Photo credit: Next Plc
It’s thought that Britain’s second largest clothing retailer Next has called off plans for a large-scale share buy-back, as the company’s share price has risen to unprecedented levels in the past few months.
The Guardian on Tuesday pointed to Next’s announcement at its half-year trading statement on 1 August to buy back £200 million of its shares over the year. Since the report, there’s been no activity from Next to buy any of the shares, of which the Guardian suggested a £3.4 million average weekly rate to reach £88 million over 26 weeks.
Either way, all eyes will be on company chief executive Simon Wolfson for answers next week, as the retailer is expected to announce interim results for the period.