Week Ahead: Next, Kingfisher, Ashmore

9th Sep 2011 13:51

Two stalwarts of the UK high street are reporting next week, namely fashion chain Next and DIY retailer Kingfisher.Charles Stanley is expecting Next to report a solid set of interim results, with profit before tax of £240m, up from £214m at the halfway stage last year. Earnings before interest, tax and amortisation are tipped to rise to £240m from £226m last year, on sales of £1,650m, up from £1,587m last year."Next Retail is forecast to report a 15% fall in operating profit to £105m. Total sales were down by 1.7% in the 26 weeks to 31st July, with like-for-like sales down by 3.4% and a 1.7% positive contribution from new space. Next Directory is forecast to report a 21% increase in operating profit to £122m. Total sales were up by 15.1% in the first 26 weeks, flattered slightly by an increased allocation of sale stock to the Directory," the broker reports.Outlook comments from Chief Executive, Lord Wolfson, will be closely analysed, the broker predicts. "We expect the UK retail environment to remain very tough over the next 18 months, reflecting higher taxes, sub-inflation wage growth and some uncertainty over future employment prospects. A melt-down in consumer expenditure, however, is not anticipated, given our belief that unemployment is close to the peak and our forecast that interest rates will remain at historic lows until at least the end of 2012. In such an environment, we expect Next's sales to be relatively resilient and believe the group can continue to progress both EPS [earnings per share] and the dividend," Charles Stanley said. Panmure Gordon is expecting DIY retailer Kingfisher to prolong its recent record of strong growth. "We look for H1 [first half] pre-tax profits to rise by 14% to £409m, driven by a strong sales performance in France, gross margin growth in all of its markets (supported by increased direct sourcing and the gradual introduction of common ranges) and cash generation. This would represent strong two year growth after last year's interim profits improved by 24%," Panmure Gordon said.Fund manager Ashmore is set to issue full-year results on Tuesday. Singer Capital Markets is a fan of the shares and expects that with positive returns since the company's financial year end, flow momentum will have remained strong. "Furthermore, the flagship external debt fund, EMLIP, crystallises performance fees in August. Having generated positive alpha we expect that this could provide further scope for upgraded performance fee guidance for FY'12 [fiscal 2012[," Singer said."Ashmore is to be promoted to FTSE100 (as from 19th September) which could provide a further fillip to the shares," the broker added.Market consensus is for revenue of £336.5m, profit before tax of £242.98m and earnings per share of 25.49. Monday September 12INTERIMSGlobal Ports Investments GDR (REG S), Hellenic Carriers Ltd., InternetQ, NetDimensions Holding Ltd. (DI), WaterlogicINTERIM DIVIDEND PAYMENT DATENew Europe Property Investments, Rank GroupINTERIM EX-DIVIDEND DATEEMIS GroupGMSHealthcare Locums, Xtract EnergyFINALSMurgitroyd Group, Pan African ResourcesSPECIAL EX-DIVIDEND PAYMENT DATENews Corp. 'A' Shares, News Corp. 'B' SharesEGMSInvesco Property Income Trust Ltd., JSC Kazkommertsbank GDR (Reg S)AGMSAberdeen Private Equity Fund Ltd. Sterling Part Shares, e-Therapeutics, Ecofin Water & Power Opportunities, Invesco Property Income Trust Ltd.TRADING ANNOUNCEMENTSAssociated British FoodsFINAL DIVIDEND PAYMENT DATECreston, Greene KingFINAL EX-DIVIDEND DATENews Corp. 'A' Shares, News Corp. 'B' SharesINTERNATIONAL ECONOMIC ANNOUNCEMENTSCGPI (JPN)Tertiary Industry Index (JPN)Tuesday September 13INTERIMSBrainJuicer Group, Cello Group, Charlemagne Capital Ltd., Fairpoint Group, Hilton Food Group, InterQuest GroupINTERIM DIVIDEND PAYMENT DATEFresnillo, MondiINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (FRA) (06:30)Current Account (FRA) (07:45)NFIB Small Business Optimism (12:30)Import and Export Price Indices (US) (13:30)Treasury Budget Statement (US) (19:00)GMSColefax GroupFINALSAbcam, Ashmore Group, Town Centre SecuritiesIMSSIG Group HoldingsEGMSArgo Real Estate Opportunities Fund, OJSC Rosneft GDRS (Reg S)AGMSColefax Group, Downing Distribution VCT 1, First Property Group, Harvard International, Liontrust Asset Managament, Oxford Instruments, Prosperity Voskhod Fund Ltd.UK ECONOMIC