Next PLC (LSE:NXT), the clothing retailer whose shares soared to an all-time high this week, “pulled another rabbit out of the hat” after increasing international sales by more than 20% in the first half, said Deutsche Bank analysts.
According to Deutsche analysis, Next’s international sales contributed 75% of the total Next branded sales growth of £110 million in the first six months of 2024.
Next is on a trajectory to secure £1 billion of full-year profit before tax, said Deutsche, having increased PBT guidance by 2% following the interims.
Yet there is a sense that all of this growth is already priced in, especially following yesterday’s 8% rally.
Deutsche maintains a 'hold' rating with a price target of 9,500p against the 9,724p share price on Friday morning.