Next (NXT)

Sector:

Retailers

Index:

FTSE 100

9,866.00p
   
  • Change Today:
      80.00p
  • 52 Week High: 10,515.00p
  • 52 Week Low: 6,816.00p
  • Currency: UK Pounds
  • Shares Issued: 125.55m
  • Volume: 300,621
  • Market Cap: £12,386m
  • RiskGrade: 153

Next raises profit guidance after strong first half

By Josh White

Date: Thursday 01 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Next raised its profit guidance for the full year by £20m to £980m on Thursday, representing a 6.7% increase compared to last year, following a robust sales performance in the first half.
The FTSE 100 high-street retailer reported that full-price sales in the second quarter were up 3.2% year-on-year, exceeding expectations by £42m.

That was particularly notable given the exceptional summer weather last year, which had led to a forecasted decline of 0.3% for the second quarter.

For the half-year, full-price sales rose by 4.4% compared to the same period last year, surpassing the company's guidance of a 2.5% increase.

Total group sales, which include markdowns, subsidiaries, and investments, grew 8% in the half.

The growth was bolstered by the acquisition of FatFace and an increased shareholding in Reiss, both of which were finalised in the third quarter of last year.

Next put its profit upgrade down to additional sales contributing £11m and cost savings of £9m, primarily in logistics.

Full-price sales in the UK, combining online and retail, were slightly above expectations, rising by 0.4%.

Overseas online sales significantly outperformed, with a 21.9% increase.

Next also reported a return to more typical levels of surplus stock for its end-of-season sale, following a particularly low surplus last year.

The surplus stock was up 21% compared to last year but remained 5% below the levels from two years ago, with clearance rates aligning with internal forecasts.

Looking ahead, Next maintained its guidance for second-half full-price sales to rise by 2.5% year-on-year.

That forecast, although appearing cautious compared to the first half's 4.4% growth, was consistent with growth figures from two years ago.

The company said it expected total group sales for the full year to increase by 6.0%, with a 3.4% rise in Next trading full-price sales, augmented by the contributions from recent acquisitions.

Next said it would announce its interim results for the first half on 19 September.

At 0912 BST, shares in Next were up 8.22% at 9,824p.

Reporting by Josh White for Sharecast.com.

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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 9,866.00p
Change Today 80.00p
% Change 0.82 %
52 Week High 10,515.00p
52 Week Low 6,816.00p
Volume 300,621
Shares Issued 125.55m
Market Cap £12,386m
RiskGrade 153

Next Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
78.31% below the market average78.31% below the market average78.31% below the market average78.31% below the market average78.31% below the market average
76.19% below the sector average76.19% below the sector average76.19% below the sector average76.19% below the sector average76.19% below the sector average
Price Trend
81.01% above the market average81.01% above the market average81.01% above the market average81.01% above the market average81.01% above the market average
71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average
Income
18.74% below the market average18.74% below the market average18.74% below the market average18.74% below the market average18.74% below the market average
10.00% above the sector average10.00% above the sector average10.00% above the sector average10.00% above the sector average10.00% above the sector average
Growth
51.79% above the market average51.79% above the market average51.79% above the market average51.79% above the market average51.79% above the market average
76.19% above the sector average76.19% above the sector average76.19% above the sector average76.19% above the sector average76.19% above the sector average

What The Brokers Say

Strong Buy 2
Buy 4
Neutral 11
Sell 1
Strong Sell 1
Total 19
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Next Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Dec-24 04-Jul-24
Paid 03-Jan-25 01-Aug-24
Amount 75.00p 141.00p

Trades for 03-Oct-2024

Time Volume / Share Price
16:22 0 @ 9,864.00p
16:35 130,681 @ 9,866.00p
16:35 42 @ 9,866.00p
16:35 819 @ 9,866.00p
16:35 1,120 @ 9,866.00p

Next Key Personnel

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

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