Next: shares jump; Christmas trading as expected
(CercleFinance.com) - Shares in blue chip retailer Next are jumping on Thursday, after announcing Christmas trading figures that are in line with market expectations.
Sales for the Christmas trading period - between 28 October and 29 December - were in line with the guidance that the British retailer gave in September, up 1.5% compared to last year.
Next said that strong sales in the three weeks up to Christmas compensated disappointing sales in November. Online sales (+2.2%) were ahead of its expectations, whilst retail sales (-1.7%) were below.
This "strong" performance prompted Liberum analysts to upgrade their rating on the stock from "hold" to "buy" today, maintaining their target price of 6,100 pence.
"Today's announcement leaves the shares looking oversold," the broker said in a note.
After this trading update, Next shares are currently the FTSE 100, up 5% at 4,405 pence.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Sales for the Christmas trading period - between 28 October and 29 December - were in line with the guidance that the British retailer gave in September, up 1.5% compared to last year.
Next said that strong sales in the three weeks up to Christmas compensated disappointing sales in November. Online sales (+2.2%) were ahead of its expectations, whilst retail sales (-1.7%) were below.
This "strong" performance prompted Liberum analysts to upgrade their rating on the stock from "hold" to "buy" today, maintaining their target price of 6,100 pence.
"Today's announcement leaves the shares looking oversold," the broker said in a note.
After this trading update, Next shares are currently the FTSE 100, up 5% at 4,405 pence.
Copyright (c) 2019 CercleFinance.com. All rights reserved.