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Next (NXT)

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idpickering
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Next (NXT)

#260962

Postby idpickering » October 30th, 2019, 7:46 am

Trading Statement;


SUMMARY

· Q3 full price sales up +2.0% on last year, slightly ahead of guidance given in September

· Year to date, full price sales up +3.5% on last year

· Full year full price sales guidance maintained at +3.6%

· Full year profit guidance maintained at £725m (+0.3% on last year)


https://www.investegate.co.uk/next-plc- ... 00025396R/

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Re: Next (NXT)

#274740

Postby idpickering » January 3rd, 2020, 7:10 am

Trading Statement - 3 January 2020

SUMMARY


· Q4 full price sales1 to 28 December up +5.2%, which was +1.1% ahead of our internal forecast


· Year to date, full price sales up +3.9% on last year


· Full year profit guidance increased by £2m to £727m2. This would represent an increase of +0.6% on last year and Earnings Per Share (EPS) growth of +5.4%


· Looking ahead, initial guidance for the year ending January 2021 is for full price sales to be up +3.0%, profit up +1.0%, EPS growth of +3.5%


https://www.investegate.co.uk/next-plc- ... 00046180Y/

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Re: Next (NXT)

#274848

Postby PinkDalek » January 3rd, 2020, 1:37 pm


idpickering
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Re: Next (NXT)

#292177

Postby idpickering » March 19th, 2020, 7:16 am

Results for the Year Ending January 2020

Here; https://www.investegate.co.uk/next-plc- ... 00077259G/

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Re: Next (NXT)

#292179

Postby Dod101 » March 19th, 2020, 7:24 am

idpickering wrote:Results for the Year Ending January 2020

Here; https://www.investegate.co.uk/next-plc- ... 00077259G/


Thanks Ian. It should be noted that they are not proposing a Final Dividend but proposing to declare another interinm dividend in June when the position should be clearer. Another straw in the wind?

Dod

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Re: Next (NXT)

#292315

Postby dealtn » March 19th, 2020, 12:22 pm

Yet again one of the best, if not THE best, of investor releases to the market. All the info, and background to the Board's thinking you could want.

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Re: Next (NXT)

#294642

Postby idpickering » March 27th, 2020, 7:04 am

NEXT PLC - UPDATE ON OPERATIONS

NEXT has listened very carefully to its colleagues working in Warehousing and Distribution Operations to fulfil Online orders. It is clear that many increasingly feel they should be at home in the current climate.

NEXT has therefore taken the difficult decision to temporarily close its Online, Warehousing and Distribution Operations from this evening, Thursday 26 March 2020. NEXT will not be taking any more Online orders after this time until further notice.


https://www.investegate.co.uk/next-plc- ... 00047900H/

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Re: Next (NXT)

#341169

Postby dealtn » September 18th, 2020, 10:52 am

Yet another superb market update from this company. That's before reading its content. They really do set the standard for information to shareholders. If only other companies followed their lead. The commitment and honesty from the Board give great confidence they are truly interested and diligent in how they run things. I recommend you read it in full, despite it being an "opus".

https://www.investegate.co.uk/next-plc- ... 00052805Z/

I can't put it better than the company itself.

"This is a long document: the way the different parts of the business have performed through lockdown, the emerging shape of the Company's finances, the lessons we have learnt over the last few months and the new businesses we are developing all require careful explanation. For those without the time to read the whole report, the 10 page summary starting on page 4 attempts to summarise the main themes and facts within the report.

Our motive for giving such a comprehensive view of the Company's performance and plans goes beyond the primary task of keeping shareholders informed. The more clarity we give about the state of the Company's sales, finances and prospects, the better we ourselves understand the business. The more precise and coherent we are in explaining our objectives and plans, the more likely it is that we will succeed in implementing them - and execution is ninety per cent of the battle! So, our six-monthly reports have become more than just a means of communicating our performance, they are an intrinsic part of planning and leading the organisation."

Not only is the company performing better than it estimated it would throughout the pandemic that has affected retailing so much, it is honest in forecasting the future may well look less rosy than the current period (due to some existing benefits that may not last).

In amongst the detail are some interesting read offs to other sectors and businesses. Lease renewals are proceeding at an average 50% reduction, with a growing number of store leases transforming to "turnover" leases for instance.

Shares were up over 4% yesterday (some given back this morning on the open) to a comfortable post-Covid high.

idpickering
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Re: Next (NXT)

#351206

Postby idpickering » October 28th, 2020, 7:07 am

Trading Statement

HEADLINES

● Full price sales in the third quarter were better than we anticipated and were up +2.8% against last year. Total sales (including markdown sales) were up +1.4%.

● Full year profit before tax, based on our new central sales scenario, is now forecast at £365m1, £65m higher than the central scenario given in September.

● Year end net debt is forecast to reduce by £4 87m to £625m.

