Next PLC Trading Statement (0537O)
02 November 2016 - 6:00PM
UK Regulatory
TIDMNXT
RNS Number : 0537O
Next PLC
02 November 2016
Date: Embargoed until 07.00hrs, Wednesday 2
November 2016
Contacts: Lord Wolfson, Chief Executive
Amanda James, Finance Director (analyst
calls)
NEXT PLC Tel: 0333 777
8888
Alistair Mackinnon-Musson Email: next@rowbellpr.com
Rowbell PR Tel: 020 7717
5239
Photographs: http://press.next.co.uk/media/company-images/campaignimages.aspx
NEXT plc
Trading Statement - 2 November 2016
SALES FOR THE YEAR TO 31 OCTOBER 2016
Sales Year to Date
Total sales including markdown sales, for the year to date, are
up +0.4% on last year. Markdown sales have grown faster than full
price sales due to a much larger end-of-season Sale in July. Full
price sales for the year to date are - 1.5% on last year.
Sales for the Third Quarter
In September we gave guidance that trading in the third quarter
would be difficult. In August full price sales were subdued
following the much larger end-of-season Sale in July, and in
September we traded against our best month last year. October sales
improved significantly, as comparative weeks last year became less
challenging. The bar graph below shows the percentage year on year
change in full price sales, by month for the third quarter.
Click or paste the following link into your web browser to view
the chart titled '2016 Full Price Sales Growth by Month vs 2015'
Refer to page 1 for the relevant chart.
http://www.rns-pdf.londonstockexchange.com/rns/0537O_-2016-11-1.pdf
Summary
The table below sets out full price sales for the third quarter
and year to date for Retail and Directory.
Full Price Sales Third Quarter Year
(VAT exclusive) to 31 Oct to Date
===================== ============== =========
NEXT Retail - 5.9% - 4.7%
NEXT Directory 0.0% +3.2%
============== =========
NEXT Total - 3.5% - 1.5%
Of which sales from
new space +1.3% +1.4%
FULL PRICE SALES AND PROFIT GUIDANCE FOR THE FULL YEAR
We have narrowed our sales guidance to -1.75% to +1.25%, this
compares to our previous range of -2.5% to +2.5%. The mid-point of
our new sales range is marginally lower than previous guidance.
However, cost savings have also been better than expected, so our
central profit forecast (as set out in our September report and
presentation) remains unchanged at GBP805m(1) .
The table below sets out our revised sales range for the full
year. This results in a profit range of GBP785m to GBP825m. This
corresponds to growth in Earnings Per Share of between -1.3% to
+3.7%.
Guidance Estimates New Guidance Previous Guidance
Full Year to January Lower Upper Lower Upper
2017 (52 v 52 week basis)
============================ ======== ======== ========= =========
Total full price NEXT
sales v LY - 1.75% +1.25% - 2.5% +2.5%
Group profit before tax GBP785m GBP825m GBP775m GBP845m
Group profit before tax
v LY - 4.4% +0.5% - 5.6% +2.9%
Earnings Per Share v
LY (2) - 1.3% +3.7% - 2.5% +6.3%
============================ ======== ======== ========= =========
CHRISTMAS TRADING STATEMENT
We intend to issue our usual sales update for the period to 24
December 2016 on Wednesday 4 January 2017.
Forward Looking Statements
Certain statements in this Trading Update are forward looking
statements. These statements may contain the words "anticipate",
"believe", "intend", "aim", "expects", "will", or words of similar
meaning. By their nature, forward looking statements involve risks,
uncertainties or assumptions that could cause actual results or
events to differ materially from those expressed or implied by
those statements. As such, undue reliance should not be placed on
forward looking statements. Except as required by applicable law or
regulation, NEXT plc disclaims any obligation or undertaking to
update these statements to reflect events occurring after the date
these statements were published.
(1) See Half year results (July 2016) analyst slides on our
website: Profit Scenario 2016/17 (e), slide number 56 - Link
here
(2) The EPS calculation assumes total share buybacks this year
of GBP188m, which have already been completed.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 02, 2016 03:00 ET (07:00 GMT)
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