Traders set to compare supermarket results
Food will feature heavily in the minds of market watchers next week as trade updates are due from supermarket chains Tesco, Safeway and Somerfield.
Tesco will kick off the week with its trading statement on Monday, coming hot on the heels of arch-rival Sainsburys update.
Sainsburys has showed a like-for-like increase in sales of just 0.4% - excluding petrol sales - for the three months to January 6. Analysts have called the figures disappointing but shares have sparked hopes of better trading to come.
The spotlight will be on market leader Tesco to see how it fares against its rival.
Jon von Spreckelsen, who took over as executive chairman of Somerfield last year, will unveil interim figures on Tuesday, and investors will be hoping for better news than that reported at its full-year stage. Somerfield, whose problems stem from its merger with Kwik Save in 1998, reported a steep dive in profits in July.
The City is expecting the group to report a loss at the half-year stage, although it is hoped Mr von Spreckelsen will show he has improved like-for-like sales. As well as interest in Somerfield, Safeway will be grabbing some of the spotlight on Tuesday, as it unveils its trading update for the last three months.
General retailers have taken a share battering this week after concerns about statements from Next and Matalan, and next week should give a fuller picture about the true state of the high street.
Department store Debenhams, Comet-to-Woolworths group Kingfisher, and chemist Boots are among the share sufferers on the back of the statements, so the City will be keen for their updates, all due on Tuesday.
And after a bullish statement about sales of mobile phones at Argos from owner GUS, investors will be hoping Carphone Warehouse will turn in an upbeat statement on Thursday.
Away from the retailers, eyes will also be on industrial conglomerate Tomkins' half-year results on Tuesday.