1 Profit before tax is quoted on a 52-week basis. The financial information presented in this document does not reflect the impact of IFRS 16 Leases.


https://www.investegate.co.uk/next-plc- ... 00044033D/

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Re: Next (NXT)

#351326

Postby dealtn » October 28th, 2020, 12:53 pm

More importantly the forward looking guidance is interesting.

Sales, Profits and Cash scenarios. Store Closures. Second Half and Full Year Full Price Sales Estimates. Profit Before Tax, Cash and Net Debt. Brexit preparations.

All sections on the Trading Update, to a much greater extent and depth than you would get from other companies.

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Re: Next (NXT)

#373234

Postby idpickering » January 5th, 2021, 7:14 am

Trading Statement

HEADLINES

Full price sales in the nine weeks to 26 December were down -1.1% on last year and much better than our central guidance of -8%, given in our October Trading Statement.

After accounting for the benefit of better sales in November and December and anticipated losses from store closures in January, full year profit before tax is forecast to be £370m1 before two additional non-recurring items.

A non-recurring profit of +£12m from a 53rd week, along with an additional property provision of -£40m (see page 6), mean that total full year profit before tax is forecast to be £342m.

Year end net debt is forecast to reduce by £487m to £625m.

For the year ahead (2021/22) our central guidance, which assumes our Retail stores will be closed in February and March, is for profit before tax of £670m, based on full price sales being flat versus two years ago (i.e. 2019/20).


https://www.investegate.co.uk/next-plc- ... 00045226K/

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Re: Next (NXT)

#400731

Postby idpickering » April 1st, 2021, 7:11 am

Results for the Year Ending January 2021

● Full price sales2 down -15% on last year.

● Profit before tax of £342m3 and in line with guidance given in January.

● Year end net debt4 reduced by £502m to £610m.

2 Full price sales are Total sales excluding VAT, less items sold in our mid-season and end-of-season Sale events, our Clearance operations and through Total Platform. These are not statutory sales (refer to Note 2 of the financial statements).

3 Profit before tax of £342m is pre-IFRS 16, Leases. The financial information presented in pages 2 - 59 is that used by management to monitor and assess business performance. They are not statutory measures unless stated as such. A reconciliation to the statutory equivalents is provided in the Appendix on page 60.

And later, this;

ORDINARY DIVIDENDS AND SHARE BUYBACKS

In April last year we advised our shareholders that we would suspend all shareholder distributions until we had a better understanding of how the pandemic would impact the finances of the Group. Prior to that announcement, in early February 2020, we had bought back 279,639 shares for £19m.

The finances of the business have been very resilient and the Group's balance sheet is stronger now than at the start of the pandemic. However, there is still much uncertainty in the Retail sector and the wider UK economy. Rather than proposing a dividend at this time, the directors consider it sensible to wait and see how the business performs once the current lockdown comes to an end and COVID restrictions are lifted. In the long term we remain committed to paying dividends and returning surplus cash to our shareholders.

https://www.investegate.co.uk/next-plc- ... 00092694U/

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Re: Next (NXT)

#409717

Postby idpickering » May 6th, 2021, 7:07 am

Trading Statement

HEADLINES

·Full price sales in the thirteen weeks to 1 May were down -1.5% on two1 years ago. Our previous central guidance assumed that Q1 would be down -10% and we have beaten this Q1 forecast by £75m.

· We have increased our central guidance for full year profit before tax by +£20m to £720m2.

· This profit upgrade accounts for the £75m sales over-achievement in Q1. We have not raised our sales guidance for the rest of the year, which remains at +3% against two years ago.


https://www.investegate.co.uk/next-plc- ... 00036964X/

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Re: Next (NXT)

#409769

Postby dealtn » May 6th, 2021, 11:16 am

Like for Like comparisons are clearly going to be "messy" for many companies given the huge Covid effects between periods, and the lockdown distortions to "high street" and "online" (or bricks and clicks if you prefer). Next is a great company, but the one thing you can always be sure of is the huge detail they give in all their updates, and RNS generally. No secrets or surprises.

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Re: Next (NXT)

#429221

Postby idpickering » July 21st, 2021, 7:14 am

Trading Statement

HEADLINES

● Full price sales in the eleven weeks to 17 July were up +18.6% versus two years ago. Our previous central guidance assumed an increase of +3%.

● We have increased our full price sales guidance for the rest of the year from +3% to +6%.

● The Company has decided to repay £29m of business rates relief to the Government. This sum accounts for the period of time this year that our shops were not charged business rates but were open. This decision was taken after consulting major shareholders who, between them, account for around 30% of our shares in issue.

● We are increasing our central guidance for full year profit before tax by +£30m to £750m (pre-IFRS 16). This is towards the top of our previous guidance and accounts for (1) the profit from additional sales and (2) the cost of the unplanned repayment of business rates relief.

● For the full year, surplus cash1 is forecast to be £240m. We plan to distribute this cash to shareholders through special dividends during the current financial year, the first of which will be paid in September

And later;

Dividends

We remain committed to distributing surplus cash, that we cannot profitably invest in the business, to shareholders. As a result of the pandemic, last year we did not pay any dividends to our shareholders. In the light of this year's anticipated cash flow and the stability of our balance sheet, we now believe it is appropriate to restart dividend payments.

