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Next sees sales rise in run-up to Christmas Next sees sales rise in run-up to Christmas
(35 minutes later)
Next nudged its full-year profit forecast higher on Thursday as it reported a rise in sales in the run-up to Christmas along with better margins. Next nudged its full-year profit forecast higher on Thursday as it reported a rise in sales in the run-up to Christmas, along with better margins.
Kicking off the post-Christmas UK retail reporting season for listed companies, Next, which has a long-standing policy of never going on sale before Christmas, said it expected a year to end-January 2013 pre-tax profit of £611m - £625m. Kicking off the post-Christmas UK retail reporting season for listed companies, Next, which has a long-standing policy of never going on sale before Christmas, said it expected to make a pre-tax profit of £611m-£625m for the year to the end of January 2013.
Its previous guidance was £590-620m. Its previous guidance was £590m-620m.
"Although sales have been in line with our expectations, cost control measures, markdowns and gross margins have all been slightly better than expected," the firm said."Although sales have been in line with our expectations, cost control measures, markdowns and gross margins have all been slightly better than expected," the firm said.
With Britain facing the prospect of a triple-dip recession, many retailers have been finding the going tough as consumers fret over job security and a squeeze on incomes.With Britain facing the prospect of a triple-dip recession, many retailers have been finding the going tough as consumers fret over job security and a squeeze on incomes.
Next has generally defied the gloom, helped by its strong online offer, a constant stream of new store openings and diversification into home wares and overseas markets.Next has generally defied the gloom, helped by its strong online offer, a constant stream of new store openings and diversification into home wares and overseas markets.
Next said total sales, excluding VAT, rose 3.9% in the 1 November to 24 December period. Next said total sales, excluding VAT, rose 3.9% in the period from 1 November to 24 December.
That compares with an increase of 2.7% in its third quarter, giving a year-to-date rise of 3.9% - in line with guidance of 3-to-4.5%. That compares with an increase of 2.7% in its third quarter, giving a year-to-date rise of 3.9% – in line with guidance of 3-to-4.5%.
Sales at Next's over 500 stores in the UK and Ireland rose 0.8 % in the November- December period while sales at the Directory home shopping business increased 11.2 %. Sales at Next's over 500 stores in the UK and Ireland rose 0.8 % in the November to December period while sales at the Directory home shopping business increased 11.2 %.
The firm said its post-Christmas sale had started well.The firm said its post-Christmas sale had started well.
Next forecast earnings per share growth for the 2012-13 year of 14-17%, partly reflecting £241m of share purchases. Next forecast earnings per share growth for 2012-13 of 14-17%, partly reflecting £241m of share purchases.
For the 2013-14 year the firm guided to sales growth of 1.5-4.0 %, with profit up in line with sales and a further £250m of share buy backs. For 2013-14 the firm guided to sales growth of 1.5-4.0 %, with profit up in line with sales and a further £250m of share buybacks.
"We think it is unlikely there will be any dramatic change in the consumer environment in the year ahead," it added."We think it is unlikely there will be any dramatic change in the consumer environment in the year ahead," it added.
Shares in Next, up 38 % over the last year, closed Wednesday at 3,772 pence, valuing the business at £6.08bn.Shares in Next, up 38 % over the last year, closed Wednesday at 3,772 pence, valuing the business at £6.08bn.