Next (NXT)

Sector:

Retailers

Index:

FTSE 100

9,232.00p
   
  • Change Today:
      44.00p
  • 52 Week High: 9,298.00
  • 52 Week Low: 6,346.00
  • Currency: UK Pounds
  • Shares Issued: 127.13m
  • Volume: 175,988
  • Market Cap: £11,736m
  • RiskGrade: 153

Next lifts FY profit guidance after better-than-expected Christmas sales

By Michele Maatouk

Date: Thursday 05 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Retailer Next lifted its full-year profit guidance on Thursday as it reported better-than-expected sales over the Christmas period, but struck a cautious note on the outlook for the year ahead.
In the nine weeks to 30 December, full price sales rose 4.8% versus last year. This was £66m ahead of the company's previous guidance of a 2% decline for the period. Next said both the online and retail segments exceeded its full price sales expectations, with retail "particularly strong".

"We think that we underestimated the negative effect Covid was having on our retail sales last year," it said. "We may have also underestimated the effect improved stock levels would have on both businesses (stock levels were exceptionally low last year as a result of widespread supply chain disruption)."

Next upgraded its full-year pre-tax profit guidance by £20m to £860m, up 4.5% on the year. Nevertheless, the group said it remains cautious in its outlook for the year ahead. Initial guidance for the year ending January 2024 is for full price sales to fall 1.5% and for pre-tax profit to decline 7.6% from the current year to £795m.

"Some might think this forecast is overly cautious in the context of our performance in the second half of this year," Next said. However, it believes that demand is likely to be dampened by inflation in essential goods, particularly energy, rising mortgage costs as consumers' fixed interest rate deals expire, and continued price inflation in its own products.

The retailer also said on Thursday that its end-of-season sale was progressing well and clearance rates are ahead of its expectations.

"Markdown stock and sales were much higher than last year, mainly as a result of the exceptionally low surplus stock levels last year," it said.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Next Market Data

Currency UK Pounds
Share Price 9,232.00p
Change Today 44.00p
% Change 0.48 %
52 Week High 9,298.00
52 Week Low 6,346.00
Volume 175,988
Shares Issued 127.13m
Market Cap £11,736m
RiskGrade 153

Next Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
76.59% below the market average76.59% below the market average76.59% below the market average76.59% below the market average76.59% below the market average
78.95% below the sector average78.95% below the sector average78.95% below the sector average78.95% below the sector average78.95% below the sector average
Price Trend
90.17% above the market average90.17% above the market average90.17% above the market average90.17% above the market average90.17% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
19.04% below the market average19.04% below the market average19.04% below the market average19.04% below the market average19.04% below the market average
44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average44.44% below the sector average
Growth
28.56% above the market average28.56% above the market average28.56% above the market average28.56% above the market average28.56% above the market average
65.00% above the sector average65.00% above the sector average65.00% above the sector average65.00% above the sector average65.00% above the sector average

What The Brokers Say

Strong Buy 2
Buy 4
Neutral 13
Sell 1
Strong Sell 1
Total 21
neutral
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Next Dividends

  Latest Previous
  Final Interim
Ex-Div 04-Jul-24 07-Dec-23
Paid 01-Aug-24 03-Jan-24
Amount 141.00p 66.00p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 6 @ 9,232.00p
16:35 126,222 @ 9,232.00p
16:35 1 @ 9,232.00p
16:35 109 @ 9,232.00p
16:35 47 @ 9,232.00p

Next Key Personnel

CEO Wolfson Aspley Guise
Finance Director Amanda James
Chair Michael J Roney

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