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Next Shares Rise as Sales Better Than Expected

Sam Boughedda
Sam Boughedda trader
Updated 2 Nov 2022

Buy Next Shares Your Capital Is At Risk

Key points:

  • Next said sales in the 13 weeks to October 29 were better than expected
  • The clothing retailer maintained full-year guidance
  • Next shares are up over 2% Wednesday

Next PLC (LON: NXT) shares rose Wednesday after the company reported a trading update, maintaining full-year guidance.

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The clothing retailer told investors in its third-quarter trading statement that it expects full-year profit before tax at £840m, up +2.1% compared to last year, resulting in earnings per share of 554.5p, representing a 4.5%increase year-over-year.

The company’s previous guidance for full-price sales for the rest of the year to be down 2% compared to last year was also maintained.

NXT Share Price Chart
Next PLC Daily Chart – Source: IG.com

Also Read: The Best Clothing Stocks to Buy

Next also said that in the thirteen weeks to October 29, full-price sales rose 0.4% versus last year, slightly ahead of the company’s expectations.

Meanwhile, Next’s full-price sales in the last five weeks have increased by 1.4%, with the company saying the metric was boosted by one particularly strong week at the end of September when temperatures fell, and sales of heavier weight products improved as people prepared for a further decline in temperatures.

The relatively positive statement from the company has seen its shares rise early Wednesday. It hit a high of 5,148p per share at the open. At the time of writing, it is up 2.28% at 5,076p per share, although still down over 38% in 2022.

Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.