Week Ahead: Morrisons, Supergroup, BoE rate decision

2nd Sep 2011 12:43

Fast growing supermarket chain Morrisons releases interim results next week, and broker Nomura Securities thinks the group's marketing campaigns such as Biggest Ever Price Crunch and Fuel Britannia will have gone down well with "austerity Britain".The broker reckons the company will unveil 2.0% growth, or better, in first half like-for-like (LFL) sales, excluding fuel and value added tax, compared to the first half of 2010. "With the benefit of a robust top line performance in H1 [the first half], and ongoing efficiencies as Morrison's continues to benefit from a progressive overhaul of its systems and processes, we expect Morrison to grow its EBIT [earnings before interest and tax] by 8% in the first half, leaving the group well placed to meet our full year forecasts (+6%)," Nomura said. "This represents circa 5bps [basis points] of margin progress to 5.3% in H1, although the expansion is closer to c.25bps excluding the dilutive impact of fuel," the broker added.Panmure Gordon is looking for a 1.9% LFL growth in sales from a year earlier, and pre-tax profits of around £440m, up from £412m last year. " Morrison should be able to generate faster top line growth than Sainsbury for the foreseeable future and this in turn should lead to higher dividend growth. However, we think that this growth is less certain than Sainsbury's, given that it depends upon new formats and faster expansion, which is why we are maintaining our Hold recommendation," Panmure Gordon said.The broker goes on to note that Morrison's lack of a reliance in a non-food offering should stand it in good stead, as it is the non-food sales that are hobbling growth at Tesco and Asda.A lot of market observers are waiting for the wheels to come off the Supergroup bandwagon but despite hitting the odd bump, the youth-wear firm continues rolling along. Merchant Securities thinks Supergroup's first quarter trading update will unveil sales growth broadly in line with the trends seen in the first 10 weeks of the company's financial year, when retail sales grew 48% and wholesale sales shot up 75%. Group sales overall in the first 10 weeks rose 56% year-on-year.On the economic front, the Bank of England announces its interest rate decision on Thursday, and once again the universal consensus is that the rate will remain unchanged, and that the quantitative easing blunderbuss will be kept in the gun cabinet. Monday September 05INTERIMSBrady, Fyffes, Hydrogen Group, JSC KazMunaiGaz Exploration GDR (Reg S), Staffline GroupINTERIM DIVIDEND PAYMENT DATEFenner, Inchcape, St. Modwen PropertiesINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Composite (EU) (09:00)PMI Composite (GER) (08:55)PMI Services (EU) (09:00)PMI Services (GER) (08:55)Retail Sales (EU) (10:00)Q2JSC KazMunaiGaz Exploration GDR (Reg S)GMSAberdeen Development Capital 2010 ZDP Shares, Aberdeen Development Capital 2012 ZDP SharesFINALSKofaxEGMSCaparo Energy, Indian Energy Ltd.AGMSBerkeley Group Holdings , Creston, Frontier Mining Ltd. (DI), Quintain Estates & DevelopmentUK ECONOMIC ANNOUNCEMENTSOfficial Reserves (09:30)FINAL DIVIDEND PAYMENT DATEBT GroupTuesday September 06INTERIMSHavelock Europa, Hydro International, Johnson Service Group, Lupus Capital, SQS Software Quality Systems AG, Total ProduceINTERNATIONAL ECONOMIC ANNOUNCEMENTSFactory Orders (GER) (11:00)GDP (1st release) (EU) (10:00)ISM Non-Manufacturing (US) (15:00)PMI Construction (GER) (08:55)GMSBlue Planet Financials Growth & Income Inv Trust No.1, Blue Planet Financials Growth & Income Inv Trust No.10, Blue Planet Financials Growth & Income Inv Trust No.2, Blue Planet Financials Growth & Income Inv Trust No.3, Blue Planet Financials Growth & Income Inv Trust No.4, Blue Planet Financials Growth & Income Inv Trust No.5, Blue Planet Financials Growth & Income Inv Trust No.6, Blue Planet Financials Growth & Income Inv Trust No.7, Blue Planet Financials Growth & Income Inv Trust No.8, Blue Planet Financials Growth & Income Inv Trust No.9, Blue Planet Financials Growth & Income Inv Trust Units, Zoo Digital GroupFINALSAllocate Software, Alumasc Group, City of London Investment Group, Dechra Pharmaceuticals, Genus, Interior Services Group, McbrideAGMSACM Shipping