Marks & Spencer to Close More Stores, Julius Baer Asset Flows Pick Up

Sarla Buch
23 May, 2018
New York City

CTS Eventim revenues advance on rising ticketing activities. Julius Baer said asset under management advanced strong inflows in Europe. Marks & Spencer profit tumbled on weak revenues. Vapiano said net loss in the quarter narrowed.

[R]4:00 PM Frankfurt – CTS Eventim revenues advance on rising ticketing activities. Julius Baer said asset under management advanced strong inflows in Europe. Marks & Spencer profit tumbled on weak revenues. Vapiano said net loss in the quarter narrowed.[/R]

In London trading, FTSE 100 index declined 104.09 or 1.3% to 7,773.73 and in Frankfurt the DAX index plummeted 207.79 or 1.6% to 12,961.45.

In Paris, CAC 40 index slumped 78.23 or 1.4% to 5,561.87.

CTS Eventim AG & Co KGaA jumped 3.4% to €40.34 after Germany-based leisure and live entertainment services provider reported revenues in the first-quarter ending in March surged 32.5% from a year ago to €274.5 million.

Net income in the quarter advanced 5.3% to €31.6 million from €30 million in a year ago period and diluted earnings per share decreased to €0.27 from €0.29.

The entertainment services provider said revenues in the ticketing segment, jumped 9.9% to €101.8 million and revenues in the Live Entertainment business soared 50.8% to €175 million from a year ago period.

CTS Group forecasted in fiscal 2018 revenue and earnings are expected to grow.

Julius Baer Gruppe AG slumped 2.8% to 61.40 Swiss francs after Switzerland-based private banking services provider said asset under management in first-fourth months ending in April jumped 3% to 401 billion francs from a year ago period.

The bank said assets under management increase was driven by strong inflows from clients domiciled in Europe, Switzerland and Asia.

Julius Baer said detailed financial results for the first-half are scheduled to be released on July 23.

Marks & Spencer Group Plc soared 6.4% to 310.60 pence after the U.K.-based retailer reported group revenues in the year ending in March rose 0.7% from a year ago to £10.7 billion.

Net profit in the year tumbled 74.8% to £29.1 million from £115.7 million in a year ago period and diluted earnings per share slumped to 1.6 pence from 7.2 pence

The retailer said fiscal 2019 gross margins are expected to decline to between zero basis points and 50 basis points and capital expenditure are estimated between £350 million to £400 million.

Moreover, the company may close 100 more stores by 2022.

Vapiano SE slipped 1.3% to €23.15 after Germany-based restaurants operator said net group sales in the first-quarter ending in March soared 14.5% from a year ago to €86.3 million.

Net loss in the quarter narrowed to €4.1 million from €7 million in a year ago period and diluted loss per share dropped to €0.14 from €0.34.

The restaurants operator said comparable sales in the quarter increased 0.1% and system sales jumped 10% to €129.9 million and operating profit surged 92.3% to €6.9 million from a year ago period.