MD writes...

The scribe is indebted to one P. Green (of Monaco) for issuing a collective profit warning for UK plc retailing - though no one seems to have noticed. Quote:

"...the M&S share price is not reflecting what’s going on out there. In the retail sector prices [of shares] are all ahead of events. It’s much tougher out there. Consumer confidence is more fragile."

Perhaps the oddest thing in this market is that retailers continue to sell the family silver (store freeholds - Boots most recently). Really, why bother? The cash raised won't generate a similar return, may well be squandered on a share buyback and the cost base and cash outgoings rise in one fell swoop. Let's face it - when the boys ("Analysts") want to stiff a management team they just go ahead and do it anyway - whether or not said management has listened to their "Advice".

PS/ The cold snap - those who ventured outside this week will have stumbled on the latest excuse for just about everybody (motors, shops, brewing, leisure – you name it). It was pretty damn cold out there, expect plenty of blame being ascribed to it in coming months.

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