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Next Shares Rise After Q3 Sales Beat Company Expectations

By Scott Kanowsky 

Investing.com -- Next (LON:NXT) reported a better-than-expected uptick in revenue in the third quarter thanks to a September jump in demand for bulkier items that helped offset a slide in digital sales.

The U.K. fashion retailer posted a 0.4% year-on-year increase in total full-price sales plus interest income in the thirteen week period to October 29, beating company-compiled estimates.

Much of this beat was fuelled by an 11% surge in sales in the final week of September, when a cold snap boosted demand for pricier heavier weight products. Full-price sales in the last five weeks have also risen by 1.4%.

However, online sales dropped by 1.9%.

Shares in Next climbed in early trading on Wednesday.

The company also backed its 2022 income guidance, which it previously pared back earlier this year.

Next estimated that full-year pre-tax profit will come in at £840M, translating to earnings per share of 554.5p. But full-price sales are still seen dipping over the rest of the year, with the figure estimated to contract by 2% on an annualized basis in the fourth quarter.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.