Tag Archives: next

Next sales on target as online business outperforms

Total sales at the clothes retailer between 1 August and 24 December rose 3.1% compared with a year earlier, ignoring the effect of rising VAT.Next Directory sales grew 16.9%.
But its High Street business, which sees some two-thirds of sales, recorded a 2.7% fall, sending Next’s share price 4.3% lower in early London trading.Next has seen its share price rise 39% over the past 12 months, easily outperforming a 5% fall in the broader FTSE 100 index.Shares in some other big retailers also fell in the wake of Next’s announcement, which was the first trading update of the year from a major High Street chain.

Home Retail Group – owner of Homebase and Argos – dropped 4.7%, while car accessories chain Halfords was down 3%.
Profit margins
Next reconfirmed its full-year profits forecast at £565m, narrowing the range to plus-or-minus £7m.
The total sales growth figure of 3.1% was in the middle of its previous guidance of 2.5% to 4%, despite the “slightly disappointing” numbers from its 500 stores.

Next expressed uncertainty in its statement as to why the High Street performance had been so weak, particularly considering that last year’s sales had been hurt by cold weather.One possibility cited in its statement was its long-standing policy of not cutting the price of its products in the run-up to Christmas.

“Next’s own admission of disappointment is a setback to its hitherto robust growth story,” said Richard Hunter, head of equities at brokerage Hargreaves Lansdown.

“The fact that the company did not discount its products in the approach to Christmas may have been a factor, whilst the more general consumer malaise has yet to be corroborated by updates from its rivals.

“In addition, higher sales do not necessarily translate to higher profits, so the fact that the company has been able to maintain operating margins may yet play into its hands.”

Richard Perks, analyst at research firm Mintel, confirmed this view.

“These figures from Next are really pretty good I think,” he told the BBC.

“OK, Next may be – in sales terms – held back by the fact that it wasn’t discounting, but in profit terms it will be a lot better off.”

Mr Perks said he was optimistic about retail sales across the UK – predicting a 4% rise in December.

“People are reluctant to cut back any more on retail, and are cutting back elsewhere, particularly on leisure,” although he added that the rising cost of food was still crimping spending.

Next said it was cautiously optimistic about its end of season sales – which began after the end of its latest reporting period – and expected results to be slightly ahead of budget.

The retailer said it expected sales this year to be helped by a probable freeze in the price of its products.

It forecast generating £200m surplus cash in the year ahead, which it said it would return to shareholders via share buybacks.

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Hulkenberg replaces Sutil at Force India

Nico Hulkenberg is determined to make the most of his second chance in Formula One after being given one of Force India’s two race seats for 2012.

The 25-year-old will replace fellow German driver Adrian Sutil, who departs after six years at the UK-based team.

Hulkenberg was Force India’s reserve driver this year behind Sutil and Scottish rookie Paul di Resta, who will retain his seat after finishing 13th overall with 27 points in his debut season.

“It wasn’t easy to watch from the sidelines this season, but I did my best to help the team and show what I was capable of,” said Hulkenberg, who was released by Williams in 2010 despite earning his maiden pole position in his rookie season.
I’m extremely motivated for 2012 and would like to thank everyone for believing in me and giving me this chance. I’m keen to get down to work over the winter to develop our new car and help the team build on this year’s achievements. The first test in Jerez can’t come soon enough.”

The 28-year-old Sutil’s future is uncertain despite finishing ninth overall with 42 points. The only teams with seats available are Williams and HRT.

“Our new line-up means we say ‘goodbye’ to Adrian Sutil, who has been with the team since we entered the sport,” said Force India boss Vijay Mallya.

“He has been an integral part of our success over the past four seasons and we wish him well for the future.”

Di Resta hopes to build on his promising first season.

“I’m really excited about 2012 and there is a real sense of belief that we can continue to push the top teams and take another step forward,” the 25-year-old said.

“I’d also like to thank the team for all their hard work this year and for all the support they’ve given me. I’ll take some time out over the next few weeks to recharge my batteries and hopefully come back even stronger in 2012.”

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