Business
UK retail giant upgrades profits forecast amid cost-of-living concerns
High street giant Next has once again elevated its profit forecast, expressing strong confidence ahead of the pivotal Christmas trading season and seemingly dismissing broader worries about consumer finances.
The positive announcement saw shares in the retailer, which operates around 900 stores across the UK, surge on Wednesday morning.
Regarded by many as a crucial barometer for the health of the British high street, Next now projects full-price sales to increase by approximately 7 per cent in the quarter concluding in January.
This marks a significant upgrade from its earlier guidance of 4.5 per cent. However, this revised projection still indicates a modest deceleration when compared to the previous quarter, with the company also anticipating a slight easing in overall UK sales growth.
The upgraded outlook follows a robust period where total full-price sales climbed by 10.5 per cent in the 13 weeks to 25 October, year-on-year.
In the UK, sales were up 5.4 per cent over the quarter, with a 7.8 per cent online increase partly offset by a 2 per cent increase across its shops, surpassing its expectations amid recent warnings over the consumer backdrop.
Meanwhile, overseas sales shot 38.8 per cent higher for the quarter.
Next told investors it expects to deliver a pre-tax profit of around £1.135 billion for the year to January, as it hiked its guidance by around £30 million.
This is the latest profit upgrade from the business, after it also raised expectations in July.
Julie Palmer, partner at Begbies Traynor, said: “Next has once again proven why it’s the gold standard in UK retail.
“With guidance lifted and healthy sales growth both at home and abroad, the retail giant’s winning formula of tight cost control, effective stock management and a well-balanced online and store offer is clearly paying off.
“At a time when many retailers are feeling the squeeze from rising costs, weak consumer confidence and uncertainty around the next Budget, Next appears largely immune to such pressures.”
Prices of gold and silver witnessed a significant increase in both the global market and Pakistan’s local bullion market, reflecting continued volatility in precious metals.
According to market data, the price of one tola of gold surged by Rs15,200, reaching Rs479,262, while the rate for 10 grams of gold increased by Rs13,031 to settle at Rs410,889.
In the international market, gold prices also recorded a substantial rise, climbing by $152 to reach $4,565 per ounce, indicating strong global demand and investor interest in safe-haven assets.
Meanwhile, silver prices followed a similar upward trend, with one tola increasing by Rs370 to reach Rs7,824 in the local market.
Market analysts attribute the rise in prices to ongoing global economic uncertainties and increased demand for precious metals as a hedge against inflation and currency fluctuations.
The speed of price rises in the UK has stayed the same, according to data which was collected before the US-Israel war with Iran began.
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Buying continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,700 points during the opening minutes of trading on Wednesday. At 10 am, the benchmark index was at 155,730.37, up 1,764.37 points (1.13%).
Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including ARL, HUBCO, PSO, MARI, OGDC, POL, PPL, HBL, MCB, and MEBL traded in the green.
On Tuesday, PSX ended with moderate gains as thin volumes and profit-taking capped the upward momentum despite supportive global cues and easing geopolitical concerns.
The KSE-100 Index closed at 153,966.36 points, gaining 1,225.99 points or 0.80%.
K-Electric led trading volumes with over 35 million shares exchanged, coinciding with the company’s announcement of a new chief executive earlier in the day.
Market heavyweights, including Engro Holdings, Fauji Fertiliser Company, Lucky Cement, Systems Limited, and Hub Power Company, contributed significantly to the index gains, while banking and select industrial stocks weighed on overall performance.
Despite the rebound, analysts noted that the market remained cautious after last week’s decline, which was driven by geopolitical uncertainty, particularly tensions in the Middle East, and concerns over global energy prices.
Experts suggest that future market direction will depend on regional stability, energy policy developments, and progress in ongoing discussions with the International Monetary Fund.
Globally, stocks rose, and oil fell on Wednesday on reports the US is seeking a month-long ceasefire in its war on Iran, and had sent a 15-point plan to Iran for discussion, raising hopes for a resumption of oil exports out of the Persian Gulf.
S&P 500 futures rose 0.9% in the Asian morning, European futures lifted 1.2%, and Brent crude futures fell about 6% to $98.30 a barrel.
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