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Guess that line “ the combination of inflation in our cost base and top line sales which are likely to edge backwards is uncomfortable” has unnerved a few, from what otherwise was a very comprehensive and reasonably positive report.
SP fall total surprise - recovery must surely happen.
Profit before tax £870m, up 5.7% and with solid guidance for next year.
Better than forecast - expecting a small rise here today.
Should be good, IMHO.
hint next buying ITS in the style group
Wed, 8th Feb 2023 11:00
RNS Number : 3126P
Next PLC
08 February 2023
NEXT PLC
DIRECTORATE CHANGE
New Executive Director Appointment
We are pleased to announce that Jeremy Stakol will join the Board of NEXT plc on 3 April 2023 as an Executive Director. Jeremy will take on the role of Group Investments, Acquisitions and Third Party Brands Director.
In his new position Jeremy, at Main Board Level, will maximise the following business opportunities:
? Investments and Acquisitions in third party brands
? The promotion (but not implementation and management) of Total Platform to potential new clients
? The sale of all third party fashion brands on next.co.uk (excluding Home brands)
? The continued development of Lipsy along with other wholly owned non-NEXT brands
? Overseas wholesale, franchise and licencing of NEXT branded stock
Jeremy holds a Masters in Professional Accounting and spent his early career in the finance department of a large media company. In 2004 Jeremy joined Lipsy as Managing Director. Jeremy joined the NEXT Group in that role 14 years ago when the company was acquired by NEXT. In more recent years Jeremy has successfully led many of the recent new investment deals and related Total Platform opportunities (such as Joules, Victoria's Secret, Gap and others).
The Board confirms that no other disclosures need to be made under Listing Rule 9.6.13 in respect of this appointment
Looking like a robust set of trading figures considering the economy and impacts of Russian war in Ukraine.
It's not just Next. Too many British companies (and others just operating in the UK) go a long way towards 'blame' for the current state we are in. Middle to lower management is often uncaring to the point of being 'short tempered', a result through spending much of their time firefighting and usually through being under-resourced. I include the public sector as much as the private one and speak as someone who worked as a manager but who now occupies a low -level time filling position. I feel so sorry for those who have to do these jobs. The other irksome aspect of many companies here is how they undertake box-ticking exercises, projecting and posting cliched motivational catchphrases to make them seem "caring", most of that literature flies in the face of their treatment of the very employees who they are supposedly aiming them at. I really do despair.
Yes and a legal challenge group Activist group will be formed .
Am I right in saying that the administrator were the same firm working with Next, Joules and Tom Joules on the turnaround plan before Joules went into admin? And then the very same group buy Joules out of administration. I think the people furious here should be the JOUL shareholders!
What a rip off. Boycott both firms for life .
My sister worked in retail for Next, and they were horrendous. Awful pay, expected to be in store 30 minutes before your shift started or you got in trouble, and so on. Note that all of this could be local to the store, so probably not worth me pressing the post button! :)
I have been married to a Next employee for the last 21 years and have seen the erosion of wages and and the treatment of staff deterioration over that time. If she was not close to retirement she would leave. It used to be a great company and valued its staff. Now they give out important sounding titles instead of paying a decent wage. The turnover of staff that I know of locally bears witness to this sad state of affairs.
I did read - but from memory it was actually slightly less than that. And they pointed out that that was a fair bit less than supermarkets or work as a shop assistant locally at almost 30% more.
Asd you say, pretty poor and no surprise they struggle to fill vacancies.
I voted for remain but respect those who opposed me.Your contribution was very basd indeed when you talk about slaves in shops.This company has been a shining light of good practice over the years and has been doing very well
I see Lord Wolfson on TV moaning that "this wasn't the Brexit he voted for". He's now saying that he can't get the migrant workers he needs to slave in his shops and warehouses and that this is crippling his business. Well what did he expect? Brexit was obviously a ridiculous idea from the outset, apart from the extra 350M a week for the NHS which has been brilliant.
Seems Next are buying Made:
https://www.reuters.com/markets/deals/uks-next-buy-madecom-furniture-retailer-enters-administration-2022-11-09/
Whatever happens it still turns a profit with xmas still too come
Share buy backs working too there full potential also
Boom time gla
Must admit I thought NEXT must have employed Tim Martin from JD Wetherspoons whilst reading the "Economic Expert" advise on what the Govt should and should not be doing within the RNS
Half year results were very good but outlook is uncertain and sales and profits in future have been reduced. At time of typing the SP is down 10%. I think that the SP is good value and the fall overdone but I haven't done enough research on NXT to contemplate an investment. With the UK economy in turmoil and Liz Truss currently doing a Robin Hood in reverse - robbing the poor to give to the rich - I can't see many positives here for a while.
"JPMorgan cuts Next price target to 6,000 Neutral"
HMRC investigation into Next’s payroll with fines over situations like poor workers losing benefits and not being paid properly…might have something to do with it..
Anyone knows why the sp is dropping when FTSE is up 2% & almost all the of the other FTSE shares are climbing back up?
Inflation is going to be high for a year at least according to analysts so expect purchasers to move towards cheaper end of market - likes of ASOS , BOOHOO and supermarkets will do well. Expect NXT to slide further.