An end to declining like-for-likes is in sight at fashion group Next, broker JP Morgan believes.
Next has already reported a 4.8 per cent like-for-like fall for the first six weeks of the financial year.
The broker expected Next to post a 2 per cent fall in comparable store sales over the first 14 weeks when it updates next week, but said: “This would imply flat like-for-like growth for the latest eight weeks.
“We continue to believe Next will see improving retail like-for-like sales, which will likely be key to its share price performance, driven by better product, competitive pricing and higher marketing spend.”
JP Morgan upped its share price target from 2,250p to 2,400p and said Next was its top pick among clothing retailers.
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