Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Next PLC (NXT)

  Print      Mail a friend       Annual reports

Tuesday 05 January, 2010

Next PLC

Trading Statement

RNS Number : 0070F
Next PLC
05 January 2010


Embargoed until 07.00hrs, Tuesday 5 January 2010


Simon Wolfson, Chief Executive

David Keens, Group Finance Director


Tel: 0844 844 8888 

Alistair Mackinnon-Musson

Nathan Field

Hudson Sandler

Tel:      020 7796 4133

Email:    [email protected]


Photographs available at:

Next Plc

Trading Statement


Sales (VAT ex) are for the 22 weeks to Christmas Eve

  • Next Retail total up 4.6%

  • Next Retail like-for-like including direct sales up 3.2%, excluding direct up 1.6%1

  • Next Directory up 6.8%

  • Full year forecast profit before tax: range upgraded, now £490m to £500m

  • Full year forecast earnings per share: range 180p to 184p, up at least 15% on last year

Second Half Trading

Sales in the run up to Christmas were better than expected and were markedly stronger in the final two weeks as the weather turned colder. We believe that two factors contributed to sales finishing ahead of our November guidance. Firstly, the consumer environment was more stable than expected, with only modest falls in employment, low inflation and continuing low interest rates. Secondly, we believe our ranges improved across the board as we continued our efforts to more aggressively back new products and trends. Home merchandise performed particularly well as we broadened our ranges and increased our selling space.

Sales for the 22 week period from 26 July to 24 December 2009 were as follows:

  • Next Retail total sales (VAT ex) up 4.6%

  • Like-for-like sales (VAT ex) including direct sales up 3.2%, excluding direct sales up 1.6%

  • Directory sales (VAT ex) up 6.8%

  • Total Next Brand sales (VAT ex) up 5.2%

The End of Season Sale

We went into the End of Season Sale with 12% less stock than last year across Retail and Directory. The Sale has gone well despite the need to open on Boxing Day and clearance rates are broadly in line with last year. 

 Profit and Cash Outlook for the Year Ending Jan 2010

In addition to beating our sales targets we have tightly controlled stock levels and costs across the Group. As a result, we now estimate that Group profits for the year to 31 January 2010 will be between £490m and £500m. This is ahead of the guidance we gave in November and includes approximately £7m of additional profit resulting from this year being a 53 week year; next year will revert to 52 weeks. Earnings per share at profit of £490m would be 180p, this would be an all time high for the Group and 15% up on last year.  

We will be strongly cash generative and expect cash flow after interest, tax and dividends to be in excess of £250m. This would leave year end net debt at around £350m, comfortably financed by £518m of medium term bonds.

Consumer Outlook for 2010

The outlook for the year ahead is particularly hard to gauge at this point in the cycle.  

Consumers are generally in a much better position than they were a year ago. Low interest rates have enabled those in employment to service their debts and increase their savings - in November and December we saw a marked decline year on year in the number of our customers falling into arrears. The increase in unemployment has been lower than expected, as labour flexibility in the private sector has allowed employers to preserve more jobs than many thought possible. Crucially, the fall in employment has been much lower than the increase in unemployment, falling just 1.6% (463,000) since December 20072.

However we do not necessarily expect the year ahead to be as good as the previous six months, partly because the fall in interest rates will annualise in the first quarter. More importantly the scale of the Public Sector deficit poses a real threat to recovery. Action taken to reduce the deficit presents three potential risks to consumer recovery:

  • Increases in direct taxation may suppress consumer spending

  • Reductions in Government spending may reduce employment

  • Increases in indirect taxation may fuel inflation and consequently push up interest rates

Planning Base for 2010

Given this level of uncertainty, we remain cautious in our outlook for the year ahead and are planning accordingly. We expect Next Retail like-for-like sales3 (excluding direct sales) to be in the range of +1% to -3%. We are buying to a budget at the lower end of this range and are assuming that the addition of profitable new space will take total Retail sales to level with last year. We are planning for Next Directory sales to grow by between 0% and +2%.

In this scenario we believe we can deliver a similar profit to that of the current year, despite the effect of rising VAT and the loss of the 53rd week. In the event that sales are better than our planning base we have the ability to chase stock into the business and to continue to grow Group profit. We believe Next is well placed to face the challenges of the year ahead.



In our view the second measure is more useful as it gives a measure of same store performance. However, the first measure including direct sales is generally used across the industry.


Figures given are Sept 2009 employment versus Dec 2007: Source: Office of National Statistics (MGRZ)


For ease of comparison this figure is inclusive of VAT. The increase in the rate of VAT will mean that our statutory sales will be 1.6% lower than the cash take in the tills.

This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t