Next shares jump on well-received Christmas trading update
In 2019, Next expects full price sales growth of 1.7% but estimates profit will fall 1%
Company
LON:NXT
Next plc is a United Kingdom-based retailer offering products in clothing, footwear, accessories and home products
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In 2019, Next expects full price sales growth of 1.7% but estimates profit will fall 1%
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The UK blue-chip benchmark finished around 41 points lower at 6,692
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The clothing retailer is the first of a deluge of updates from the sector expected over the next few weeks, with many forecasting a sharp downturn for the traditionally busy trading period
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There will be some key data from the US and UK at the start of the new year, and Christmas retail trading news will be a dominant focus notably from Next PLC
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The FTSE 100 recovered in afternoon trading and closed up six points at 6,734
On January 10, we’ll find out just how kind or terribly unforgiving the market has been to Marks & Spencer - it will also represent a key make-or-break milestone for its chief executive Steve Rowe
"This year’s Boxing Day bonanza could be no more than a wicked bear trap set to lure investors into more trouble.”
At the 12.30pm close, the UK blue chip index was down 35 points at 6,685, just bouncing off the late session low of 6,661.04, with Friday’s 9 point Santa rally proving a false dawn
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There will be some key data from the US and UK at the start of the new year, and Christmas retail trading news will be a dominant focus notably from Next PLC
In a note to investors, titled a “Messy Xmas”, Jefferies maintained a ‘hold’ rating on Next but cut its target price to 4,600p from 5,600p.
Investments and investor services
At the close, the UK blue-chip index was 9.24 points higher at 6,721.17 just below the late session peak of 6,733.00 and well above the early low of 6,653.65
With consumer confidence at its lowest ebb for almost a year, just what is in store for M&S
The AIM 100 retailer took a battering on Monday morning after a downgraded set of forecasts caused its shares to shed over a third of their value
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At the close, the FTSE 100 was down 71.93 points, or 1.1% at 6,773.24, just above the session low of 6,761.37 and well below the early high of 6,845.17.
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Footsie closed down 217 points today to 6,704, with 7,000 now seemingly a distant memory. .
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Ted Baker and DS Smith are likely to be the highlights of Thursday's schedule.
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Ted Baker PLC and Joules PLC will fly the fashion flag, while Berkeley Group PLC will provide the mortar on a fairly quiet corporate diary at the start of December
HSBC raised its recommendation on Next to ‘buy’ from ‘hold’ and lifted its target price to 6,050p from 5,700p.
The FTSE 100 clothing retailer said the profits from any sales of the contested designs would be paid to Scamp & Dude, who in turn would donate the proceeds to charity
First-placed Marks and Spencer will be looking over its shoulder very soon as well