Latest news with #AdamVettese
The Independent
02-07-2025
- Business
- The Independent
Topps Tiles sales jump amid strong trade demand
Topps Tiles has revealed a jump in sales over recent months amid a boost in demand from trade customers. Shares in the tile and flooring retailer lifted on Wednesday after it highlighted 'strong trading momentum' over the latest quarter. The Leicestershire-based company saw group adjusted sales rise 10.1% in the quarter to the end of June, accelerating from 4.1% growth in the first half of its financial year. As a result, sales for the group, excluding the recently acquired CTD business, were 6.1% higher year-on-year for the three quarters so far. Topps said it benefited from improvements across all its divisions, with sales from its Topps branded stores up 7.3% for the quarter. It highlighted that trade sales have been 'stronger than homeowner sales', but said that there have been signs of improvement from homeowners. It came as the retail firm indicated it would face pressure from rising costs. The company said: 'The cost environment does continue to remain challenging, with around £4 million of further cost increases on an annualised basis from April 2025 as a result of the recent changes to national insurance rates and thresholds, together with the increase in national living wage. 'In addition, the group expects performance-related pay to be higher in the second half, as profits increase.' Adam Vettese, market analyst for EToro, said: 'This resilient performance is particularly impressive given the still-muted UK home improvement market, and investors have agreed. 'The macroeconomic backdrop remains mixed, and any sustained improvement in consumer confidence will be key for further upside. 'If we see more of a recovery in the UK home improvement market, then Topps Tiles could be a well-positioned play.' The company saw shares rise 11.5% in early trading.
Yahoo
30-05-2025
- Business
- Yahoo
Trending tickers: latest investor updates on Costco, Dell, Ulta, Adidas and Volkswagen
Costco (COST) shares were just below the flatline in pre-market trading on Friday, despite the US warehouse retailer posting quarterly results that beat Wall Street expectations. The company's results were buoyed by stronger e-commerce sales and higher membership revenue. For the three months ending 11 May, net income rose to $1.90bn (£1.41bn), or $4.28 per share, compared with $1.68bn, or $3.78 per share, in the same period a year earlier. Revenue also climbed from $58.52bn in the year-ago quarter, supported by an 8% increase in comparable sales — a key retail metric that excludes fluctuations from new store openings or closures. Online sales were particularly strong, rising nearly 16% from a year earlier when excluding the impact of fuel prices and currency movements. 'Costco's (COST) results suggest the company is performing strongly, though perhaps not across the board,' said Adam Vettese, market analyst at investment platform eToro. 'Sales have beaten expectations, showing a spike in e-commerce and membership fees, which help foster that exclusivity of being part of the Costco club, also ticking the right way.' Read more: FTSE 100 LIVE: European stocks rise despite appeals court temporarily reinstating Trump tariffs Vettese cautioned that macroeconomic pressures could still weigh on performance. 'Last quarter was a miss due to cost pressures, and with the threat of tariffs looming, a business like Costco (COST) where margins are crucial does not want to feel that squeeze,' he said. 'Some might view Costco (COST) as a fairly safe defensive play, but investors should also be mindful about increased costs or outside interference playing havoc with those carefully engineered margins. "That said, those who have held Costco (COST) shares the last couple of years will be likely pleased with the performance. With ongoing consumer uncertainty, Costco's recent track record may continue to attract investor interest.' Shares in Dell (DELL) gained in pre-market trading on Friday after the company posted first-quarter earnings that fell short of Wall Street forecasts but delivered stronger-than-expected revenue and issued a bullish outlook for the current quarter. The computer and IT infrastructure group said it expects adjusted earnings of $2.25 per share in the second quarter, alongside revenue in the range of $28.5bn to $29.5bn, ahead of analyst expectations compiled by LSEG. Company executives attributed the upbeat forecast to robust demand for artificial intelligence-related infrastructure, which tends to carry higher margins than Dell's (DELL) traditional systems. Dell expects to ship $7bn in AI systems this quarter alone. 'We generated $12.1bn in AI orders this quarter alone, surpassing the entirety of shipments in all of fiscal 2025 and leaving us with $14.4bn in backlog,' said Jeff Clarke, Dell's (DELL) chief operating officer. While adjusted earnings in the fiscal first quarter missed estimates, revenue topped forecasts. Dell (DELL) maintained its full-year revenue guidance at roughly $103bn — in line with consensus — but raised its full-year earnings outlook to $9.40 per share, up 10 cents from its previous forecast. The company's growing focus on AI infrastructure marks a strategic pivot amid slowing demand in its traditional PC business. Shares in Ulta Beauty (ULTA) rose about 8% in pre-market trading on Friday, after the cosmetics retailer raised its full-year profit guidance and reported quarterly results that exceeded expectations, buoyed by strong consumer demand and lower inventory losses. The company now expects full-year earnings in the range of $22.65 to $23.20 per share, up from a previous forecast of $22.50 to $22.90. The outlook revision came as Ulta (ULTA) reported adjusted earnings of $6.70 per share for the quarter ended 3 May, ahead of the $5.81 expected by analysts. Quarterly sales rose to $2.85bn, compared with the consensus estimate of $2.79bn. Comparable