Company news

B&M says sales growth slows in key Christmas quarter B&M European Value Retail said sales growth slowed in the key Christmas quarter, reflecting a "challenging broader retail market" and a decision not to engage in early discounting activity. The firm, which sells everything from furniture to electricals to food, said on Friday like-for-like sales in its core B&M UK business rose 0.3% in the 13 weeks to Dec. 28, its fiscal third quarter. That compares to first half growth of 3.7%. B&M said the UK performance was weaker than it had anticipated. The group's total revenue rose 9.3% in the period. – Nampa/ReutersRyanair raises annual profit target on strong holiday season Ryanair, one of the world's largest airlines, on Friday raised its guidance for full-year profit after tax to 950-1,050 million euros on stronger-than-expected performance during the Christmas and New Year travel period. – Nampa/ReutersGrubhub denies reports of sale, shares drop Grubhub Inc said on Thursday there is no sale process, denying reports that the online food delivery company was considering strategic options that include a possible sale or an acquisition, sending its shares down 6.7% in extended trading. "We felt it was important to clarify that there is unequivocally no process in place to sell the company and there are currently no plans to do so," a Grubhub spokesperson said, in am emailed statement to Reuters. The New York Post reported earlier Thursday that executives from Walmart and at least three other grocers have considered acquiring Grubhub, while a Wall Street Journal report said the Chicago-based company has tapped financial advisers to help with the review. "We have always consulted advisers about a broad range of issues, including potential acquisition opportunities - that has not changed," Grubhub spokesperson added. Competition has intensified in the food-delivery industry with Uber Technologies Inc's UberEats, which has grown into a national competitor, and startups such as DoorDash and Postmates. – Nampa/ReutersIKEA enters UK shopping centres market with London mall deal IKEA's shopping centre business is spending 170 million pounds ($222 million) to buy and upgrade a London mall in its first foray into Britain, betting it can win over a nation increasingly doing its shopping online. Ingka Centres, an arm of the world's biggest furniture retailer, said on Thursday it would put a new format IKEA store at the heart of the 27,000-square metre Kings Mall in London's Hammersmith district. It bought the mall from Schroder UK Real Estate Fund. The move comes as Britain's store groups struggle, with many outlets closing as shoppers opt to spend more of their money online. "We believe we can upgrade assets in good locations and Kings Mall is a great example of this," Ingka Centres CEO Gerard Groener said in a statement. "Modern physical retail needs to be built around local community needs, a complementary mix of uses, digitalisation and sustainability. We simply have to stay relevant to our customers and understand how people want to spend their time," he said. The deal marks Ingka Centres' entry in Britain. It is also its first acquisition of an existing mall, and will be its first anchored by a new-format smaller IKEA store. The company's existing 44 shopping centres in 14 markets are all anchored by a traditional, warehouse-like IKEA store, and it has had them built itself. – Nampa/ReutersPaper packaging company Mondi's top boss to leave Paper packaging company Mondi Plc's chief executive officer is stepping down after nearly three years in the role, a move that comes at time when the industry is going through a major change and grappling with high costs. The company said on Friday CEO Peter Oswald would be replaced by Chief Financial Officer Andrew King on an interim basis. King will take over on March 31 and keep the role until a successor is appointed, the company said. The FTSE 100 firm did not disclose the reason for Oswald's sudden departure. A shift to online reading has reduced the need for newsprint, but the sector is trying to offset that by catering to increased demand for shipping boxes from e-commerce companies. However, Mondi, like its peers Smurfit Kappa Group Plc, Sappi Ltd and DS Smith Plc, faces high fibre costs that are weighing on profits. Mondi's third-quarter earnings slumped 18% on sluggish demand and softer prices for key paper grades. Finnish paper firm Stora Enso, one of the world's largest pulp, paper and packaging board makers, said in October that geopolitical uncertainties would dampen demand and prices in the fourth quarter. – Nampa/Reuters

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