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Next (LSE: NXT) 1H19 Results: Better-Than-Expected Margin Improvement Prompts Full Year Guidance Upgrade

Executive Summary

  • Next reported 1H19 revenues of £1,961.9 million, up 3.1% year over year. Diluted EPS came in at 184.5 pence, up 4.5% year over year, broadly in line with the consensus estimates of 184.7 pence.
  • The online business turned in a robust performance while Next Retail (in-store) sales continued to decline.
  • Next guided for FY19 full price sales growth of 3%, ahead of the consensus estimate of 1.7%, and expects EPS to grow by 5%, which is ahead of the consensus estimate of 3.1%. The company also raised its central guidance for full year pre-tax profits by £10 million to £727 million.

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