Investors in London had more Christmas sales figures to digest this week. Online fashion retailer ASOS (LON:ASC) and owned of Currys and PC World Dixons Retail (LON:DXNS) reported on their performance in the festive season, as did pub groups Greene King (LON:GNK) and JD Wetherspoon (LON:JDW).
Despite challenging conditions, online fashion store ASOS reported a strong performance in its third quarter and said it was confident full year figures would be in line with market expectations.
Retail sales for the period were up an impressive 46 per cent on the comparable period - at £146.5 million - with the UK sales showing a 10 per cent increase.
Meanwhile, total international sales were up 93 per cent to stand at £84.4 million.
Group revenues showed a 45 per cent increase in the three months to December 31 and came in at £150.5million compared to £104.1 million a year earlier.
Meanwhile, Dixons Retail reported a smaller than expected decline in sales over the crucial Christmas period.
The owner of the Currys and PC World store chains said total sales dropped 3 percent in the 12 weeks to January 7, while like for like sales were down 5 percent compared with the same period of 2010 as sales in the UK and Ireland slipped 7 percent.
However, expectations were for a decline of up to 6 percent in group like for like sales.
“This is a solid performance against a challenging backdrop,” said chief executive of Dixons Retail John Browett.
Luxury brand Mulberry Group (LON:MUL) also released its sales report for the Christmas shopping season and said it expects full-year results to exceed its expectations.
Retail sales in the 16 weeks to January 14 were up 30 per cent from the same period a year earlier while on a like-for-like basis, the period saw a 25 percent rise.
In the six weeks to the same date, retail sales were up 41 percent year-on-year and 35 per cent higher on a like-for-like basis.
Moving to the pub companies, both JD Wetherspoon and Greene King enjoyed a strong festive season.
Like-for-like sales for the 12 weeks to January 15 increased by 3.6 per cent, which compared with 1.1 per cent growth in the quarter before.
However JDW’s robust sales performance was tempered by this warning: “We expect the operating margin for the half year ending January 22 to be slightly below that achieved in the first quarter of this financial year, with the potential for further decline in the second half of this financial year due to continuing cost increases.”
The company said the main pressure on the business resulted from additional government legislation, including further increases to excise duty, business rates and carbon tax.
Wednesday’s report from JD Wetherspoon came a day after pub owner and brewer Greene King got a strong seasonal boost as customers flocked to the pub over Christmas.
Sales at its 950 managed pubs jumped by 8.2% on a like-for-like (LFL) basis in the seven weeks to 15 January, with food sales up by 11.1%.
The group said the comparisons were helped by much better weather than last year, but the group’s Hungry Horse, Old English Inns, Loch Fyne Restaurants and Eating Inn outlets still saw record bookings.
Christmas week sales rose by 17% like-for-like, while takings on Christmas day alone totalled £1.7 million. The group sold a record 365,000 Christmas meals in December.
Housebuilders Taylor Wimpey (LON:TW.) and Bovis Homes (LON:BVS) also updated investors on their performance this week.
Taylor Wimpey forecast second half profits would rise by more than 80% after conditions in the housing market exceeded its expectations.
The group said prices had remained stable and levels of visitors and reservations were both above the previous year.
Total orders at the December year-end were £835m, up 17% on the previous year.
Home orders rose by 15% to 5,379 homes with margins on new orders ahead of both the equivalent point last year and the margin achieved on completions in 2011.
Peer Bovis Homes said it is “well positioned” to achieve a further improvement in profits, which grew significantly in 2011 and met expectations as both home sales and prices increased.
In an update ahead of its full year report, the group said it has completed 2,045 homes in 2011, while the overall average sales price for private and social homes rose from £160,700 in 2010 to £162,400.
At the start of the year, the group’s forward sales for 2012 stood at 568 homes, a 35 percent improvement compared to 2012 as both private and social reservations rose in part due to an 11 percent increase in active sales outlets.
Back to retailers, HMV (LON:HMV) shares more than doubled in price on Friday afternoon as it revealed new banking arrangements which aim to alleviate the pressure on the troubled retailer’s finances.
The firm told investors that its banking syndicate has agreed to waive an imminent test on its banking covenants, and it will re-set tests for the 12 months to April and July 2012 with significantly enhanced headroom.
The decision by the banks follows an agreement between HMV and key suppliers, which see HMV assign a 2.5 per cent stake in the business to the suppliers.
HMV says the new arrangement will be materially positive for the firm’s profitability and cash flow.
In other news, engineering giant Kentz Corp Ltd (LON:KENZ) expects 2011 revenues and profits to be marginally ahead of consensus.
The firm reported another strong year with growth in revenue, profit and backlog.
Separately, it announced that it has appointed Christian Brown as its new chief executive with effect from February 1 this year - succeeding Hugh O'Donnell who has been in the role for 12 years.
Kentz posted a record backlog of US$2.40 billion at the end of the year, an increase of 50 per cent from December 2010, underpinned by further new awards and natural growth on existing contracts.
The company now has a pipeline of prospects which stands at over US$10 billion, it told investors.
Papua New Guinea shows opportunity for growth, the firm said, as shown by further new contract wins.
Fellow FTSE 250 constituent William Hill (LON:WMH) posted a "very positive" performance in 2011, revealing growth in Q4 and improvements to its online business.
There was an 11 per cent increase in year-on-year over the counter amounts betted while the gross win from the firm's machines was up 7 per cent, in the 13 weeks to December 27.
The firm said it expected net revenue to be up 6 per cent for the 52 weeks to December 27, with year-on-year net online revenue growth showing a 28 per cent increase.
Operating profit however is expected to be around £274 million, compared to £276.8 million in the prior year, which the company put down to lower machines tax rate and an exceptionally high margin World Cup.
Another midcap, logistics specialist Stobart Group (LON:STOB) is to buy 18 properties known as the 'Moneypenny' portfolio for £12.35 million.
It has agreed to buy WADI Properties, which owns 18 freehold and long leashold buildings in the south-east of England.
Stobart also told investors it expected to meet expectations for the year to February 29.
The acquisition will see Stobart take on WADI Properties' bank debt of £88.85 mln. Of that, £74.9 mln is at the fixed rate of 5 per cent with the balance at a floating rate of 1 per cent over 3-month LIBOR. The banking facility will continue after the deal is completed and has a maturity date of April 2017.