines.
Good news from satellite communications operator Inmarsat this morning with their Q3 update. Higher revenues and lower costs are creating something of the perfect tailwind for the business, allowing it to state that full year figures will at least be in line with market guidance. A strategic alliance with Panasonic in terms of in-flight communication for the aviation industry has seen stellar growth in this sector, helping reverse contraction in the maritime division.
Interim results out from J Sainsbury this morning look as if they’re going to give shareholders something to cheer. The synergies off the back of the Argos acquisition are being realised faster than had been expected, like for like sales are increasing and pre-tax profits have jumped by 20%. Bank profits have fallen by over 50% although this was anticipated with previous guidance.