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Dreams posts record results ahead of stock market listing
Dreams, the UK’s biggest bed retailer, has posted a jump in profits and sales ahead of an upcoming £400m stock market listing.
Dreams, which is owned by Sun European Partners, has appointed investment bank Rothschild to explore a potential sale or stock market float.
Following a brutal closure programme, which saw 90 shops shut down, Sun European Partners brought in former Asda and M&S director Mike Logue as chief executive to steer the turnaround.
The company’s pre-tax profits soared by 136pc to £32m in the year to December 24.
Sales surged by 20pc to £280m, while like-for-like sales lifted by 14.1pc, helped by a new campaign that encourages shoppers to replace their mattress every 10 years.
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Banks lead stock market retreat from record highs
The stock soared 44 percent in its stock market debut, climbing to $24.48, far above its initial price of $17.
The stock fell $1.39 to $30.67.
The stock lost $4.22 to $94.36.
Banks and other financial companies led a slide in stocks Thursday, erasing some of the gains from a day earlier, when indexes soared to record highs.
“You have the market wondering if the economy is in fact strong enough for a rate hike at this point,” said Quincy Krosby, market strategist at Prudential Financial.
collected by :Dicson Walt