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Next

FTSE-100 listed Next is a key player in the fragmented, competitive mid-market segment of the UK apparel industry, together with Marks & Spencer, with an offering spanning womenswear, menswear, childrenswear and home goods. Next operates two key divisions, Next Retail, the group's high street network in the UK and Eire, with 540 stores, and Next Directory, its internet and catalogue/home shopping business. Next Directory accounted for 46% of group sales and 61% of operating profits in FY2018. Next's International online/store operation is a small but potentially high growth area, with management keen to leverage the group's successful online trading platform. Next trades online in 71 countries outside the UK, most importantly Ireland, USA, Australia, Germany, and Poland. Next benefits from an efficient and flexible supply chain infrastructure through Asian subsidiary, Next Sourcing Ltd. (19 Oct 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Next: F3Q19 Sales – Neither Trick nor Treat

Worth Watching: 31 Oct 2018, 5:09 AM ET - Next (NXTLN: Baa2/BBB/WD), a UK centric mid-market clothing retailer, where we hold a Market perform opinion relative to other IG/fallen angel UK retail sterling issuers, released this morning on Halloween a very brief trading update for the qu ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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Next F1H19: Less Conservative Gear(ing) Pre-Brexit

Earnings Note: 25 Sep 2018, 10:42 PM ET - Strong summer trading resulted in a small upward revision of full year profit guidance but for credit investors, a mild negative came in the form of debt at the Retail business as the company increased shareholder rewards. 
Focused

Next plc: F2Q19 – Predictably Unpredictable

Worth Watching: 01 Aug 2018, 4:35 AM ET - Next plc (NXTLN: Baa2/BBB/WD), the UK centric mid-market clothing retailer, released this morning a brief 2Q trading update, as usual, this time for the second quarter ended 28 July 2018 (F2Q19). We retained our Market perform opinion on the bo ..
Focused

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

Next plc: F1Q19 – Sunny Start

Worth Watching: 10 May 2018, 5:19 AM ET - Next plc (NXTLN: Baa2/BBB/WD), a UK centric mid-market clothing retailer, where we hold a Market perform opinion, released this morning a positive trading update for the fourteen weeks ended 7 May 2018 (F1Q19). As a result of better than expect ..

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  
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Next plc Summary FY2018: The Tough Gets Going

Earnings Note: 23 Mar 2018, 1:06 PM ET - Next reported its summary FY2018 results, delivering an acceptable performance in tough operating conditions.  

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  
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Next plc: Sombre New Year

Worth Watching: 03 Jan 2018, 5:43 AM ET - Next plc (NXTLN: Baa2/BBB/WD), where we maintained our Market perform recommendation following our assessment of what we believe we drive sterling European retail bonds in 2018 (IG European Consumer 2018: M&A Orbits), released today its traditi ..

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