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Market Update

Europe Earnings: Burberry, Co-Op Group, Diageo, Mulberry, SAP

Author: Nigel Thomas
Last Update: 6:32 PM ET April 17 2014

4:00 PM Frankfurt – Burberry said revenue climbed 16% to £1.30 billion. Co-Op Group reported net loss of £2.3 billion. Diageo sales in the quarter dropped 1.3%. Mulberry forecasted profit-before-tax of about £14 million. SAP profit jumped 3% to €534 million.

In London trading, FTSE 100 index jumped 0.6% or 39.56 to 6,623.73 and in Frankfurt the DAX index climbed 0.9% or 78.80 to 9,396.62.

In Paris, CAC 40 index increased 0.5% or 23.02 to 4,428.68.

Burberry Group Plc dropped 1.9% to 1,438 pence after the U.K.-based luxury apparel and accessory retailer reported total revenue in the first-half ending in March climbed 16% to £1.30 billion from £1.12 billion a year ago.

The Burberry said retail sales in the period soared 11% to £928 million and wholesale revenue jumped 9% to £240 million.

Co-Operative Group Ltd., the UK’s largest mutual business operator reported net loss in the year ending on January 4 for £2.3 billion or $3.86 billion on the account of operating loss at Co-operative Bank Plc of £1.44 billion.

The company registered its worst loss in 150-year history and the company lost control of its banking and lending operation to bond holders after the bank discovered a shortfall of £1.5 billion.

Mutual also wrote down the £1.57 billion purchase of supermarket chain Somerfield by £226 million. The vast amount of debt accumulated during the time of acquisition spree declined at the end of the year to £1.4 billion from £1.7 billion.

The conglomerate said group sales declined to £10.5 billion compared to £11 billion a year earlier and total loss in the year widened to £2.5 billion from £529 million a year ago.

The company is scheduled to release in two weeks findings of an independent review led by Christopher Kelly into events leading to a capital shortfall of £1.5 billion.

Diageo Plc declined 3.3% to 1,837.50 pence after the U.K.-based alcohol and spirits maker and distributor said sales in the third-quarter ending in March dropped 1.3%.

The distiller said sales from Latin America and Caribbean regions surged 27.7% while sales from Asia Pacific regions plunged 19% and sales Africa, Eastern Europe and Turkey dropped 5.2%.

The company added net sales in the nine months declined by 7.4%.

Mulberry Plc fell 1.3% to 700 pence after the U.K.-based luxury-products retailer forecasted profit-before-tax for the year ending in March of about £14 million, slightly below expectations and plans to unveil lower-priced products in a bid to bolster sales.

SAP AG slipped 1.5% to €57.53 after the Germany-based enterprise applications developer reported revenue in the first-quarter ending in March increased 3% to €3.70 billion from €3.60 billion a year ago.

Profit in the quarter jumped 3% to €534 million compared to €520 million and earnings per share rose to €0.45 from €0.44 a year earlier.

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