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    BRCC   US05601U1051

BRC INC.

(BRCC)
  Report
End-of-day quote Nyse  -  2022-12-08
6.100 USD   +1.84%
12/09Insider Buy: BRC
MT
12/08Cash use slips to just 15% of British purchases in 2021
RE
12/08Another day, another dire economic data
MS
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Summertime blues? UK shoppers splash out as heat-wave hits - BRC

08/08/2022 | 07:01pm EST
People browse items for sale at a souvenir shop on Westminster Bridge in London

LONDON, Aug 9 (Reuters) - A heat-wave prompted British shoppers to spend more on summer clothes, food for picnics and air conditioning units in July but they also cut back on foreign travel and dining out as the cost-of-living squeeze tightened, surveys showed on Tuesday.

The British Retail Consortium said the value of total sales at its members - mostly large chains and major supermarkets - was 2.3% higher than in July 2021, a contrast with falls in each of the previous three months.

Like-for-like sales, which adjusts for changes in floor space and shops closed due to lockdown restrictions, rose 1.6% after falling for four months.

However, the figures are not adjusted for inflation and the BRC said they represented a fall in volume terms.

"Consumer confidence remains weak, and the rise in interest rates coupled with talk of recession will do little to improve the situation," BRC chief executive Helen Dickinson said.

The two remaining contenders to become Britain's next prime minister - foreign minister Liz Truss and ex-finance minister Rishi Sunak - are both promising to help households either via tax cuts or direct support to help meeting surging power bills.

Last week the Bank of England said Britain's economy was on course to fall into recession at the end of this year and only emerge from it in early 2024.

Figures from payments processor Barclaycard also contrasted with the prevailing gloom over the economy.

Consumer spending in July was 7.7% higher than a year earlier, pushed up by sales of clothing, beauty products and staycations as well as a 44% leap in utilities and a 30% leap on fuel, Barclaycard.

Consumers were starting to cut back on overseas travel and eating and drinking out to compensate for inflation's hit.

But Barclaycard said a survey it conducted showed consumers were feeling a bit more confident about their household finances - 66% vs 59% in June - albeit at levels lower than a year ago.

"This shows that, faced with difficult circumstances, many are finding ways to budget and manage their finances successfully, to cope with ongoing inflationary pressures," Jose Carvalho, Head of Consumer Products at Barclaycard, said. (Reporting by William Schomberg, editing by Andy Bruce)


ę Reuters 2022
All news about BRC INC.
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Analyst Recommendations on BRC INC.
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Financials (USD)
Sales 2022 301 M - -
Net income 2022 -145 M - -
Net cash 2022 38,8 M - -
P/E ratio 2022 -4,39x
Yield 2022 -
Capitalization 333 M 333 M -
EV / Sales 2022 0,98x
EV / Sales 2023 0,71x
Nbr of Employees 836
Free-Float 25,4%
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Technical analysis trends BRC INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 6,10 $
Average target price 13,00 $
Spread / Average Target 113%
EPS Revisions
Managers and Directors
Evan Hafer Co-Chief Executive Officer & Director
Thomas E. Davin Co-Chief Executive Officer & Director
Gregory James Iverson Chief Financial Officer
Roland C. Smith Executive Chairman
Toby Johnson Chief Operations Officer
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