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Market Update

Burberry Net Declines 7%; Sainsbury Net Swings to Loss

Author: Nigel Thomas
Last Update: 10:48 AM ET November 12 2014

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.

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.

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