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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other 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.

Among those currently scheduled to release results:

  • We'll find out how much slack the online business has managed to pick up at Inditex
  • Ted Baker's results will reveal whether the firm can execute on its strategy shift
  • British American Tobacco will tell us how guidance is holding up as we reopen

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

07-Jun
Sirius Real Estate Ltd Full Year Results
08-Jun
British American Tobacco* Half Year Trading Update
Intermediate Capital Group Full Year Results
Oxford Instruments Full Year Results
Paragon Banking Group Half Year Results
09-Jun
Inditex* First Quarter Results
SSP Half Year Results
10-Jun
Auto Trader Group* Full Year Results
CMC Markets Full Year Results
Halma Full Year Results
JLEN Environmental Assets Group Full Year Results
Mitie Group Full Year Results
Ted Baker* Full Year Results
11-Jun
No FTSE 350 reporters

*Companies on which we will be writing research.

Inditex – Sophie Lund-Yates, Equity Analyst

As a bricks and mortar retail giant, the Zara owner had a very tough 2020. Full year net sales fell over 24%, and cash profits (EBITDA) fell even harder. But we know first quarter sales got off to a good start, as spring/summer collections were being well received.

That means the picture should be improved at next week’s first quarter results, although things won’t be perfect because some of the store estate were still closed. The group is buoyed by a very strong online business – online sales rose 77% last year, and made up a substantial part of all sales. We expect this trend to have continued.

Inditex trades on a price to earnings ratio of 29.0 -18% above the ten-year average, which means there’s pressure to perform. With lockdowns unwinding, the market’s looking for good first quarter innings. Analysts currently expect revenue of €4.9bn, which would be a 48.6% improvement.

See the latest Inditex share price, charts and how to deal

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Ted Baker – Sophie Lund-Yates, Equity Analyst

We already know Ted Baker struggled last year. Analysts expect it to report an operating loss of £65.2m, with revenue at approximately half of normal levels. The pandemic magnified Ted’s weakness as an already-struggling bricks-and-mortar retailer, especially because of its reliance on occasion-wear. But with lockdowns hopefully in the rear-view mirror, Ted’s update on current trading will prove whether the group’s strategy shift is enough to breathe new life into the business.

Top of mind will be how online sales are doing. The pandemic only accelerated a seismic shift toward online shopping, one that Ted was fairly unprepared for. But the level of success of the newly launched digital platform will offer an insight into how turnaround efforts are doing. We’d like to see online sales making up a reasonable chunk of sales, even as lockdowns unwind.

Another key measure of Ted’s turnaround efforts will be inventory management. The group has been bogged down by piles of unsold inventory, which had to be discounted, and in-turn weighed on margins. At the year-end, the group expects to have fully transitioned to a leaner model with product lifecycles slashed by a third.

See the latest Ted Baker share price, charts and how to deal

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British American Tobacco – William Ryder, Equity Analyst

When we last heard, British American Tobacco (BATS) was feeling “confident” in its full year guidance. Excluding currency movements, revenue is expected to be up 3-5% this year, despite a 3% fall in industry volumes, and earnings per share are expected to be up “mid-single digits”. BATS also said New Categories sales, which includes things like vapour and heat-not-burn, were doing well and that the group was again “confident” of hitting its £5bn revenue target by 2025.

In particular, BATS said the volume outlook in the US is especially uncertain, despite “robust” trading up to the end of April. Additionally, Global Travel Retail hadn’t seen any recovery by then, but there’s a realistic chance this may be turning around now – we’ll have to see next week. We expect BATS to reaffirm its confidence in its guidance again next week, but given the ongoing uncertainty we wouldn’t be too surprised by some small tweaks.

See the latest BATS share price, charts and how to deal

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments and income they produce can 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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