Jan 14, 2021

City Bulletin: Centrica reports on ‘resilient’ second half

Because of Covid UK corporate electricity demand was around 15 per cent weaker than normal in the second half compared to an impact of around 30 per cent in the second quarter, Centrica said. AB Foods said the recent extension of the UK and German restrictions means an expected revenue loss at its Primark chain of £1.05bn. AB Foods had said in late December that Covid restrictions would cut Primark sales by £650m. While other divisions were ahead of budget, Primark sales dropped 30 per cent in the 16 weeks to January 2 and 76 per cent of its store space was still closed, the company said. For its third quarter Tesco said UK like-for-like sales were up 6.7 per cent as demand grew across all its categories, formats and channels, with online generating nearly £1bn of extra sales over the 19 week period. Revenue growth of 40 per cent for the four months to December beat the consensus expectation of 29 per cent growth. For its 2021 fiscal year the online fast-fashion retailer targeted revenue growth of 36 to 38 per cent, from 28 to 32 per cent previously.

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