sales — a key retail metric — increased 2.9% year-on-year, driven by a 2.3% rise in average transaction size and a 0.6% increase in the number of transactions. Read more: Gold prices retreat as investors await key US inflation data Ulta (ULTA) said demand was particularly strong for trendy, affordable brands such as Elf Beauty, especially among younger shoppers. New product launches, including Milk Makeup and several Korean skincare brands, also helped lift store traffic. The retailer has also leaned into marketing initiatives and digital channels, while enhancing its appeal with celebrity-owned lines such as Rihanna's Fenty Beauty. Shares in Adidas ( traded higher on Friday, even as the sportswear group warned that escalating US tariffs could lead to higher costs and retail prices for its products in the key US market. In a statement, the company cautioned that it had not yet determined how much of the additional cost burden would be passed on to US consumers, citing ongoing uncertainty in global trade negotiations. Adidas ( added the geopolitical headwinds were preventing it from upgrading its full-year guidance. 'Higher tariffs will eventually cause higher costs for all our products for the US market,' the company said. 'Given the uncertainty around the negotiations between the US and the different exporting countries, we do not know what the final tariffs will be,' it added. 'Therefore, we cannot make any 'final' decisions on what to do. Cost increases due to higher tariffs will eventually cause price increases, not only in our sector, but it is currently impossible to quantify these or to conclude what impact this could have on the consumer demand for our products.' Stocks: Create your watchlist and portfolio Adidas ( also said it currently lacks the capacity to manufacture most of its products within the US, leaving it particularly exposed to any new trade barriers imposed by Trump. Volkswagen ( chief executive Oliver Blume has pledged a 'massive' increase in investment in the US, as the German carmaker seeks to cushion the impact of tariffs imposed by Trump. In an interview with Süddeutsche Zeitung, Blume said the company had held 'fair, constructive' talks with US commerce secretary Howard Lutnick, adding: 'I was in Washington myself and we have been in regular dialogue ever since," according to a Reuters report. "The Volkswagen Group ( wants to invest further in the USA. We have a growth strategy," he told the German newspaper. According to Lutnick, Volkswagen ( is considering expanding on its existing footprint in the US with 'further, massive investments' as the auto group navigates heightened trade tensions. The commitment comes as Volkswagen ( undergoes significant restructuring at home. In December, the company announced plans to cut around 35,000 jobs in Germany over the next five years as part of a broader effort to reduce costs and respond to softening demand for vehicles in in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-02-2025
- Business
- Yahoo
Plunge in European hiring sinks profit at recruitment giant Hays
Profits at recruitment giant Hays more than halved in the latter period of last year, as companies across the UK and Europe put the brakes on hiring. The London-based company blamed 'considerable headwinds from economic conditions', as operating profit fell to £26 million, down 56% versus the same period in 2023. Meanwhile, it closed 15 of its UK and Irish offices during the calendar year, and slashed the number of consultants by more than 1,100, including about 300 roles in the UK and Ireland. Headcount has fallen by about 2,700 over the last two years, and stood at about 6,800 at the end of 2024. Hays is among the biggest recruitment agencies in Europe, and its fortunes are closely tied to the market for office-based jobs in the UK, Germany, France and others. It mainly hires for companies in the accountancy and technology sectors, among others. But amid a swathe of elections across western Europe, and worsening economic conditions across much of the continent, hiring has slowed significantly. Hays said: 'Economic and political uncertainty weighed on client and candidate confidence driving lower placement volumes and a material lengthening of our 'time-to-hire'.' Fees across the group, which it brings in for hiring on behalf of clients, slumped 13% over the six months to December 31, compared to the year before. In the UK and Ireland, it saw a 17% drop in fees. The company also has offices in Australia, Japan and the US, among others. Chief executive Dirk Hahn said the company faces 'considerable headwinds from economic conditions' and called it a 'challenging period'. He added: 'Our key markets are being driven by powerful, supportive megatrends and remain characterised by significant talent shortages, which we help solve for our clients. 'When client and candidate confidence improves and the cycle recovers, I am confident we will deliver a healthy drop-through of net fees to operating profit.' Hays said it had made cost cuts equivalent to about £25 million per year over the six-month period through 'operational restructuring and back office efficiency programmes'. It comes after a swathe of large corporates in the UK criticised recent Government policy of raising taxes for companies. Labour increased employer national insurance contributions in its October Budget, in a move designed to raise more money in taxes to spend on improvements to public services like the NHS. But companies have criticised the plans for making it more expensive to hire people. Adam Vettese, an analyst at the finance firm eToro, said 'low confidence and political uncertainty will have undoubtedly contributed' to Hays' drop in profit. 'Recruitment firms have had to batten down the hatches and being a market leader, Hays has been able to implement a wave of cost-cutting measures in order to weather the storm,' he added. 'Smaller firms in the space have not been so fortunate.'
