Executive Summary

• Next reported 1H20 total sales of £2.01 billion, up 3.7% year over year, and slightly lower than the consensus estimate of £2.04 billion recorded by StreetAccount.
• The company reported diluted EPS of 203.3 pence, up 8.8% year over year, and higher than the consensus estimate of 195.8 pence recorded by StreetAccount.
• For FY20, management guided for total full-price sales to increase 3.6% year over year and for EPS to grow 5.2% year over year.