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Next week on the stock market

What to expect from a selection of the UK and international companies reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Next week sees a round of reporting from some of the UK’s best known retailers. Following the important Christmas trading period, we’ll be keeping a close eye on how these big names have fared.

Among the companies reporting next week:

  • Morrison will hope to deliver another Christmas of overall like-for-like sales growth
  • Tesco's dominant market position could mean it’s been another merry Christmas for sales
  • There could be some better news from Marks & Spencer’s online division

FTSE 350 and selected other stocks reporting next week

06-Jan
No FTSE 350 reporters
07-Jan
Safestore Full Year Results
Morrison* Q3 Trading Statement
08-Jan
Greggs Q4 Trading Update
J Sainsbury* Q3 Trading Statement
09-Jan
Card Factory Trading Update
Dunelm Group Q2 Trading Statement
Hilton Food Group Trading Update
Marks & Spencer* Q3 Trading Update
Premier Oil Full Year Trading Update
Rathbones Trading Update
Tesco* Q3 Trading Update
10-Jan
B&M European Value Retail Q3 Trading Update
JD Sports Fashion Christmas Trading Statement

*Companies on which we will be writing research

Morrison

At the half year Morrison’s overall revenues nudged up 0.4%, but this reflected a 1.1% drop in repeat business in stores. Instead, like-for-like growth was driven by the Wholesale business.

Competition in the grocery sector is still tough, so this trend could have continued. But Morrison will hope the growing Wholesale division has done enough to allow it to report a fifth consecutive Christmas of group like-for-like sales growth.

As it’s a trading statement, we don’t expect detail on profits, but we’ll be looking out for news on retail prices and volumes. Last Christmas, Morrison kept the price of its basket of key Christmas items flat year-on-year, but so far this year it’s been cutting prices to stay competitive. Initially this resulted in increased volumes, and we’ll be looking to see if that trend continued over the important festive season.

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Tesco

2019 was a big year for Tesco, reaching its margin targets and announcing the departure of CEO Dave Lewis. It will want to ring in the New Year with more big news next week.

Tesco’s defended its market share well this year. And that dominant position could have served it well in the UK during the third quarter and festive period, although there are no guarantees. This time last year, the group reported a 0.8% rise in revenue, driven by UK retail sales over Christmas. There are some challenges outside the UK, where the restructuring of the Polish business means sales performance in Central Europe could still be challenging, but we don’t think that’s what investors should focus on for now.

And elsewhere there have been murmurings of a potential sale of the Asian business, but we’re unlikely to get any news on that front just yet. Instead we’ll have our eyes and ears peeled for any update on discount chain, Jack’s. We’ve heard very little about initial performance, and some good news would bode well as we head into 2020.

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Marks & Spencer

Boxing Day sales have been disappointing this year, which could be unwelcome news for this high street giant.

Clothing & Home has been a drag on performance in recent times. Traditions like Black Friday don’t help an industry already facing rising competition and discounting, so it will be interesting to see how sales are faring. It also means online sales are an important part of M&S’ future, and stock issues meant these were flat at the half year. Signs suggest when stock’s available digital sales are actually growing well, so without any further operational slip-ups, we could see better news on this front.

Last time we heard from the group Food was doing better than analysts expected - revenues rose 1.2% to £2.8bn at the half year. When it comes to food, M&S’ brand heritage is hard to argue with - especially at Christmas, that quality reputation combined with the group’s investment in improving its food offering, could hold the division in good stead.

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Hargreaves Lansdown’s Chairman and Independent Non-Executive Director is also a Non-Executive Director at Tesco plc.

Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.


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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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