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Market Update

ASOS Sales Jumps 8%, Tesco Plunges on Profit Alert

Author: Nigel Thomas
Last Update: 10:11 AM ET December 09 2014

4:00 PM Frankfurt – ASOS total group revenues climbed 8% to £252 million. Esure Group agreed to acquire remaining 50% stake of Gocompare.com for £95 million. InterContinental Hotels agreed to sell its Paris-Le Grand hotel for €330 million. Tesco said profit for the year not to exceed £1.4 billion.

In London trading, FTSE 100 index slumped 1.5% or 101.38 to 6,570.77 and in Frankfurt the DAX index dropped 1.6% or 158.62 to 9,856.37.

In Paris, CAC 40 index declined 1.8% or 76.53 to 4,298.95.

ASOS Plc declined 4.9% to 2,261 pence after the U.K.-based online designer apparel retailer said total revenues in the first-quarter ending in November climbed 8% to £252.2 million from £232.7 million a year ago period.

The retailer said UK retail sales surged 24% to £104.8 million while sales from European Union fell 1% and international sales slipped 2%. However, the U.S. retail sales climbed 9% to £23.97 million from a year period.

Esure Group Plc fell 1.3% to 204 pence after the U.K.-based motor insurer conditionally agreed to acquire the remaining 50% stake of Gocompare.com Holdings Ltd, the price comparison site for £95 million or $147.8 million.

Euronext NV plunged 4.3% to €23.61 after the Intercontinental Exchange Inc sold the remaining 4.2 million shares or 6% of share capital in Netherlands-based pan-European exchange to raise €96.8 million or about $119 million.

InterContinental Hotels Group Plc slipped 1.8% to 2,552 pence after the U.K.-based hotels and motels operator agreed to sell its Paris-Le Grand hotel for €330 million or $405 million to Constellation Hotels Holding Ltd.

The transaction is expected to close by the end of the first-quarter of 2015.

Tesco Plc tumbled 10.3% to 168.10 pence after the U.K.-based food retailer reported group trading profit for the fiscal year ending in February 2015 will not exceed £1.4 billion compared to £3.3 billion reported for a year ago period.

After the fourth profit alert, chief executive Dave Lewis said “profits would be far lower than expected because of fall-out from a £263 million accounting scandal” that blighted the retailer since last September.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc