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 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Karan Arora
Karan Arora

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search