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The market clearly didn't take to the trading statement from high-street retailer Next, pushing the shares down 6.7 per cent on Wednesday. Sales for October were disappointing, which could be interpreted equally as a function of the weather as declining consumer confidence.
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Sales for the 14 weeks to 3 November increased 0.4 per cent on last year and although like-for-like sales were down 2.9 per cent in retail, Directory saw an improvement of 1.2 per cent.
Seymour Pierce believes the group is on target to achieve its full-year forecast, and at 1,914p, shares in Next remain good value
Last IC View: 1,920p, good value, 12 Sep 2007.
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