Less Ads, More Data, More Tools Register for FREE

Pin to quick picksNext Share News (NXT)

Share Price Information for Next (NXT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 9,008.00
Bid: 8,966.00
Ask: 8,970.00
Change: -24.00 (-0.27%)
Spread: 4.00 (0.045%)
Open: 9,018.00
High: 9,044.00
Low: 8,898.00
Prev. Close: 9,032.00
NXT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Next upgrades annual profit forecast as Q2 sales beat expectations

Wed, 29th Jul 2020 07:33

(Sharecast News) - Retailer Next upgraded its annual profit expectations on Wednesday as it reported a smaller-than-expected decline in full-price second-quarter sales, beating its own expectations and performing ahead of the best-case scenario given in its April trading statement.
Full-price sales fell 28% in the second quarter, following a 38% slump in the first. Next said total sales in Q2 - which include markdown and clearance sales - also fell 28%.

The group now expects full-year pre-tax profit to be around £195m, while year-end net debt is forecast to reduce by approximately £460m. It had previously said that its best case scenario would be for profit of £150m, while its worst case scenario would be no profit at all.

As expected amid the Covid lockdown, sales of childrenswear, home, nightwear and sportswear, along with some adult casual clothing did much better than the more formal parts of its clothing ranges associated with work, going out, overseas holidays and large social events.

Next said warehouse capacity has come back faster than it had planned and store sales have been more robust than expected. As a result, second-quarter sales have been "significantly ahead" of its internal plan.

Online sales in the second quarter were up 9%, having fallen 32% in the first, while like-for-like sales in retail stores since reopening were down 32%.

"The company is in a much better position than we anticipated three months ago: consumer demand has held up better than expected and our online warehouses have achieved much higher capacities than we thought possible. Costs have been well controlled, and we have taken steps to ensure that our balance sheet is secure," it said.

At 1340 BST, the shares were up 7.5% at 5,654p.

Russ Mould, investment director at AJ Bell, said: "It's a pleasant surprise to see Next beat its best expectations for trading and this is testament to its strong qualities as a business.

"A cynic might suggest that it was too pessimistic in its scenario planning back in April, just like many other companies which have set the bar very low for their second quarter earnings period. Whether that's true or not, arguably the new guidance for earnings is given on a stronger footing. Next has now had enough time to see how the retail sector will operate under the new social distancing regime.

"It must fine-tune operations to make them more efficient in this new world, as well as find ways to get people to keep buying its products which may not be straightforward given the likelihood of rising unemployment."

More News
17 Apr 2024 08:53

LONDON MARKET OPEN: Stocks mixed as UK data douses BoE cut hope

(Alliance News) - Stock prices in London opened mixed on Wednesday, with the FTSE 100 underperforming European peers, with a hotter than expected UK inflation reading lifting the pound.

Read more
9 Apr 2024 13:09

PRESS: Frasers and Next eye buying Ted Baker retail stores - Times

(Alliance News) - Next PLC and Frasers Group PLC are sizing up buying Ted Baker's European retail division, The Times reported on Tuesday.

Read more
9 Apr 2024 13:00

Frasers, Next interested in Ted Baker's European retail arm - report

(Sharecast News) - Mike Ashley's Frasers Group and Next have reportedly expressed an interest in purchasing Ted Baker's stricken European retail arm.

Read more
5 Apr 2024 09:33

LONDON BROKER RATINGS: RBC resumes Direct Line at 'sector perform'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
3 Apr 2024 09:20

LONDON BROKER RATINGS: Barclays lifts Segro to 'overweight'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
25 Mar 2024 10:19

LONDON BROKER RATINGS: SocGen raises Sage; Numis cuts Virgin Money

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
22 Mar 2024 09:21

British Land appoints Next's CFO as non-executive director

(Alliance News) - British Land Co PLC on Friday said it has hired fashion retailer Next PLC's chief financial officer, Amanda Jones, as non-executive director, with effect from July 1.

Read more
22 Mar 2024 08:59

LONDON BROKER RATINGS: RBC cuts St James's Place; HSBC cuts Ascential

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
21 Mar 2024 16:53

LONDON MARKET CLOSE: FTSE 100 up as investors see Fed, BoE cuts ahead

(Alliance News) - London's FTSE 100 jumped on Thursday, as markets rallied on the back of dovish interest rate decision statements from both the US Federal Reserve and Bank of England.

Read more
21 Mar 2024 16:33

London close: Stocks rise as BoE keeps rates on hold

(Sharecast News) - London markets closed higher on Thursday, sustaining gains after the Bank of England adhered to expectations by maintaining interest rates at a 16-year high.

Read more
21 Mar 2024 13:24

Moneysupermarket.com hires chair designate as part of succession plan

(Alliance News) - Moneysupermarket.com Group PLC on Thursday announced the appointment of its new chair designate as an independent non-executive director.

Read more
21 Mar 2024 12:19

LONDON MARKET MIDDAY: Stocks boosted as BoE keeps rates unchanged

(Alliance News) - Stock prices in London were higher at midday Thursday, after the Bank of England left interest rates unchanged, in a vote which remained split.

Read more
21 Mar 2024 09:20

TOP NEWS: Next celebrates record year as profit beats expectations

(Alliance News) - Next PLC on Thursday maintained its sales and profit guidance for the coming financial year after reporting record figures last year.

Read more
21 Mar 2024 08:59

LONDON MARKET OPEN: New York rally extends to London ahead of BoE

(Alliance News) - Stock prices in London opened higher on Thursday, following in New York's footsteps.

Read more
21 Mar 2024 07:52

LONDON BRIEFING: Stocks called up thanks to New York rally

(Alliance News) - Stocks in London are to open higher on Thursday, after a global equity market rally following the latest interest rate call from the US Federal Reserve.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.