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To: mishedlo who wrote (51501)	1/26/2006 2:15:34 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 110194

RE:"What is half sexual intercourse?" Think Monica?

To: mishedlo who wrote (51501)	1/26/2006 7:00:18 AM
From: shades	Respond to of 110194

That H&M's costs rose more than sales is cause for concern, but given that much of this must be attributed to China quotas there's perhaps room for leeway, based on the fairly tight control the company has shown in past years. =DJ THE SKEPTIC: H&M Risks Looking "So Last Season" . By Robb M. Stewart A DOW JONES NEWSWIRES COLUMN LONDON (Dow Jones)--Blame Hennes & Mauritz's (HM-B.SK) decision to drop Kate Moss from a recent ad campaign for the retailer's sluggish growth in the last quarter. Of course, the model's absence had nothing to do with profit and margin falling short of expectations, but throwing Moss' name around always attracts attention. Besides, the prim bosses at the Swedish fashion house still need taking to task for their hypocritical decision. What H&M was in fact stung by was warmer-than-anticipated weather for much of the autumn and an increase in its cost of goods, as textile quotas for China were reintroduced. The weaker sales at the start of the fourth quarter led it to increase resources for marketing, resulted in a higher stock level. So in the context of current market conditions, H&M did well. Sales for the key December period rose 14%, with like-for-like sales up 4% for the month. A gross margin for the quarter of 60% is still commendable and shows slight improvement over a year earlier, even if it was shy of expectations. And the retailer insists it won't be pushed to sell more clothes at a discount in the first quarter, even with stock up 33%. That H&M's costs rose more than sales is cause for concern, but given that much of this must be attributed to China quotas there's perhaps room for leeway, based on the fairly tight control the company has shown in past years. Let's face it, Christmas was far less joyous for many other retailers in Europe and North America. Which is where H&M falls down. Compared with U.S. rival Gap (GPS), which saw a 9% decline in like-for-like sales for December, H&M looks grand. Against Spanish rival Inditex (ITX.MC), though, and things aren't so impressive. H&M has long outshone the Zara, Bershka and Massimo Dutti operator. But in its third quarter Inditex passed H&M in global sales, though it still trails in profitability and doesn't have as healthy an operating margin. What Inditex has done to narrow the gap is perfect a strategy of just-in-time manufacturing in small batches, which means rapid turnover that encourages demand. More importantly, Inditex is pushing much harder - with plans to open about 400 new stores this fiscal year and a similar number next versus H&M's 145 new stores last year and plans to open 150 during the 2005/2006 year. Both retailers have plenty of room for expansion in a host of markets before they near saturation. Indeed, with H&M making about a third of its sales in Germany and Inditex almost half its revenue in Spain, there's need for the pair to broaden their reach. H&M remains the benchmark for the sector in Europe but risks being sidelined by its swifter moving competitor. Inditex has the further advantage for investors of trading a slight discount to its larger rival, backed by expectations the new CEO will move to create a more efficient balance sheet and return surplus cash to shareholders.

To: mishedlo who wrote (51501)	1/26/2006 7:01:18 AM
From: shades	Respond to of 110194

DJ Japan MOF Watanabe: Some May Bring Up FX At G-8 Mtg -2- . Russia is currently chairing the G-8 and will hold the finance chiefs' meeting Feb. 11. Moscow says the ministers will discuss issues at the top of Russia's agenda for its G-8 presidency: energy security, including the global oil market and its stability, as well as infectious diseases and education. Energy has become a larger concern because of recent record high crude oil prices. "I think that it (Russia) is putting a certain amount of weight on this issue" because it is a net exporter of oil, Watanabe said, adding that Russia will be hosting an energy minister's meeting in March. Oil prices are getting near levels of concern, but their adverse effect on the global economy is not presently that dramatic, he said. However, he said he expects the finance ministers will nonetheless discuss possible effects from the price rise.

To: mishedlo who wrote (51501)	1/26/2006 7:01:44 AM
From: shades	Respond to of 110194

Hmm, are they casting illusion spells Mish? Will they go back and revise? hehe DJ China Regulator: Major Comml Bks' NPL Ratio 8.9% In 2005 BEIJING (Dow Jones)--The nonperforming loan ratio of China's major commercial banks was 8.9% last year, dropping below 10% for the first time, China's banking regulator said Thursday. This compares with 13.2% recorded in 2004 and 17.9% in 2003, the China Banking Regulatory Commission said in a statement on its Web site.

To: mishedlo who wrote (51501)	1/26/2006 7:08:25 AM
From: shades	Respond to of 110194

Who doesn't have a mobile phone now? DJ Global Mobile Phone Shipments Hit 810M In 2005 - Research . LONDON (Dow Jones)--Global mobile phone shipments continued to grow at a rapid rate during 2005, according to research compiled by Strategy Analytics, a research company. In a report published Thursday, Strategy Analytics said 810 million mobile phones were shipped globally in 2005, a 19% improvement on a year earlier. In the fourth quarter of 2005, a total of 245 million mobile phones were shipped.