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| Next records sales rise in runup to Christmas | |
| (about 9 hours later) | |
| Next nudged its full-year profit forecast higher on Thursday as it reported a rise in sales in the runup 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 to make a pre-tax profit of £611m-£625m for the year to the end of January 2013. 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 period from 1 November to 24 December. | 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 500-plus 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. | |
| Next forecast earnings per share growth for 2012-13 of 14-17%, partly reflecting £241m of share purchases. 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. |