The Lemon Fool

Bouleversee wrote:

dealtn wrote:

Bouleversee wrote:Thanks for that, dealtn. No time to read all those pages and probably wouldn't mean much to me anyway. I might get around to seeing what was said about dividends, however.

Well you need to get down to page 47 of 49 before the Appendices, maybe a reflection on the importance it places on them.

"Last year we did not pay any dividends in order to help secure the finances of the business during the pandemic. In the light of this year’s anticipated cash flow and the strength of our balance sheet, the Board declared a special dividend in July of 110p per share, which was paid on 3 September 2021.
The Company remains committed to its long term policy of returning surplus cash, that cannot be profitably invested in the business, to shareholders. It is our intention to distribute any remaining surplus cash generated this year as a second special dividend at the end of January 2022. Any further
dividends will be announced in our Christmas Trading Statement on Thursday 6 January 2022. We currently plan to return to ordinary dividends in the year to January 2023."

Sounds to me they envisage plenty of opportunities for profitable investing in the business on behalf of shareholders which is, of course, excellent news!

Which IIRC is what they said last time. Thanks for saving me the bother.

HEADLINES

Full price sales in the thirteen weeks to 30 October were up +17.0% versus two years ago.

Full price sales in the last five weeks, since the update given in our Half Year Results issued in September, were up +14.0%. This is better than our forecast of +10%.

We are maintaining our Q4 full price sales guidance at +10% and full year profit before tax at £800m.

SUMMARY
● In the eight weeks to 25 December full price sales were up +20.0% versus two years ago. This was £70m ahead of our previous guidance for the period.
● We have increased our full year profit before tax guidance by +£22m to £822m which would be up +9.8% versus two years ago.
● Our initial guidance for the year ending January 2023 is for full price sales to be up +7.0% versus the current year (year ending January 2022). We estimate that profit before tax will be up +4.6% at £860m.
● The Board is declaring a further special dividend of 160p per share to be paid at the end of January 2022. We intend to return to our pre-pandemic ordinary dividend cycle in the year ahead.

OVERVIEW
Sales in the first half of the year have been dominated by a sharp reversal of last year's lockdown trends. Sales in Retail stores recovered, while Online growth appears to have reverted back to its longer term trajectory. Many product trends have also returned to pre-pandemic norms. Lockdown winners such as Home and sportswear retreated, while formalwear returned to favour. As anticipated, Online returns rates and surplus stock also reverted to pre-lockdown levels.

HEADLINES
● Q2 full price sales 1 up +5.0% 2 versus last year, £50m ahead of our previous guidance.

● Full price sales guidance for the second half maintained at +1.0%.

● Full year profit guidance increased by +£10m to £860m (+4.5% versus last year).

● Earnings Per Share (EPS) guidance increased to +7.2% versus last year.

HEADLINES

Performance in the Six Months to July 2022
● Brand full price sales1 up +12.4% versus 2021 (and +22.3% against 2019).
● Profit before tax of £401m, up +16% versus 2021 (and +22% against 2019).
Guidance for the Full Year to January 2023
● August trade was below our expectations and cost of living pressures are set to rise in the
coming months. Sales in September have improved, and we may see benefits from recent
Government measures. It is a very difficult call but, on balance, we have decided to reduce
our forecast for full price sales in the second half from +1% to -1.5% versus last year.
● We have reduced our profit guidance for the full year from £860m to £840m, up +2.1% on
last year.
● Earnings Per Share, assuming the recently announced change in UK corporation tax rate is
enacted before the year end, is forecast to be 545.1p2
, up +2.7% versus 2021.

And later;

Dividends

It is intended that this year’s ordinary interim dividend of 66p per share will be paid to shareholders on 3
January 2023. NEXT plc shares will trade ex-dividend from 1 December 2022 and the record date will be
2 December 2022.

· In the thirteen weeks to 29 October full price sales 1 were up +0.4% 2 versus last year. This was slightly ahead of our expectations.

· We are maintaining our guidance for full year profit before tax at £840m, up +2.1% versus last year. Based on this profit guidance, Earnings Per Share of 554.5p would be up +4.5% versus last year.

The Company announces that it has agreed to acquire the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for consideration of £3.4m.

idpickering wrote:Acquisition.

The Company announces that it has agreed to acquire the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for consideration of £3.4m.

https://www.investegate.co.uk/next-plc- ... 13528278F/

Ian.

simoan wrote:

idpickering wrote:Acquisition.

The Company announces that it has agreed to acquire the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for consideration of £3.4m.

https://www.investegate.co.uk/next-plc- ... 13528278F/

Ian.

Looks a cute piece of business. Very cheap for a known brand that plays into a younger market segment for home furnishings.

idpickering wrote:
Indeed. My Wife is a big fan of Next, and has often urged me to buy some of their shares. Thus far I've resisted.

Ian.

simoan wrote:Along with Burberry it’s the only retailer I own! Was happy to top up my holding after the stupid post result sell off. A quality company with top quality management.

SUMMARY

Sales in the Christmas period have been better than we anticipated.

In the nine weeks to 30 December full price sales1 were up +4.8% versus last year. This was c.£66m better than our previous guidance of -2.0% for the period.

We have increased our full year profit before tax guidance by £20m to £860m, up +4.5% versus last year.

Based on this profit guidance, Earnings Per Share (EPS) would be 567.2p, up +6.9% versus last year.

We remain cautious in our outlook for the year ahead. Initial guidance for the year ending January 2024 is for full price sales to be down -1.5% and profit before tax to be £795m, down -7.6% versus the current year.

NEXT plc's preliminary results for the year ending January 2023 have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

The results are also available at http://www.rns-pdf.londonstockexchange. ... 3-3-28.pdf and on the NEXT corporate website http://www.nextplc.co.uk .

idpickering wrote:NEXT plc Results for the Year Ending January 2023.

NEXT plc's preliminary results for the year ending January 2023 have been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

The results are also available at http://www.rns-pdf.londonstockexchange. ... 3-3-28.pdf and on the NEXT corporate website http://www.nextplc.co.uk .

https://www.investegate.co.uk/next-plc- ... 00055451U/

Ian (No holding).

HEADLINES
● In the thirteen weeks to 29 April full price sales1 were down -0.7% versus last year, moderately ahead of our guidance for this period, which was to be down -2%.

● We are maintaining our sales and profit guidance for the full year, with profit before tax forecast to be £795m and Earnings Per Share (EPS) of 501.9p.

1 Full price sales are VAT exclusive sales (including the full value of commission based sales), less items sold in Sale events and Clearance. They also exclude Joules sales and sales through Total Platform. Full price sales are not statutory sales.

. Trading in the last seven weeks has been materially better than the guidance we issued in May and we are updating the market accordingly.

· Full price sales1 in the first seven weeks of the second quarter were up +9.3% versus last year. This compares to our guidance of -5%. In the period, we have beaten our full price sales estimates by £93m.

· We are upgrading our full price sales guidance for the full year by £137m and our full year profit guidance by £40m to £835m.