What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:

Tough comparable periods set to roll through for AB InBev
Will Next's full-year profit guidance remain intact?
Margins will be in focus at J Sainsbury

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Among those currently scheduled to release results next week:

*Events on which we will be updating investors

30-Oct
Airtel Africa	Half-Year Results
Computacenter	Q3 Trading Statement
Glencore	Q3 Production Report
HSBC*	Q3 Results
McDonalds*	Q3 Results
Pearson*	Q3 Trading Statement

31-Oct
AB InBev*	Q3 Results
BP*	Q3 Results
Caterpillar*	Q3 Results
Coca-Cola HBC	Q3 Trading Statement
Elementis	Q3 Trading Statement
RHI Magnesita	Q3 Trading Statement
Spectris	Q3 Trading Statement
TP ICAP Group	Q3 Trading Statement
Pfizer*	Q3 Results

01-Nov
ASOS*	Full Year Results
Aston Martin Lagonda*	Q3 Results
GSK*	Q3 Results
Next*	Q3 Trading Statement
PayPal*	Q3 Results
Smurfit Kappa Group	Q3 Trading Statement
Weir Group	Q3 Interim Management Statement

02-Nov
Apple*	Q3 Results
Barrick Gold Corp*	Q3 Results
BT Group*	Half Year Results
Derwent London	Q3 Corporate Sales Release
Haleon*	Q3 Trading Statement
Helios Towers	Q3 Results
Hikma	Trading Statement
Howden Joinery Group	Q3 Trading Statement
J Sainsbury*	Half Year Results
Novo Nordisk*	Q3 Results
OSB Group	Q3 Trading Statement
Shell*	Q3 Results
Smith & Nephew*	Q3 Trading Statement
TI Fluid Systems	Q3 Trading Statement
Trainline	Half Year Results

03-Nov
No FTSE 350 Reporters

AB InBev – Aarin Chiekrie, Equity Analyst

AB InBev’s in a tricky spot. 7.2% organic revenue growth to $15.1bn was driven entirely by price hikes last quarter which offset a small decline in volumes. Consumers are wrestling with having less cash in their pockets after a period of high inflation, so where volumes trend from here, will be an important metric to watch.

Next week’s third-quarter results are likely to bring some difficult comparables too. North American performance has been disappointing recently, with a controversial and poorly received marketing campaign on Bud Light not helping matters. Marketing spends likely to remain elevated as the group tries to repaint its image in the minds of consumers. And unfavourable weather conditions over Europe’s summer months soured beer demand in the region, so we’re expecting to see revenue growth slow compared to first-half levels.

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Next – Aarin Chiekrie, Equity Analyst

Fashion retailer, Next, is in the process of transitioning from a UK store-based retailer into a multi-channel retail platform with a wide geographic reach. The recent £115.2m FatFace acquisition signals the group’s intent to expand its Total Platform – a service which allows third-party retailers to make use of Next’s online software and infrastructure. Despite the acquisition, Next commented that its £875m full-year pre-tax profit won’t be materially affected. Next week’s trading update should paint a clearer picture as to whether that’s still the case as the all-important Christmas trading period draws near.

We’ll also be keeping a close eye to make sure the full-price sales outlook remains on track. This is a key metric for Next, and arguably the main driving force behind overall performance. It’s a tricky strategy to nail, especially alongside expanding its online presence and introducing third-party brands into its offering. But if the group can execute well here, it’ll be a clear sign to the market that Next remains a top dog in the UK retail industry.

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J Sainsbury – Sophie Lund-Yates, Lead Equity Analyst

Sainsbury’s been putting a lot of effort into staying competitive, with initiatives like Aldi price match. With grocery inflation still proving significant, shoppers have been looking for deals, making the landscape very competitive. We’d like to know what this means for margins. Cutting prices is all well and good so long as volumes pick up the slack. The group’s expecting full-year underlying pre-tax profit of £640 - £700m and we’re cautiously optimistic this goal remains intact. The keep-prices-low approach helped first-quarter grocery sales rise 11%.

Sainsbury also has high exposure to general merchandise because it owns Argos. We think this area is vulnerable to a steeper slowdown and we’ll be monitoring how things have been going. That also makes the outlook statement very important – the next trading season is all about Christmas and this will give an indication of how consumer spending’s expected to hold up.

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Estimates are not a reliable indicator of future performance. 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.

Aarin Chiekrie

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