Executive Summary

• British fashion retailer Next reported £4,176.9 million in group revenues, in the 53 weeks ending January 30, 2016, beating the consensus estimate of £4,141.6 million and up 4.4% from £3,999.8 million in the 52 weeks to January 24, 2015.
• Diluted EPS was 443 pence for FY16, up 6.0% from 417.9 pence in FY15 and beating the consensus estimate of 431 pence.
• In FY17, the company expects total full price sales growth of the Next Brand to be between the range of -1.0% to +4.0%. At the mid-point of 1.5% of the guidance range, Next Brand sales are expected to be £4,092.7 million, lower than the current consensus estimate of £4,297.9 million.