Nationwide's Virgin Money swoop blasted: Bank's investor 'disappointed' with £2.9bn takeover
Households with emergency savings pots rises in recent years - five financial trends revealed
86-year-old's woes with a faulty smart meter that sent his bills soaring show why so many people are shunning them, writes JEFF PRESTRIDGE
Gerald Seymour has written 40 pacy thrillers, but big screen success has yet to materialise: 'Hollywood silly money? I'd only have stuffed it in a tin under the bed'
TONY HETHERINGTON: Boss behind firms fined £340k for over a MILLION nuisance calls
Some sneaky estate agents only putting forward offers from buyers who use their in-house mortgage broker
Families with TWO retired generations will surge to one million in a decade: Savings have to stretch further if you want to help out your loved ones
Want to top up your state pension but baffled over what years to buy? There's a new online service - but check Steve Webb's six golden rules first
MIDAS SHARE TIPS: Why it soon won't be hip to give the cold shoulder to Smith & Nephew
A good week - not before time, but let's not get carried away, says HAMISH MCRAE: Remember old stock market adage, 'Sell in May and go away'
North Sea projects worth £21bn put at risk by Labour: Tax threat to British jobs and investment
British businesses awash with 'accidental' bosses who have received no formal training, research shows
Rachel Reeves wants to banish the idea that Labour is anti-business, but where is the 'white heat' revolution to revive Harold Wilson's glory days?
Cost-of-living crunch wipes shine off Thomas Sabo jewellery
Should the Bank of England have cut interest rates instead of holding firm? The This is Money podcast
From Victorian to Regency, the five most popular types of period property currently for sale revealed
Britain needs you... to help the classic car industry: Government wants classic car enthusiasts to shape future policy
'My oven is redundant': Almost half believe ovens will be obsolete as air fryer craze shows no signs of slowing
My uncle has £14,000 in Dart Charge fines despite trying to settle, now the bailiffs are at his door
From phishing to voice cloning, how criminals can use AI to scam Britons - and what you must do NOW to protect yourself
Bank of England holds interest rates at 5.25% for sixth time in a row - what it means for YOUR mortgages and savings
When will interest rates fall? Forecasts on when base rate will be cut - and what borrowers and savers should do
How much would a rate cut save you? Use our interest rate rise or fall mortgage calculator
We're financial experts - this is how you can use your Isa and pension to grow your wealth in the new tax year

Profits warnings jump as retailers suffer

By This Is Money
Updated: 05:39 EDT, 11 April 2011

View
comments

The number of companies predicting lower profits has jumped in the first quarter of this year, taking the number of warnings to a two-year high.

High St: Retailers have been hit as spending reduces.

Research by accountant Ernst & Young showed that there were 75 profit warnings from listed companies in the first three months of 2011, up from just 51 in the fourth quarter of 2010.

These are the highest figures since the first quarter of 2009, in the middle of the recession, which saw 117 warnings.

Retailers issued as many as 14 warnings, but even that figure fails to include store groups that issued warnings this month.

In the past week alone, Halfords, Carpetright and HMV warned of lower than expected earnings.

Support service firms, heavily reliant on Government spending, were responsible for 12 profit downgrades.

A quarter of companies blamed increasing costs and pricing pressures.

FEARS of a 'lost generation' of jobless young are set to be stoked by labour market figures due on Wednesday.

The last official data showed 760,000 18 to 24-year-olds without a job, a record unemployment rate in that age group of 18.3 per cent, which is more than double the average of eight per cent across all age groups.

? Alex Hawkes

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.