The Independent
20-02-2025
- Business
- The Independent
Plunge in European hiring sinks profit at recruitment giant Hays
Profits at recruitment giant Hays more than halved in the latter period of last year, as companies across the UK and Europe put the brakes on hiring. The London-based company blamed 'considerable headwinds from economic conditions', as operating profit fell to £26 million, down 56% versus the same period in 2023. Meanwhile, it closed 15 of its UK and Irish offices during the calendar year, and slashed the number of consultants by more than 1,100, including about 300 roles in the UK and Ireland. Headcount has fallen by about 2,700 over the last two years, and stood at about 6,800 at the end of 2024. Hays is among the biggest recruitment agencies in Europe, and its fortunes are closely tied to the market for office-based jobs in the UK, Germany, France and others. It mainly hires for companies in the accountancy and technology sectors, among others. But amid a swathe of elections across western Europe, and worsening economic conditions across much of the continent, hiring has slowed significantly. Hays said: 'Economic and political uncertainty weighed on client and candidate confidence driving lower placement volumes and a material lengthening of our 'time-to-hire'.' Fees across the group, which it brings in for hiring on behalf of clients, slumped 13% over the six months to December 31, compared to the year before. In the UK and Ireland, it saw a 17% drop in fees. The company also has offices in Australia, Japan and the US, among others. Chief executive Dirk Hahn said the company faces 'considerable headwinds from economic conditions' and called it a 'challenging period'. He added: 'Our key markets are being driven by powerful, supportive megatrends and remain characterised by significant talent shortages, which we help solve for our clients. 'When client and candidate confidence improves and the cycle recovers, I am confident we will deliver a healthy drop-through of net fees to operating profit.' Hays said it had made cost cuts equivalent to about £25 million per year over the six-month period through 'operational restructuring and back office efficiency programmes'. It comes after a swathe of large corporates in the UK criticised recent Government policy of raising taxes for companies. Labour increased employer national insurance contributions in its October Budget, in a move designed to raise more money in taxes to spend on improvements to public services like the NHS. But companies have criticised the plans for making it more expensive to hire people. Adam Vettese, an analyst at the finance firm eToro, said 'low confidence and political uncertainty will have undoubtedly contributed' to Hays' drop in profit. 'Recruitment firms have had to batten down the hatches and being a market leader, Hays has been able to implement a wave of cost-cutting measures in order to weather the storm,' he added. 'Smaller firms in the space have not been so fortunate.'
The Independent
28-01-2025
- Business
- The Independent
Pets At Home adds to retail gloom with ‘particularly weak' festive footfall
Pets At Home's retail business suffered over the Christmas months as it warned of worsening consumer confidence. The pet product giant, which has hundreds of stores across the UK, said it saw a 'more challenging UK consumer backdrop with particularly weak footfall from October'. The wider retail sector has taken a hit in recent months, as gloomy predictions about the economy have made people less willing to spend. Meanwhile, Labour's decision to increase companies' national insurance contributions, a tax paid per employee, is set to hurt the industry harder than most because of its reliance on lower paid workers such as shop-floor staff. Pets At Home said it had seen 'a softer performance' in its retail business over the three months to January 2. Revenue across the business fell 0.2% compared with the previous year, although the company said its veterinary arm grew by nearly one-fifth, with more people signing up to its subscription service. It comes after Pets At Home warned last year that the slowdown of a pandemic boom in pet ownership would hit its profit. With consumer confidence being particularly low due to households feeling the pinch themselves, they are far less likely to add a furry friend to the family or may hesitate to upgrade accessories for the ones they do have already Adam Vettese, eToro Britons flocked to buy dogs and cats during Covid-19 lockdowns, but the trend has stabilised this year. Lyssa McGown, the company's chief executive, said in late 2024 that the company averaged 15,000 puppy and kitten sign-ups per week at the time, down from about 24,000 in 2023. Adam Vettese, an analyst at investment firm eToro, said: 'It's fair to say it isn't the easiest time to be a UK retailer, with potentially huge employment cost increases looming, and Pets at Home is no exception. 'Adding to this, with consumer confidence being particularly low due to households feeling the pinch themselves, they are far less likely to add a furry friend to the family or may hesitate to upgrade accessories for the ones they do have already.'
