Next：初步看法——Q2超预期传导；FY指引上调

研报英文原文证据摘录

M

Update

August 5, 2026 06:46 AM GMT

Morgan Stanley & Co. International plc+

Next | Europe

Grace Smalley, CFA

Equity Analyst

First Take - Q2 Beat Flowing

Through; FY Guidance Raise

Cedric Norest

Research Associate

Edouard Aubin

Equity Analyst

Natasha Bonnet

AlphaSignals Earnings Reaction

Equity Analyst

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Overall we see the Q2 beat and Jan-27 guidance raise as a solid print for Next in

the current consumer environment. Next Q2 full-price sales came in +9.2%,

sequentially accelerating from Q1 +6.2% and ahead of sell-side consensus of +5.6%.

Similarly as in Q1, Next flowed through the Q2 beat to a Jan-27 full-year guidance

raise, with Next top-line forecast for H2 still unchanged, notably lapping the switch

to ZEOS (in August) which significantly improved the stock availability in Europe

Next PLC (NXT.L, NXT LN)

Retailing - General | United Kingdom

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (01/27e) (mn)*

EV, curr (mn)*

Overweight

In-Line

16,000p

14,810p

16,175-10,911p

£17,654

£741

£18,484

* = GAAP or approximated based on GAAP

thereafter.

• Q2 FP Sales +9%: Next reported full-price sales for the thirteen weeks to 1

August 2026 up +9.2% yoy, ahead of sell-side consensus (MSe +6.0% / VA

+5.6%). The release notes the period benefited from weather in the UK

which "was as warm as lat year's exceptional weather", "the release of some

pent-up demand in the Middle East and Northern Europe" (un-quantified),

and the fact that Next was "able to spend much more on profitable

marketing" than anticipated.

• Jan-27 Outlook Raised: Looking ahead, Next raised its Jan-27 FP sales growth

guidance, now forecasting growth of +6.3% vs +5.0% prior (MSe +6.5% / VA

cons +6.2%) and raising the NEXT Group PBT guidance by ~2% to £1,243m

(vs £1,218m prior / MSe & VA cons £1,228m / VA cons). This still embeds

2H26 full price sales growth of +5.0% with +2.8% in the UK (vs +2.9% prior),

…