Reckitt Benckiser
We have a first quarter trading update out from Reckitt Benckiser the consumer goods company this morning. Earlier this week Credit Suisse cautioned that the company was in a vicious spiral of volume losses and price rises, so today’s reiteration of meeting full year revenue target increases of 13%-14%, which would imply a like for like increase of 2%-3% certainly has the potential to appease anxious shareholders a little.
Bonmarche
Yet more gloom from the world of retail with a quarterly update this morning from discount women’s retailer, Bonmarche. Online sales are growing, but not at a rate that can counter the tumbling store sales. Total sales for the quarter are down 6.2% and although the 12 month figure shows a more palatable decline of 0.5%, fundamental change is necessary. Yes they’re making operational savings and full year profits will be in line with the board’s expectations, but it’s far from being a beacon of light in a sector that as a whole is struggling to find a way ahead.
Royal Mail
Royal Mail has this morning announced the retirement of its CEO, Moya Greene, after 8 years’ service. Moya has been credited with turning the company around from its balance sheet insolvent state in 2010, through the privatisation in 2013 and is also seen as having been instrumental in negotiating with union leaders. The transition period will last until September and rumours of the news have been circulating for the last couple of weeks, but she’s leaving big shoes to fill – markets may show their disappointment as a result.
