Wednesday, November 13, 2019

Premarket London: Burberry Profit Edges Up; New CEO at BHP

© Reuters.  © Reuters. -- Here is a rundown of regulatory news releases from the London Stock Exchange on Thursday, 14th November. Please refresh for updates.

  • Burberry Group (LON:BRBY) said its underlying earnings per share rose 12% and raised its dividend fractionally after a first half in which comparable store sales rose 3% in currency adjusted terms to 1.28 billion pounds.
  • The luxury group known for its scarves and trenchcoats said it still expects “broadly stable” revenue for the full year “despite incremental pressure on gross margin from the disruptions in Hong Kong and (product) mix.”
  • Hong Kong sales fell by more than 10%, offset by a “mid-teens’ percentage rise in mainland China.
  • The company said it has also entered into an exclusive partnership with social media and gaming group Tencent to develop “social retail” - “a concept that blends social media and retail, creating digital and physical spaces for engaged communities to interact, share and shop.” It will debut the concept with a store in Shenzhen, China, in the first half of next year.
  • Mining giant BHP (LON:BHPB) said it had appointed company veteran Mike Henry to succeed Andrew Mackenzie as chief executive officer from January 1.
  • Henry has been on the company’s leadership team for the last eight years and is currently president of operations for the group’s Australian mines.
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