Home / Knowledge / News / Apparel/Garments / Next plc Q1'FY14 brand sales climb 10.8%
Next plc Q1'FY14 brand sales climb 10.8%
01
May '14
Next plc announces Interim Management Statement 30 April 2014.
 
Sales Performance to 26 April 2014
Next Brand sales for the first thirteen weeks of financial year were up 10.8%, of which 2.2% came from the opening of profitable new space.  NEXT Retail sales were up 8.8% and NEXT Directory was up 13.7%. 
 
Sales are currently ahead of the 4%-8% full year guidance the company gave in March and is increasing its sales guidance for the full year to 5.5%-9.5%. This new guidance might look conservative in the light of the first quarter's performance. However, company always expected the first quarter to show above average sales growth as the comparative period last year suffered from a particularly cold Spring and Easter Holiday period.
 
Special Dividend and Share Buyback Price Limit
At company’s results in March it sets out the way it would determine the maximum price at which the Company would buy back shares.  At that time, using a prospective profit before tax of £750m (which was the mid-point of our guidance range), its share price limit was £62.45. 
 
Its shares traded consistently above this level in the first quarter and, as a result, it will return surplus capital to shareholders through a third special dividend of 50 pence per share. This will be paid on 1 August 2014 to those on the Company register at market close on 11 July.  The shares will trade ex-dividend from 9 July.
 
The mid-point of company’s new Profit before tax guidance is now £770m and accordingly it is increasing its buy back price limit, in line with this guidance, to £64.00.  
 
Ordinary Dividend
At the Company's AGM on 15 May a final ordinary dividend of 93p will be proposed, making 129p for the year.  Subject to shareholder approval, this will be paid on 1 August.  So the total of dividends to be paid on 1 August will be the 93p final ordinary dividend and a 50p special interim dividend, making £1.43 in total.
 
Trading Statement 29 July 2014
Company’s next statement will cover the first 26 weeks of the year, to 26 July 2014, and is provisionally scheduled for Tuesday 29 July 2014.
 

Next plc

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search