Group, African Consolidated Resources, Anglesey Mining, Ashtead Group, Daisy Group, DS Smith, Greene King, Invista Foundation Property Trust Ltd., Rockhopper Exploration, Terra Catalyst Fund (DI)UK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)New Car Registrations (09:30)FINAL DIVIDEND PAYMENT DATESynergy HealthQ1Ashtead GroupWednesday September 07INTERIMSAdvanced Medical Solutions Group, Alkane Energy, Alliance Pharma, Corero Network Security, IQE, PowerFilm Inc. (Reg S), Stadium Group, Vindon HealthcareINTERIM EX-DIVIDEND DATEAbbey Protection, Aegis Group, Amlin, ARM Holdings, AZ Electronic Materials SA (WI), Bwin.party Digital Entertainment, Cape, Carillion, Chesnara, Churchill China, Cineworld Group, Concurrent Technologies, Densitron Technologies, Elementis, G4S, Glencore International, Goldenport Holdings Inc., Grafton Group Units, Greggs, Guinness Peat Group, Hardy Underwriting Bermuda Ltd. (DI), Hikma Pharmaceuticals, Holders Technology, IMI, International Personal Finance, Jardine Lloyd Thompson Group, John Laing Infrastructure, Kazakhmys, Lamprell, Lavendon Group, Legal & General Group, Melrose, Michael Page International, National Express Group, New Europe Property Investments, North Midland Construction, Novae Group, Octopus Second AIM VCT, Paddy Power, Phoenix Group Holdings (DI), Portmeirion Group, Regus, Resolution Ltd., Rexam, Robert Walters, Shaft Sinkers Holdings, Shire Plc, Thomas Cook Group, Timeweave, WSP GroupQUARTERLY EX-DIVIDEND DATEBritish Assets Trust, Frontline Ltd., Personal Assets Trust, XP Power Ltd. (DI)INTERNATIONAL ECONOMIC ANNOUNCEMENTSBeige Book Fed Survey (US) (19:00)Industrial Production (GER) (11:00)MBA Mortgage Applications (US) (12:00)GMSSports Direct InternationalFINALSA&J Mucklow Group, ThorntonsIMSSSports Direct InternationalSPECIAL EX-DIVIDEND PAYMENT DATEHargreaves LansdownAGMSBlueStar SecuTech Inc. (DI), Dixons Retail , Environmental Recycling Technologies, Eredene Capital, Gail (India) Ltd. GDR (Reg S), Hampson Industries, Jupiter Green Inv Trust, Medgenics Inc. (Reg S), Ortac Resources Ltd. (DI), Shanta Gold Ltd., Sports Direct InternationalTRADING ANNOUNCEMENTSSupergroupUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)FINAL DIVIDEND PAYMENT DATECohortFINAL EX-DIVIDEND DATEACM Shipping Group, Aquarius Platinum Ltd., BHP Billiton, Diageo, Hargreaves Lansdown, IG Group Holdings, Mattioli Woods, Mid Wynd International Inv Trust, Tangent Communications, UmecoThursday September 08INTERIMSJSC Sitronics GDR (Reg S), Morrison (Wm) Supermarkets, Premier Farnell, Tikit GroupINTERIM DIVIDEND PAYMENT DATEBG Group, British Smaller Companies VCT 2, Dialight, Law Debenture Corp., Rio TintoQUARTERLY EX-DIVIDEND DATEVirgin Media Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (US) (13:30)Consumer Credit (US) (20:00)Continuing Claims (US) (13:30)Crude Oil Inventories (US) (15:30)ECB Interest Rate (EU) (12:45)Initial Jobless Claims (US) (13:30)Q2Premier FarnellGMSRenovo GroupFINALSRedrowAGMSAccsys Technologies, Aortech International, Assura Group Ltd., Atkins (WS), Avisen, Carpetright, City of London Group, Dart Group, Energy Technique, Falkland Islands Holdings, Flybe Group, Hampson Industries, Immunodiagnostic Systems Holdings, Matrix Income & Growth 2 VCT, Polar Capital Holdings, Software Radio TechnologyTRADING ANNOUNCEMENTSAtkins (WS), Home Retail GroupUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)Friday September 09INTERIMSPlanet Payment Inc.INTERIM DIVIDEND PAYMENT DATEAcencia Debt Strategies Ltd., Anglogold Ashanti Ltd., Avon Rubber, CSR, F&C Inv Trust, LSL Property Services, Nichols, PorvairQUARTERLY PAYMENT DATEBarclays, Lilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (GER) (07:00)Wholesales Inventories (US) (15:00)GMSTiger Resource FinanceFINALSJD WetherspoonIMSSHMV Group, SThreeSPECIAL DIVIDEND PAYMENT DATEProsperity Minerals Holdings Ltd.EGMSBank of Ireland (Governor & Company of the), JPMorgan Private Equity Ltd USD Equity Shares, JPMorgan Private Equity Ltd. ZDP Shares, JPMorgan Private Equity Ltd. ZDP Shares 2015AGMSAfrican Minerals Ltd., Foresight 3 VCT, HMV Group, IPSO Ventures, Latchways, Mortice Ltd. (DI)FINAL DIVIDEND PAYMENT DATEAshtead Group, Cyril Sweett Group, Northumbrian Water Group, Prosperity Minerals Holdings Ltd., Solid State