Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Next Q3 full price sales beat expectations
There’s a trading statement out from Next [LON:NXT] this morning covering the quarter to 2nd November. Full price sales were marginally higher than had been expected and the company is reaffirming its guidance for the full year as a result. That points towards a 2% decline in full price sales for the final quarter, which itself is notable given the implementation of plan B restrictions in the run up to Christmas were seen as delaying many social functions.
#2. Wizz Air losses continue to grow but brighter skies ahead
A half year report has been published by Eastern European low cost airline Wizz Air [LON:WIZZ] this morning. Numbers here continue to be flattered by the return of travel but despite revenues rising by 150%, losses continue to mount. The company does note however that performance was weighted into the second quarter and that revenues are now above pre-pandemic levels. The roll out of new routes continues, capacity will be 35% ahead of 2019 levels and further fleet expansion will leave the company well positioned to deliver profitable growth in the future.
#3. Solid performance from packaging giant Smurfit Kappa
There’s a nine month trading statement out from Smurfit Kappa [LON:SKG] this morning noting revenue growth of 33% and a return on capital employed of 20.6%, up from 15.6% in 2021. That comes despite significant cost inflation but management note that volumes remain stable, something that is doubly impressive given the tough comparatives. EBITDA of EUR2.3bn is now expected for the full year, up from EUR1.7bn for last year.