Burberry Net Declines 7%; Sainsbury Net Swings to Loss

Nigel Thomas
12 Nov, 2014
New York City

Burberry profit dropped 7% to

[R]4:00 PM Frankfurt – Burberry profit dropped 7% to £108.4 million while revenues soared 14%. Enel net plunged 58% to €272 million on 3% decrease in revenue. Sainsbury net swung to a loss of £344 million on flat revenues. Playtech raised €297 million through a bond offering. SSE profit tumbled 32% to £251 million.[/R]

In London trading, FTSE 100 index slipped 0.4% or 24.06 to 6,603.34 and in Frankfurt the DAX index declined 1.6% or 149.34 to 9,219.69.

In Paris, CAC 40 index dropped 1.3% or 56.56 to 4,187.54.

Burberry Group Plc slipped 1.6% to 1,504 pence after the U.K.-based luxury apparel and accessories maker said revenues in the first-half ending in September soared 14% to £1.10 billion from £1.03 billion a year ago period.

Profit in the period dropped 6.9% from a year ago to £108.4 million compared to £116.5 million and diluted earnings per share slipped to 23.4 pence from 25.2 pence.

Enel S.p.A plunged 5.2% to €3.72 after the Italy-based electricity and gas service provider reported revenues in the third-quarter ending in September dropped 3.1% to €17.97 billion from €18.55 billion a year ago period.

Net income in the quarter plunged 58.5% from a year ago to €272 million compared to €655 million.

J Sainsbury Plc declined 3.3% to 260.30 pence after the U.K.-based supermarket chain reported group sales in the first-half ending on September 27 were nearly flat at £12.67 billion from a year ago period.

Net in the period swung to a loss from a year ago to £344 million compared to profit of £340 million and diluted loss per share swung to 18 pence from earnings per share of 17.6 pence.

Playtech Plc plummeted 7.6% to 619 pence after the U.K.-based online gaming software supplier plans to launch an offering of worth €297 million senior unsecured convertible bonds due 2019 issued at par and carry coupon of 0.50% per year.

The closing date of the bonds is expected to take place on or about 19 November.

SSE Plc dropped 2.8% to 1,535 pence after the U.K.-based electricity and gas transmission and distribution company said revenues in the first-half ending in September declined 8.5% to £12.41 billion from £13.57 billion a year ago period.

Profit in the period tumbled 32.4% from a year ago to £251.3 million compared to £371.9 million and diluted earnings per share dropped to 25.5 pence from 38.5 pence.