The Board has decided to declare a special dividend of 110p per share to be paid on 3 September 2021 to shareholders registered at the close of business on 13 August 2021. Shares will trade ex‐dividend from 12 August 2021. The total value of this special dividend is approximately £140m.

It is our intention to distribute the balance of surplus cash generated as a second special dividend at the end of January 2022 which, if paid, would be announced in our Christmas Trading Statement on Thursday 6 January.

It is our intention to return to ordinary dividends in the year to January 2023.



https://www.investegate.co.uk/next-plc- ... 00038988F/

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Re: Next (NXT)

#429235

Postby dealtn » July 21st, 2021, 9:19 am



Yet another great presentation of facts for investors to digest - why so may companies obfuscate and don't trust investors to such detail says a lot about the kind of management in place.

Upgrades, but modestly presented with assumptions of recent strong growth subsiding. That's great as those that follow the company will know this means a further likely "beat" in due course.

Strong cash flow allowing the repayment of maturing debt, with additional shareholder returns by way of a special dividend.

No surprise to see a 10% rise in the share price at this wonderful company.

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Re: Next (NXT)

#446189

Postby dealtn » September 29th, 2021, 10:04 am

Simply the best company I know of that is listed in terms of providing meaningful investor information.

The half year results are reported here

https://www.investegate.co.uk/next-plc- ... 00093023N/

So much detail they can't deliver it by RNS pointing you to 77 pages of relevant business information.

Sit back and take the time to digest

https://www.rns-pdf.londonstockexchange ... 1-9-28.pdf

For those that would rather not understand the business, or for holders that are content to leave the managers to run their investment the 4 word summary should be sufficient.

"... materially exceeding our expectations ..."

Unsurprisingly the market likes it with the shares up and at all time highs.

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Re: Next (NXT)

#446256

Postby Bouleversee » September 29th, 2021, 12:37 pm

Thanks for that, dealtn. No time to read all those pages and probably wouldn't mean much to me anyway. I might get around to seeing what was said about dividends, however. Next is one of my holdings whose management I trust and have confidence in and their forecast is good enough for me. Other Lemons like me might like to read the slightly amplified comment in ADVFN's morning markets bulletin:

"Fashion retailer Next advanced after it raised full-year guidance as it reported a rise in interim profits and sales as stores reopened from Covid pandemic lockdowns.

The company forecast pre-tax profit of £800m, up 6.9% from 2019 and £36m ahead of previous guidance of £764m. Full price sales for the rest of the year were expected to be 10% higher from 2019."

S,p. up almost 3.1% a.t.m.

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Re: Next (NXT)

#446276

Postby dealtn » September 29th, 2021, 1:48 pm

Bouleversee wrote:Thanks for that, dealtn. No time to read all those pages and probably wouldn't mean much to me anyway. I might get around to seeing what was said about dividends, however.


Well you need to get down to page 47 of 49 before the Appendices, maybe a reflection on the importance it places on them.

"Last year we did not pay any dividends in order to help secure the finances of the business during the pandemic. In the light of this year’s anticipated cash flow and the strength of our balance sheet, the Board declared a special dividend in July of 110p per share, which was paid on 3 September 2021.
The Company remains committed to its long term policy of returning surplus cash, that cannot be profitably invested in the business, to shareholders. It is our intention to distribute any remaining surplus cash generated this year as a second special dividend at the end of January 2022. Any further
dividends will be announced in our Christmas Trading Statement on Thursday 6 January 2022. We currently plan to return to ordinary dividends in the year to January 2023."

Sounds to me they envisage plenty of opportunities for profitable investing in the business on behalf of shareholders which is, of course, excellent news!

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Re: Next (NXT)

#446279

Postby Bouleversee » September 29th, 2021, 1:57 pm

dealtn wrote:
Bouleversee wrote:Thanks for that, dealtn. No time to read all those pages and probably wouldn't mean much to me anyway. I might get around to seeing what was said about dividends, however.


Well you need to get down to page 47 of 49 before the Appendices, maybe a reflection on the importance it places on them.

"Last year we did not pay any dividends in order to help secure the finances of the business during the pandemic. In the light of this year’s anticipated cash flow and the strength of our balance sheet, the Board declared a special dividend in July of 110p per share, which was paid on 3 September 2021.
The Company remains committed to its long term policy of returning surplus cash, that cannot be profitably invested in the business, to shareholders. It is our intention to distribute any remaining surplus cash generated this year as a second special dividend at the end of January 2022. Any further
dividends will be announced in our Christmas Trading Statement on Thursday 6 January 2022. We currently plan to return to ordinary dividends in the year to January 2023."

Sounds to me they envisage plenty of opportunities for profitable investing in the business on behalf of shareholders which is, of course, excellent news!

Which IIRC is what they said last time. Thanks for saving me the bother.


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