No change for European shares other than for Next and Puma

Wednesday, 30 July 2014

European shares were unchanged on Tuesday, as encouraging corporate results were offset by the threat of economic fallout from more sanctions against Russia. Main highlights were Next in London, raising on an improved full-year outlook, and Puma in Germany, falling in revenues over the second quarter.  

Next Plc was among main winners in London, as it rose 2.6 percent to 6,690 pence. The UK second-biggest clothing retailer said revenue under the Next brand rose 10.7 percent in the 26 weeks to July 26, ahead of the average analyst prediction for a 9.6 percent gain.

Elsewhere, Puma closed the second quarter of 2014 with reduced revenues and profits. Net profit fell by 76.2 percent in the second quarter of 2014 to 4.2 million euro “in line with expectations” as per the statement issued by the company owned by Kering.

On another note, Fashion e-commerce company Rue La La, which specialises in flash sales for its members, is reportedly putting itself up for sale and rival online shopping site Gilt Groupe could be a potential suitor, as published by ‘Fortune’ magazine.

Meawnhile, Columbia Sportswear Company (COLM - Snapshot Report) recently reported its second quarter 2014 results wherein the adjusted loss came below the Zacks Consensus Estimate and sales exceeded expectations. The company also raised its outlook for 2014, reminded the analysis team at Zacks Equity Research.

“This leading apparel and footwear designer posted adjusted loss of 26 cents, wider than a loss of 21 cents reported in the year-ago quarter, due to higher operating losses incurred in the quarter. However, the loss was narrower than the Zacks Consensus Loss Estimate of 38 cents per share owing to better-than-expected sales,” Zacks analysts said in a research note.

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