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Results: NXT

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EPIC NXT
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Next plc continues to show how to be a sensible retailer despite all the obvious challenges out there

Back in September 2021, I observed that it was the “same old, same old ‘not cheap but quality’ at Next plc (NXT)”. But the stock was kicking around at an eighty quid share price then, whilst a c. sixty quid share price (or below) was always a much smarter level to get involved. And hopefully some of you have done so over the last six months or so, a point reinforced by the observation today that Next plc’s full year profit before tax guidance has been raised “by £20m to £860m, up +4.5% versus last year".

EPIC NXT
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Whilst Next is boring that does not make it dull

I am sure many of you have shopped at a Next (NXT) store, from one of its catalogues or online over the years. Next may not be super-fashionable or super-cheap but it is super solid, hence why over the last five years the shares have not embarrassed themselves like M&S (MKS), boohoo (BOO) or Debenhams have. But I need to have a think about Next shares because since I last wrote about the company in early January the stock is down over 20%. So whilst I did title my article ten weeks ago “Good job Next, but your positive Christmas trading is factored in”, is the share price now cheap?

EPIC NXT
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Good job Next, but your positive Christmas trading is factored in

It was not a big Christmas shocker for Next (NXT) to declare this morning that ‘in the eight weeks to 25 December full price sales were up +20.0% versus two years ago…This was £70 million ahead of our previous guidance for the period’. That is far from a disaster, even if Next shares have fallen below the 80 quid level.

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