ANNOUNCEMENTSConsumer Price Index (09:30)Retail Price Index (09:30)RICS Housing Market Survey (09:30)DCLG House Prices (09:30)Trade Balance (09:30)FINAL DIVIDEND PAYMENT DATEDS SmithWednesday September 14INTERIMSBond International Software, Gulf Keystone Petroleum Ltd. (DI), M. P. Evans Group, Modern Water, Next, OJSC Cherkizovo Group GDR (Reg S), Surgical Innovations GroupINTERIM DIVIDEND PAYMENT DATESt James's PlaceINTERIM EX-DIVIDEND DATE32Red, Antofagasta, Baronsmead VCT 3, Baronsmead VCT 4, Baronsmead VCT 5, Berendsen, Clarkson, Computacenter, Cookson Group, CPP Group, Edinburgh US Tracker Trust, Fyffes, GlobeOp Financial Services SA (DI), H&T Group, International Public Partnerships Ltd., Irish Continental Group Units, Logica, Molins, Pennant International Group, Rathbone Brothers, Restaurant Group, Savills, Stadium Group, T Clarke, Tamar European Industrial Fund Ltd., Temple Bar Inv Trust, Tex Holdings, Tikit Group, Treatt, UTV Media, Xstrata, ZotefoamsQUARTERLY PAYMENT DATEUnileverQUARTERLY EX-DIVIDEND DATEAlpha Pyrenees Trust Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial Production (JPN)Capacity Utilisation (JPN)Industrial Production (EU) (10:00)MBA Mortgage Applications (US) (12:00)Business Inventories (US) (13:30)Producer Price Index (US) (13:30)Retail Sales (US) (13:45)Manufacturing Inventories (US) (15:00)Retail Sales Inventories (US) (15:15)Crude Oil Inventories (US) (15:30)GMSMedicsight, Northern 3 VCTFINALSAvingtrans, Barratt Developments, Brooks Macdonald Group, CPL Resources, Galliford Try, Hargreaves Services, RSM Tenon GroupEGMSJSC Sitronics GDR (Reg S)AGMSArtemis Alpha Trust, Datatec Ltd. (DI), ITM Power, Minera IRL Ltd., Mwana Africa, Northern 3 VCT, Stagecoach Theatre ArtsUK ECONOMIC ANNOUNCEMENTSClaimant Count Rate (09:30)Unemployment Rate (09:30)Average Weekly Earnings (09:30)FINAL EX-DIVIDEND DATEAnite, Baronsmead VCT, Baronsmead VCT 2, Best of the Best, Betfair Group, Cash Converters International Ltd. Units, Colefax Group, Dart Group, Falkland Islands Holdings, Goodwin Plc, Harmony Gold Mining Co Ltd., Henderson Smaller Companies Inv Trust, Impala Platinum Holdings Ltd., Jacques Vert, Kesa Electricals, Medusa Mining Ltd. (DI), Renishaw, Standard Life UK Smaller Companies Trust, Stewart & WightThursday September 15INTERIMSAmiad Filtration Systems Ltd., Brightside Group, Elektron Technology, HaloSource Inc. (Reg S), Kingfisher, Kiotech International, ReThink Group, Trap Oil GroupINTERIM DIVIDEND PAYMENT DATEAnglo American, Matrix Income & Growth VCT, Spirent CommunicationsQUARTERLY PAYMENT DATECanaccord Financial Inc., Canadian General Investments Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSECB Report (EU) (09:00)Harmonised Competitiveness Indicators (EU) (09:00)Harmonised Index of Consumer Prices (EU) (10:00)Consumer Price Index (EU) (10:00)Initial Jobless Claims (US) (13:30)Consumer Price Index (US) (13:30)Continuing Claims (US) (13:30)Current Account (US) (13:30)Balance of Payments (US) (13:30)Empire State Manufacturing Survey (13:30)Industrial Production (US) (14:15)Bloomberg Consumer Confidence (US) (14:45)Philadelphia Fed Index (US) (15:00)Capacity Utilisation (US) (16:15)Industrial Production (US) (16:15)GMSAgua Terra Ltd. (DI), Gulfsands Petroleum, HuntingFINALSCentaur Media, Dunelm Group, Kier Group, Quayle Munro HoldingsIMSSKesa ElectricalsAGMSAnite, Best of the Best, Braveheart Investment Group, Downing Absolute Income VCT 2, Games Workshop Group, Kesa Electricals, Probability, Prosperity Russia Domestic Fund Ltd., ReNeuron GroupTRADING ANNOUNCEMENTSBooker GroupUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)FINAL DIVIDEND PAYMENT DATERobert Wiseman DairiesFriday September 16INTERIMSUniq, Work GroupINTERIM DIVIDEND PAYMENT DATE4Imprint Group, Delcam, Ferrexpo, Informa, Moneysupermarket.com Group, Morgan Sindall Group, Pearson, Psion, Witan Inv TrustQUARTERLY PAYMENT DATEM WinkworthINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (EU) (10:00)Current Account (EU) (09:00)New Car Registrations (EU) (10:00)U. of Michigan Confidence (Prelim) (US) (15:00)GMSAberdeen Development Capital 2010 ZDP Shares, Aberdeen Development Capital 2012 ZDP Shares, Northern AIM VCTFINALSAsian Citrus HoldingIMSSDTZ HoldingsAGMSCarclo, DTZ Holdings, Ingenious Media Active Capital Ltd., Pathfinder Minerals , Real Estate Credit Investments PCC LtdFINAL DIVIDEND PAYMENT DATELatchways, New Century AIM VCT--jh