Europe Earnings: Barratt, Kingfisher, Sports Direct, Tesco, Thorntons

Nigel Thomas
11 Sep, 2013
New York City

Home builder Barratt said profit jumped 11% on rising housing demand. Ithaca Energy surged on positive oil field test results. Kingfisher profit soared 70% and Sports Direct profit climbed 23%. Tesco agreed to sell its U.S. based 150 Fresh & Easy stores for up to

[R]4:00 PM Frankfurt – Home builder Barratt said profit jumped 11% on rising housing demand. Ithaca Energy surged on positive oil field test results. Kingfisher profit soared 70% and Sports Direct profit climbed 23%. Tesco agreed to sell its U.S. based 150 Fresh & Easy stores for up to £150 million.[/R]

In London trading, FTSE 100 index fell 0.1% or 6.50 to 6,577 and in Frankfurt the DAX index gained 0.5% or 45.42 to 8,492.

In Paris, CAC 40 index slid 0.1% or 4.49 to 4,112.15.

Barratt Developments Plc dropped 2.6% to 323.70 after the UK based homebuilder reported group revenue in the year ending in June climbed 12.2% to £2.61 billion from £2.32 billion a year ago. Profit for the period jumped 11.3% to £75 million from £67.4 million and diluted earnings per share increased to 7.5 pence from 6.9 pence a year ago.

Profit before tax and exceptional items surged 73.7% to £192.3 million and group operating profit before operating exceptional items soared 32.2% to £252.7 million.

The homebuilder added average selling prices in the year jumped to £194,800 compared to £180,500.

Ithaca Energy Inc surged 17.9% to 149.25 pence after the Canada based oil and gas explorer completed its flow test on the first development well drilled on the Stella oil field.

The explorer said the flow at well, ""A1"" with a maximum rate of 10,835 barrels of oil equivalent per day and samples confirmed the high oil content of the hydrocarbons.

Kingfisher Plc dropped 2.3% to 410.50 pence after the UK based home improvement retailer reported revenue in the first-half ending on August 3 jumped 4.3% to £5.72 billion from £5.48 billion a year ago.

Profit for the period soared 70% to £440 million from £259 million and diluted earnings per share jumped to 18.5 pence from 10.9 pence a year ago.

Sports Direct International Plc gained 1.3% to 725 pence after the UK based sports goods retailer said group sales in the first-half ending on July 28 jumped 18.2% to £613.3 million from £519.0 million a year earlier.

The retailer added gross profit for the period climbed 23.2% to £260.1 million and sports retail sales soared 14.5% to £505.3 million. Sports retail gross profit advanced 20.3% to £215.6 million.

Premium lifestyle sales in the period surged 98.3% to £57.1 million and brands division revenue increased by 4.3% to £50.9 million.

Tesco Plc rose 0.1% to 372.10 pence after the UK based supermarket operator agreed to sell its U.S. based 150 Fresh & Easy stores to the private investment company Yucaipa for up to £150 million. Tesco will also lend up to £80 million to Yucaipa for the deal.

Thorntons Plc slumped 2.3% to 87.91 after the UK based chocolate & confectionery maker said revenue in the year ending on June 29 grew 1.8% to £221.1 million from £217.1 million a year ago.

Profit for the period swung to a £3.75 million compared to a loss of £0.90 million and diluted earnings per share jumped to 5.30 pence from the loss of 1.4 pence a year earlier.