Friday, 3 January 2014

NEXT Trading Update

NEXT is the UKs second largest clothing retailer. In an update earlier today, they reported that sales in the fourth quarter have been significantly ahead of our expectations. Total sales are up 11.9% compared to the same period last year with their online operation NEXT Directory up 21%.

As a result, they have revised their guidance for the full years profits increase to between 10% and 12.6% (up from 4.6 - 8.6%).

These trading figures have been well received by the market with the share price up over 10% at £60.50 by early afternoon.

In addition, the Company will be returning £75m to shareholders by way of a 50p per share special dividend payable in early February. Subject to the level of the share price, there may be further special dividends later in the year.

Full year results are due 20th March.

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