The trading update from clothing retailer Next on Tuesday morning was well received, allowing the group's property director, Andrew Varley, to cash in at a good price.
Varley sold 10,000 shares at 1234.43p each, some way below the 1261p high for the day but still comfortably above Monday's closing value of 1091p.
The sale, which raised £123,440, reduces Varley's stake in Next to 69,887 shares, representing 0.036% of the issued share capital.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Next cheered the market by saying its full year profit forecast remains in line with City expectations of around £415m to £435m, despite posting a a 1.9% drop in sales in the half year to Christmas Eve.
Like-for-like sales in the 347 stores that were unaffected by new openings down 7%, within the 4% to 7% range the firm had predicted.
Top Director Buys
Value: £211,239
Value: £49,580
Value: £24,000
Value: £15,203
Value: £10,040
Top Director Sells
Value: £9,780,125
Value: £4,890,050
Value: £3,260,025
Value: £1,222,500
Value: £1,075,812
Value: £967,500
Value: £87,698
Value: £123,440
-
What is the 25x retirement rule and does it work?The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
-
When is the self-assessment tax return deadline?If you are self-employed, rent out a property or earn income from savings or investments, you may need to complete a self-assessment tax return. We run through the deadlines you need to know about
