Fabio Fazzari News
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Metro AG, Germany’s biggest retailer, cut its full-year dividend 26 percent and reported earnings that missed analysts’ estimates as the company struggled to contend with weakening economies in Europe.
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Metro AG rose the most since November in Frankfurt trading after Franz Haniel & Cie GmbH reduced its stake in Germany’s biggest retailer, removing a burden that had hung over the stock for more than two months.
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PPR SA , the owner of Gucci and Puma, ruled out making big acquisitions and repeated it will target mid-sized companies with high-growth potential as it reorganizes around luxury goods, sports and lifestyle items.
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Marks & Spencer Group Plc fell the most since 2010 in London trading as the U.K.’s largest clothing retailer reported quarterly sales that missed estimates, adding to pressure on Chief Executive Officer Marc Bolland.
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Metro AG, Germany’s biggest retailer, has spent much of the past four years trying to hive off department stores, supermarkets and other assets. With little to show for the effort other than a sinking stock price, the nation’s benchmark index today hived off Metro instead.
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Carrefour SA , Europe’s biggest retailer, gained in Paris trading after reporting a 6.3 percent increase in second-quarter sales and forecasting better-than- expected full-year operating profit.
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Gucci, the Italian luxury brand owned by Paris-based PPR SA , said it will introduce made-to- order speedboats next year, with prices starting from 590,000 euros ($750,000).
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Carrefour SA , the world’s second- biggest retailer, plans to exit Singapore, Malaysia and Thailand, and is seeking offers for its operations in the Southeast Asian countries, said four people familiar with the matter.
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Carrefour SA , the world’s second- largest retailer, canceled plans to sell its businesses in Malaysia and Singapore after a strategic review, according to a person familiar with the situation.
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Steinhoff International Holdings Ltd. , Africa’s largest furniture maker, entered into exclusive talks to buy PPR SA ’s Conforama chain for 1.2 billion euros ($1.59 billion) in cash to strengthen its position in Europe.
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