Next week on the stock market

Among those currently scheduled to release results next week:

• Currys looks to deliver on downgraded profit guidance
• We’ll see whether Entain can balance in-person and online demand
• Sainsbury's should shed more light on how consumer finances are shaping up

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FTSE 100, FTSE 250 and selected other stocks scheduled to report next week:

*Events on which we will be updating investors.

Currys – Matt Britzman, Equity Analyst

Back in January we heard the UK tech market was facing uncertain demand and supply chain disruption, that led management to cut full-year guidance. The group expects underlying profit before tax to come in around £155m next week. Broader conditions have deteriorated since January though, so that number looks to be under a lot of pressure.

Consumer confidence being at the lowest point for years doesn’t bode well for a business selling large, high value items like TVs and washing machines. In store sales had been returning, which attract higher margins. It’ll be interesting to see if that trend continued or whether the tight margins are feeling even more pressure from a higher proportion of online sales.

Challenges aside, there are some positive trends to look out for. Market share has been growing despite a softer overall market and the group’s expecting to finish the year with at least £100m in net cash on the balance sheet.

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Entain - Laura Hoy, Equity Analyst

The big question when Entain reports will be how demand is shaking out now in the post-pandemic world. Last we heard in-person gaming was coming back to pre-pandemic levels. Some of this came at the expense of higher-margin online gaming, and we’d like to see if this trend continued. If so, we could see margins start to come under pressure as the cost to run bricks-and-mortar shops weigh on margins.

Debt is something else to keep an eye on, with a spate of acquisitions likely pushing it beyond the 2.4 times cash profits we saw at the full year. This could be made all the more uncomfortable if profitability takes a hit.

Entain should hopefully deliver another set of solid results, but with the macroeconomic picture continuously worsening it’s possible the group may not live up to the market’s lofty expectations.

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J Sainsbury – Matt Britzman, Equity Analyst

Sainsbury’s first quarter results should shed more light on how consumer finances are faring in the wake of growing living costs. We recently heard from Tesco that shopping behaviours were starting to shift, it’ll be interesting to see if Sainsbury’s is seeing similar trends. The group’s been pushing hard to disrupt the value space and now’s the time to see if that shift means customers remain loyal despite shrinking wallets.

Any commentary on cost inflation will carry weight. We’re especially interested to hear whether the current strategy of raising prices after competitors is still viable. And, more importantly, what impact it’s likely to have on margins should costs run higher than expected.

We’ll also be watching out for how general merchandise is performing. Supply chain disruption and a general decline in certain markets have kept a lid on sales recently. Sainsbury’s finds itself more exposed than some peers given its ownership of Argos and the huge integration program that’s in progress.

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